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☆ Indian market regulator to update finance minister on Adani probe this week, sources say
▼ + stars: | 2023-02-13 | by ( ) www.cnbc.com time to read: +1 min

India's market regulator will provide an update on its investigations into the Adani Group's withdrawn follow-on public issue this week, two sources familiar with the matter said on Monday. The board of the Securities and Exchange Board of India (SEBI) is scheduled to meet Finance Minister Nirmala Sitharaman on Feb. 15, the sources said, speaking on condition of anonymity as they are not allowed to speak to the media. SEBI's board will brief the finance minister on surveillance measures taken by the regulator during the recent rout in Adani group stocks, the sources said. The Indian conglomerate's listed entities have lost more than $100 billion in market value since a scathing report by a U.S. short seller in late January. An update on investigations into offshore fund flows into Adani Group entities is also likely, the sources added.

☆ Indian market regulator to update finance ministry on Adani probe this week - sources
▼ + stars: | 2023-02-13 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +1 min

MUMBAI, Feb 13 (Reuters) - India's market regulator will update the finance ministry this week on its investigation into the Adani Group's withdrawn $2.5 billion follow-on public issue, two sources familiar with the matter said on Monday. The SEBI board will brief the minister on surveillance measures taken by the regulator during the recent rout in Adani group stocks, the sources added. An update on investigations into offshore fund flows into Adani Group entities is also likely, the sources added. The regulator had undertaken a series of surveillance actions to ensure that the volatility in the Adani group companies' share prices was contained. This will be a part of the brief to the finance minister on Wednesday, the sources said.

☆ Third Point's Dan Loeb makes a number of changes to his portfolio, including adding an insurer
▼ + stars: | 2023-02-09 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Third Point's Dan Loeb made a slew of moves to his portfolio last quarter, including building a new stake in a big insurer. Loeb said the company has undergone a massive overhaul since the financial crisis and is well positioned for profitable growth. Loeb said AIG has transformed into a property and casualty insurance pure play after the IPO of its retirement arm Corebridge Financial in September. "This is an important catalyst for the business," Loeb said. AIG 1Y mountain AIG Meanwhile, Loeb said he added to his Bath & Body Works position significantly last quarter.

☆ Optimism on Chinese stocks soars to five-year highs
▼ + stars: | 2023-02-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Active foreign fund managers put $1.39 billion into mainland Chinese stocks in the four weeks ended Jan. 25, EPFR data showed. Active money managers are more involved with picking portfolio investments, while passive money managers tend to follow stock indexes. At the time, a few institutional investors had said it was time to buy Chinese stocks due to Beijing's emphasis on stability in a politically important year. He said inflows were also less aggressive when it came to U.S.-listed Chinese stocks. Pinduoduo , Baidu and Bilibili were among the U.S.-listed Chinese stocks that saw the largest inflows, the report showed.

☆ Indian market regulator seeks beneficial ownership details of foreign investors -sources
▼ + stars: | 2023-02-06 | by ( Jayshree Pyasi | ) www.reuters.com time to read: 1 min

MUMBAI, Feb 6 (Reuters) - India's market regulator has written to custodian banks to share details of beneficial owners of offshore funds and foreign portfolio investors, according to two sources directly aware of the matter. The regulator has asked custodian banks to reach out to foreign portfolio investors by March and share the details by end of September, the sources said, speaking on condition of anonymity as the matter is confidential. If they do not provide such details, the regulator would deem the foreign funds in-eligible and ask them to liquidate their holdings in the Indian market by March 2024. There are 11,000 foreign funds registered with the Securities and Exchange Board of India (SEBI). Reporting by Jayshree P UpadhyayOur Standards: The Thomson Reuters Trust Principles.

The conglomerate led by Asia's richest man, the Indian billionaire Gautam Adani, said last week's Hindenburg report was intended to enable the U.S.-based short seller to book gains, without citing evidence. This has been overshadowed by the Hindenburg report, which flagged concerns about high debt levels and the use of tax havens. Hindenburg did not immediately respond to a request for comment on the Adani response on Sunday. The report also said five of seven key listed Adani companies have reported current ratios - a measure of liquid assets minus near-term liabilities - of below 1. It also said key listed Adani companies had "substantial debt" which has put the entire group on a "precarious financial footing" and that shares in seven Adani listed companies have an 85% downside on a fundamental basis due to what it called "sky-high valuations".

☆ MSCI seeks feedback on Adani Group over Hindenburg report
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +1 min

Jan 28 (Reuters) - Index provider MSCI said on Saturday it was seeking feedback on Adani Group and associated securities and was aware of a report issued by short-seller Hindenburg Research. Adani Group did not immediately respond to Reuters request for comment. It has dismissed the Hindenburg report as baseless and said it was considering whether to take legal action against the New York-based firm. India's capital markets regulator was studying the Hindenburg report as it may help its own probe into offshore fund holdings of Adani Group, Reuters reported on Friday. Billionaire U.S. investor Bill Ackman on Thursday described the Hindenburg report "highly credible and extremely well researched".

The stunning market selloff has cast a shadow over Adani Enterprises' secondary share sale that started on Friday. The share sale is being managed by Jefferies, India's SBI Capital Markets, Axis Capital, and ICICI Securities among others. Shares of other listed Adani firms also plummeted, with Adani Transmission Ltd (ADAI.NS), Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS) and Adani Ports (APSE.NS) sinking 20% each. Adani Ports, Adani Green Energy and Adani Transmission marked their worst intraday drop ever, with heavy volumes. Billionaire U.S. investor Bill Ackman said on Thursday that he found the Hindenburg report "highly credible and extremely well researched."

☆ India market regulator increases scrutiny of Adani group - sources
▼ + stars: | 2023-01-27 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +3 min

Email queries and phone calls sent to Adani Group were not answered. Adani earlier this week dismissed the Hindenburg report as baseless and said it is considering whether to take legal action against the New York-based firm. The regulator had sought clarity from the group on these entities when the group approached it for regulatory clearance last year. Hindenburg's report on the Adani group comes amid a $2.45 billion secondary share sale by the group's flagship company Adani Enterprises. Some issues raised in the Hindenburg report point to concerns similar to what the regulator had regarding movement of funds between parties related to the Adani Group through offshore funds back into local companies, sources said.

☆ U.S. Warns Banks to Watch for Russian Oligarchs Investing in Commercial Real Estate
▼ + stars: | 2023-01-26 | by ( Dylan Tokar | ) www.wsj.com time to read: +3 min

Banks should be on alert for Russian oligarchs attempting to circumvent U.S. sanctions by investing in commercial real estate, a U.S. Treasury Department watchdog said. Sanctioned individuals may try to use pooled investment vehicles or offshore funds to avoid due-diligence processes, FinCEN said in its alert. Sanctioned individuals could keep lowering their stakes to avoid detection, while still maintaining control of the fund, FinCEN said. Sanctioned individuals aren’t just investing in high-end or luxury properties, according to the alert. Federal prosecutors have warned that lawyers, consultants and other service providers who work for sanctioned individuals could run afoul of the law.

Hindenburg, known for having shorted electric truck maker Nikola Corp (NKLA.O) and Twitter, said it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments. Shares in Adani Transmission (ADAI.NS) fell 9%, Adani Ports And Special Economic Zone (APSE.NS) slipped 6.3% and Adani Enterprises ended down 1.5%. Adani Group's total gross debt in the financial year ended March 31, 2022, rose 40% to 2.2 trillion rupees. Refinitiv data shows debt at Adani Group's seven key listed Adani companies exceeds equity, with debt at Adani Green Energy Ltd (ADNA.NS) exceeding equity by more than 2,000%. Hindenburg also said it was concerned that a high proportion of equity held by promoters or key shareholders in Adani Group listed companies has been pledged for loans.

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