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Indian regulator's probe faults Adani group on disclosure rules -sources

ReutersReuters · 1y
Indian regulator's probe faults Adani group on disclosure rules -sources

India's market regulator, the Securities and Exchange Board of India (SEBI), has reportedly discovered violations of disclosure rules and offshore fund holding limits by the Adani Group. The investigation was launched following concerns raised by Hindenburg Research. Sources indicated that the violations are "technical" in nature and may result in monetary penalties once the investigation concludes. The violations relate to undisclosed related-party transactions and exceeding limits on offshore fund holdings. The penalty for each violation by each entity could be up to 10 million rupees ($121,000). The Supreme Court is set to hear the matter, and SEBI's report is expected after its orders are passed.

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