February 6, 2023
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Sebi insists on Ownership updates
The Sebi has shot off an email, asking Designated Depository Participants (DDPs) operating within Indian banks to update the beneficial ownership details of the foreign portfolio investors on-boarded as their clients within September 30.
This direction by the market regulator assumes greater importance in the light of the scathing revelations and accusations made by Hindenburg Research against the Adani Group. Besides levelling charges of brazen stock manipulation and accounting frauds, the Hindenburg report stated that many of the funds investing in the listed Adani companies’ universe have concealed their ultimate beneficial ownership with nominee directors.
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