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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA
UNSTARRED QUESTION NO: 72
ANSWERED ON:  19.07.2021
Ownership of FPIs
Mahua Moitra
Will the Minister of



FINANCE be pleased to state:-


(a) The details of ultimate beneficial ownership of Foreign Portfolio Investors (FPIs) owning stake in Adani Group companies given the market cap of Adani Group Companies, the ownership of strategic assets, and for the benefit of retail investors;

(b) Whether the FPIs and/or Adani entities are under investigation by SEBI, IT, ED, DRI, MCA for suspicious transactions and if so, the details thereof and if not, the reasons therefor;

(c) Whether it is not a fit case to seize the assets first under PMLA and investigate thoroughly and if so, the details thereof;

(d) Whether the people of the Monterosa Group, AlastairGuggenbuh1-Even, Eric Widmer, Martinde Quevain, Florian Linner are under investigation by the agencies at all and if so, the details thereof; and

(e) Whether it is a fact that three funds namely ALBULA INVESTMENT FUND LTD, CRESTA FUND LTD, APMS INVESTMENT FUND LTD are in the SEBI frozen list of May and 15th June but a clarification is issued by NSDL that these accounts are not frozen in the case of Adani companies and if so, the details thereof?


ANSWER
The Minister of State in Ministry of Finance

(a) Six companies of the Adani Group are listed and traded on recognized stock exchanges in India. The holding of Foreign Portfolio Investors (FPIs) in these companies is based on day to day trading of shares and thus dynamic.

Based on information shared by SEBI, the details of ultimate beneficial owners of FPIs owning stake in the six companies as on June 30, 2021 is enclosed at Annexure I.

(b) Yes Ma’am. SEBI is investigating some Adani Group companies with regard to compliance with SEBI Regulations. Further, the Directorate of Revenue Intelligence (DRI) is investigating certain entities belonging to the Adani Group of Companies under laws administered by it.

As far as investigation under Income Tax Act, 1961 is concerned, disclosure of information regarding specific taxpayer is prohibited except as provided under Section 138 of Act. No such investigation is going on in the Enforcement Directorate (ED).

(c) As stated at (b), the Enforcement Directorate is not carrying out any such investigation.

(d) No, ma’am.

(e) In a matter pertaining to issuances of Global Depository Receipt (GDR) by certain Indian listed companies, SEBI vide Order dated June 16, 2016 had directed depositories to freeze particular beneficiary accounts of certain FPIs including Albula Investment Fund Ltd., Cresta Fund Ltd., and APMS Investment Fund Ltd. However, no Order in respect of other beneficiary accounts of these three FPIs has been passed by SEBI.

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