Investments flowed into Adani Enterprises, Adani Total Gas, Adani Transmission, Adani Green, Adani Ports and Adani Power.
The number of foreign portfolio investors in Adani Enterprises, the flagship of the Adani Group, has more than tripled to 410 from 133 in March 2023.
The number of foreign investors in Adani Total Gas increased from 63 to 532. Also, the number of foreign portfolio investors in Adani Transmission increased from 62 to 431 in September 2020, while investors in Adani Green increased from 94 to 581.
Sebi is probing allegations of violation of foreign investment and minimum public shareholding rules by the Adani Group raised by Hindenburg in late January. Foreign shareholding in six listed Adani companies is also under investigation. As early as October 2020, SEBI had initiated an inquiry into the shareholding patterns of the Ahmedabad-based company. Since then, there are indications that there has been a change in FPI shareholding in these institutions.
SEBI suspects that some of the public shareholders holding shares are not actually public shareholders and are related to promoters of Adani companies. SEBI is in the process of introducing changes in norms regarding participation of public shareholders to prevent misuse of foreign investment channels.