SEBI Tightens The Noose To ‘Uncover’ The Beneficiaries Behind FPIs

As an aftermath of the Adani issue, the market regulator Securities and Exchange Board of India has decided to set a deadline of September this year for the Foreign Portfolio Investors (FPI) to disclose the Ultimate Beneficial Owners (UBO) of their funds.   According to reports, SEBI has asked the designated depository participants (DDP), which are the banks that act as a link between the market regulator, FPIsand investors, to update the list of UBOs.  It may be noted that the identity of the UBOs has been a controversial topic…

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Adani Group Prepays $1.1 Bn Loans, Releases Pledged Shares In 3 Companies

According to a media statement, the promoter’s early payment will help release 168.27 million share of Adani Ports & Special Economic Zone, 11.77 million shares of Adani Transmission, and 27.56 million shares of Adani Green Energy Adani Group companies’ promoters will prepay USD 1.11 billion in loans ahead of their maturity and release pledged shares in three companies amid a rout in the group’s stocks post US-based short-seller Hindeburg Research’s report. According to a media statement, the promoter’s early payment will help release 168.27 million share of Adani Ports &…

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Bank Of Baroda Open To Lending To Adani Group: Report

Bank of Baroda on Monday said that it is open to lending to the Adani Group going forward, provided that the conglomerate meets all its underwriting criteria, news agency Reuters reported citing a top executive. The report stated that the state-run lender’s managing director said that its outstanding exposure to the group was less than one-fourth of the amount permitted by the central bank for conglomerates. Reserve Bank of India (RBI) mandates that no more than 25 per cent of a bank’s eligible capital base to be exposed to any…

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“Ready To Speak On President’s Address But First…,” Kharge On Adani Issue

Mallikarjun Kharge, the president of the Congress and the leader of the opposition in the Rajya Sabha, stated on Monday that while the opposition is prepared to speak on the president’s address, the “first priority” is for Prime Minister Narendra Modi to respond to the ongoing Hindenburg-Adani dispute. “We are ready to speak on President’s address and we give it its due importance. But first priority is that Prime Minister Modi give a reply on the Adani issue,” Kharge told ANI after opposition parties staged a protest near the Gandhi…

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Parliament Adjourned Till 2 PM Amid Opposition Protest Over Adani Row

Following a report by the US firm Hindenburg Research, the opposition parties have called for a discussion about LIC, public sector banks, and financial institutions investing in companies that are losing market value, putting crores of Indians’ savings at risk Both houses of the Parliament were on Monday adjourned till 2 pm amid heavy sloganeering by Opposition MPs demanding a Joint Parliamentary Committee (JPC) probe into the Adani issue. Earlier in the day, Opposition MPs gathered at the Gandhi statue at the Parliament premises, to stage a protest. Discussion on…

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Hindenburg-Adani Row: Measures In Place To Address Excessive Volatility In Specific Stocks, Says SEBI

Even as opposition has been pressing its demand for a Joint Parliamentary Committee (JPC) probe into the Hindenburg-Adani row, the lenders have said that their exposure to the conglamorate is within permitted limits while Securities and Exchange Board of India (SEBI) has asserted that it is committed to ensuring market integrity. SEBI said that the Indian financial market as represented by Sensex and Nifty has demonstrated ongoing stability and is continuing to function in a transparent, fair and efficient manner. In an apparent reference to the Adani group, the Securities…

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Finance Secy Terms Adani Group Row As ‘Storm In The Tea Cup’

Terming the Adani Group issue as “storm in the tea cup”, Union Finance Secretary T V Somanathan on Saturday said that fluctuations like this comes and goes. “I had said that in terms of our macroeconomic numbers, the issue (Adani enterprises issue) is like a storm in a tea cup and I still stand by that statement,” he said in response to a query during a press conference in Mumbai. Union Finance Nirmala Sitharaman, along with the officials of the ministry, was interacting with the media after the conference. “Foreign…

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Lenders Made It Clear They Are Not Overexposed, Exposure To Adani Group Within Permitted Limits: FM

 Finance Minister Nirmala Sitharaman has said that public sector lenders have made it clear that their exposure to Adani Group is within permissible limits and the macro-economic analysis would show that Indian banks are placed comfortably. In an interview with Network18, the Finance Minister also said that regulators are stringent about governance practices and have kept the markets in ‘prime and prim’ condition. This is the first time the Finance Minister has responded on the Hindenburg-Adani row about the Indian lenders’ exposure levels to the conglomerate.  Following Hindenburg research report,…

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Exposure In Adani Group 0.88%, No Cause For Concern: SBI Chief

This comment comes amid a report by Hindenburg Research, which claimed the Adani Group of having weak business fundamentals, allegations of stock manipulation and accounting fraud, among others State Bank of India (SBI) chairman Dinesh Khara on Friday said the bank’s total exposure amounting to Rs 27,000 crore in Adani Group is 0.88 per cent of its loan book. Addressing a press conference after announcing October-December quarter earnings, Khara said: “We have lent to Adani (group) for projects having tangible assets and adequate cash. They have met obligations…our total exposure…

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No Immediate Impact On Adani Group Entities: Fitch Ratings

Fitch Ratings on Friday said there is no immediate impact on the ratings of Fitch-rated Adani Group entities and their securities following US-based short-seller Hindenburg’s Research report which alleged malpractices in the Group companies. It said that it expects no material changes to its forecast cash flow. “There are also no near-term significant offshore bond maturities – earliest in June 2024 for Adani Ports and Special Economic Zone Limited (APSEZ, BBB-/Stable); December 2024 for Adani Green Energy Limited Restricted Group 1 (AGEL RG1, BB+/Stable); and 2026 or beyond for all…

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