Adani-linked funds: SEBI rejects settlement bids, says report
As many as 13 overseas portfolio investors had sought to settle a probe dating back to 2020 into whether they were genuine public shareholders or entities acting on behalf of Adani Group founders.
- Aug 24, 2026,
- Updated Aug 24, 2026 8:30 AM IST
SEBI has reportedly rejected settlement applications from select overseas funds with stakes in Adani Group companies after their proposed terms failed to meet the regulator’s requirements.
According to the Economic Times, SEBI told representatives of the funds last week that their applications had been rejected. As many as 13 overseas portfolio investors had sought to settle a probe dating back to 2020 into whether they were genuine public shareholders or entities acting on behalf of Adani Group founders.
The funds under SEBI’s scrutiny include Albula Investment Fund, Cresta Fund, Asia Investment Corporation (Mauritius), APMS Investment Fund, Elara India Opportunities Fund, Vespera Fund and LTS Investment Fund. The funds had held significant stakes in listed Adani Group companies but have since reduced their holdings, according to the latest shareholding data, Bloomberg reported.
Some of the funds were unwilling to provide information the regulator considered necessary to settle the case, while others resisted demands to disgorge money sought by SEBI, the newspaper said. Business Today could not independently verify the report at this point in time.
The development marks a fresh twist in a years-long investigation that was cited by former short seller Hindenburg Research in its short-sale report in its 2023, alleging corporate malpractice at the Adani Group. The ports-to-power conglomerate repeatedly denied those allegations.
SEBI had in 2024 asked some global funds to defend themselves against possible violations of disclosure norms. The Adani group has denied any links to the funds, which faced intense scrutiny in June 2021 for investing almost all of their assets in Adani stocks.
SEBI has reportedly rejected settlement applications from select overseas funds with stakes in Adani Group companies after their proposed terms failed to meet the regulator’s requirements.
According to the Economic Times, SEBI told representatives of the funds last week that their applications had been rejected. As many as 13 overseas portfolio investors had sought to settle a probe dating back to 2020 into whether they were genuine public shareholders or entities acting on behalf of Adani Group founders.
The funds under SEBI’s scrutiny include Albula Investment Fund, Cresta Fund, Asia Investment Corporation (Mauritius), APMS Investment Fund, Elara India Opportunities Fund, Vespera Fund and LTS Investment Fund. The funds had held significant stakes in listed Adani Group companies but have since reduced their holdings, according to the latest shareholding data, Bloomberg reported.
Some of the funds were unwilling to provide information the regulator considered necessary to settle the case, while others resisted demands to disgorge money sought by SEBI, the newspaper said. Business Today could not independently verify the report at this point in time.
The development marks a fresh twist in a years-long investigation that was cited by former short seller Hindenburg Research in its short-sale report in its 2023, alleging corporate malpractice at the Adani Group. The ports-to-power conglomerate repeatedly denied those allegations.
SEBI had in 2024 asked some global funds to defend themselves against possible violations of disclosure norms. The Adani group has denied any links to the funds, which faced intense scrutiny in June 2021 for investing almost all of their assets in Adani stocks.