Archive · 24 Aug 2026
SEBI Rejects Settlement Bids From Overseas Adani-Linked Funds
India’s market regulator, SEBI, is investigating several overseas funds that invested in Adani Group companies.
A report says SEBI rejected settlement applications from some of these funds.
Seven funds were specifically named in the reports.
Up to 13 overseas investors had reportedly asked to settle the investigation.
SEBI wanted information from some funds before agreeing to a settlement.
Other funds reportedly disagreed with requests to return money.
The investigation examines whether the funds were truly independent public shareholders.
Adani Group denies links to the funds and denies allegations of wrongdoing.
SEBI reportedly rejected settlement applications from several overseas funds involved in its Adani Group investigation.
The seven named funds include Albula, Cresta, Asia Investment Corporation, APMS, Elara, Vespera and LTS Investment Fund.
As many as 13 overseas portfolio investors reportedly approached SEBI to settle an investigation dating to 2020.
Some funds reportedly withheld information sought by SEBI, while others resisted demands to disgorge money.
The probe concerns whether the funds were genuine public shareholders and follows scrutiny over their Adani investments and disclosures.
- Who
- The Securities and Exchange Board of India (SEBI) and overseas funds that held stakes in listed Adani Group companies.
- What
- SEBI reportedly rejected settlement applications during an investigation into the funds’ ownership status and possible disclosure violations.
- When
- The investigation dates to 2020; the funds faced scrutiny in 2021, and SEBI sought responses from some funds in 2024.
- Where
- The matter concerns India’s securities market and overseas funds, including a fund based in Mauritius.
- Why
- SEBI reportedly found that some settlement proposals did not meet its requirements, including requests for information or disgorgement of money.
SEBI’s reported position
Funds’ and Adani Group’s reported position
Settlement requirements
SEBI’s reported position
SEBI reportedly required certain funds to provide information and, in some cases, disgorge money before settling the investigation.
Funds’ and Adani Group’s reported position
Some funds reportedly resisted providing requested information, while others objected to disgorgement demands.
Fund status and disclosures
SEBI’s reported position
The investigation examines whether the funds were genuine public shareholders and whether disclosure requirements were breached.
Funds’ and Adani Group’s reported position
The reports do not say that the funds admitted violations; they describe objections to some settlement conditions.
Relationship with Adani Group
SEBI’s reported position
The funds’ substantial investments in Adani Group companies prompted regulatory scrutiny over whether they were acting independently.
Funds’ and Adani Group’s reported position
Adani Group denies having links to the funds and has repeatedly rejected allegations of corporate malpractice.
- Regulator
- Securities and Exchange Board of India (SEBI)
- Investigation timeline
- The probe reportedly dates back to 2020, with major scrutiny beginning in 2021.
- Funds named
- Albula Investment Fund, Cresta Fund, Asia Investment Corporation (Mauritius), APMS Investment Fund, Elara India Opportunities Fund, Vespera Fund and LTS Investment Fund
- Reported settlement action
- SEBI reportedly rejected settlement applications from several overseas funds.
- Earlier fund holdings
- Some funds had invested almost all of their assets in Adani Group stocks in 2021, according to the reports.
- Current holdings
- The named funds have since reduced their stakes in listed Adani Group companies, according to reported shareholding data.
- Verification status
- The reports were not independently verified by Business Today.
