According to the NSDL only the GDR accounts of Abula Investments, APMS Investment, and Cresta Fund — three foreign portfolio investors with investments in Adani group enterprises — have been blocked. Following the clarification, Adani group stocks rose by 4% on Wednesday.
The GDR (Global Depository Receipts) accounts of Abula Investments, APMS Investment, and Cresta Fund are among the 9,425 frozen accounts, according to the most recent update on the NSDL website.
On June 14, shares in Adani group companies plummeted by up to 25% after NSDL froze the accounts of three of six Mauritius-based funds that had invested the majority of their money in the group firms.
The same day, NSDL explained that the suspension of the Albula, Cresta, and APMS Fund accounts was not related to the Adani group, but rather to a June 2016 case involving GDR investments, and that these three accounts were held on Sebi orders at the time.
The three accounts were not frozen, according to the Adani company, and any allegations to the contrary were false “blatantly erroneous and misleading”.
The confusion developed because, as of May 31, the NSDL website still included the three FPIs, along with 9,444 other companies, on the list of “frozen accounts.” In the frozen accounts list, NSDL has now labeled the three accounts as ‘GDR.’
On July 19, Minister of State for Finance Pankaj Chaudhary told the Lok Sabha that the Securities and Exchange Board of India (Sebi) and the Directorate of Revenue Intelligence (DRI) are investigating the Adani group entities for alleged rule violations.
The accounts of three of the six Mauritius-based funds — Abula Investments, APMS Investment, and Cresta Fund — were frozen in 2016 due to the issuing of GDRs by certain listed corporations, according to the minister. The minister underlined that no freeze had been imposed on their holdings in other companies.
Adani Transmission gained 3.96%, Adani Green Energy climbed 3.94%, and Adani Power gained 2.11% on the BSE on Wednesday. Adani Total Gas’ stock increased by 0.76%, Adani Ports and Special Economic Zone’s stock increased by 0.29%, and Adani Enterprises’ stock increased by 0.24%.
