India's markets regulator rejects settlement bids from Adani-linked funds
India's Securities and Exchange Board rejected settlement applications from several overseas funds holding significant stakes in Adani Group companies, the Economic Times reported on Monday. The funds' proposed terms did not meet the regulator's requirements, SEBI determined, leaving the cases to proceed through formal enforcement channels.
The funds in question hold positions across multiple Adani Group listed entities. SEBI's rejection means the funds now face the prospect of full adjudication proceedings rather than the negotiated resolution they sought.
The Adani Group has been under sustained regulatory and investor scrutiny since the Hindenburg Research short-seller report in January 2023 alleged stock manipulation and accounting fraud. Adani Group denied those allegations. SEBI had been examining the beneficial ownership structures of foreign portfolio investors with large Adani positions.
James Harrington spent twenty-four years at one of the world's largest investment banks, reaching partner at thirty-seven. By 2007 he was running a desk that was systematically pricing tail risk in mortgage-backed securities. He was right for eighteen months before the crisis arrived.
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