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BENGALURU, March 2 (Reuters) - U.S. boutique investment firm GQG Partners has bought shares worth $1.87 billion in four Adani group companies, marking the first major investment in the Indian conglomerate since a short-seller's critical report sparked a stock rout. U.S-based, Australia-listed GQG has, through block deals, bought shares worth 154.46 billion rupees in four Adani group companies, including the conglomerate's flagship firm Adani Enterprises (ADEL.NS), a regulatory filing showed. GQG took a 3.4% stake in Adani Enterprises for about $662 million, 4.1% in Adani Ports for $640 million, 2.5% in Adani Transmission for $230 million, and a 3.5% stake in Adani Green Energy for $340 million. "This transaction marks the continued confidence of global investors in the governance, management practices and the growth of Adani Portfolio of companies," said Adani Group CFO Jugeshinder Singh. In the run-up to the announcement, Adani group shares rallied, with Adani Enterprises climbing nearly 35% over the last three sessions, Adani Ports 11% and Adani Green Energy 16%.

☆ India court asks regulator to check on Adani's related party transactions
▼ + stars: | 2023-03-02 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +3 min

The Supreme Court of India also ordered the formation of an investor-protection panel amid sharp falls in the Adani group's shares. The Supreme Court asked SEBI to check "whether there has been a failure to disclose transactions with related parties" and "whether there was any manipulation of stock prices in contravention of existing laws". Seven listed companies of the Adani group have lost about $135 billion in value since the report was published. In its rebuttal, Adani said "all related party transactions are at arm's length, properly disclosed and reviewed/audited by statutory independent auditors". The court also formed a panel to be headed by a retired Supreme Court judge to examine how investor protection mechanisms can be strengthened.

☆ India's market regulator bars 21 entities in Axis mutual fund front-running case
▼ + stars: | 2023-02-28 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +2 min

MUMBAI, Feb 28 (Reuters) - India's market regulator on Tuesday issued interim orders in a case of alleged front-running at Axis Mutual Fund, while issuing show cause orders to a former mutual fund executive and related entities. The Securities and Exchange Board of India (SEBI) directed that 21 entities be barred from the capital markets until further orders. The regulator conducted a probe in a case of front running in trades of Axis MF between September 2021 and March 31, 2022. The regulator alleged that Joshi conceived a 'fraudulent scheme' in 'collusion' with other 'unscrupulous entities' to front run trades of Axis MF. Further front-running trades were executed from trading accounts of the entities and persons indirectly connected to Joshi.

☆ India setting up $4 bln fund to backstop corporate debt market
▼ + stars: | 2023-02-17 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +2 min

Feb 17 (Reuters) - India is setting up a fund worth 330 billion rupees ($4 billion) to provide liquidity to its corporate debt market during bouts of stress, to help stem panic selling and ease redemption pressures, an SBI Mutual Fund executive told Reuters. During times of stress, the backstop fund could step into the market to buy relatively illiquid investment grade bonds. "This backstop facility fund comes out of Indian market peculiarity that the bonds are investment grade and still illiquid," said Anubhav Shrivastava, partner, Infinity Alternatives, an alternate investment fund (AIF). "The market for secondary corporate bonds is thin which is why we need the buyer and seller of last resort, the backstop fund will do this." The fund is small relative to 39 trillion rupees ($471 billion) Indian corporate bond market, but its size could be increased later, the source said.

New Delhi/London CNN —India’s market regulator is looking into the explosive allegations against Adani Group made by US short seller Hindenburg Research, which accused the conglomerate of “the largest con in corporate history.”The claims, published in late January, set off a crash in the company’s market value and robbed its owner Gautam Adani of his title as Asia’s richest man, as a 400-page rebuttal by the conglomerate failed to reassure investors. Adani Group did not respond to a CNN request for comment on the inquiry on Tuesday. The balance sheet of each of its independent portfolio companies is “very healthy” and “our business plan is fully funded,” the spokesperson told CNN. On Tuesday, shares of many of the listed firms controlled by the conglomerate slid again in Mumbai. Although Adani Enterprises rose 1.9%, there were 5% falls in the stocks of Adani Transmission, Adani Total Gas, Adani Power and Adani Total.

☆ India watchdog probes short-seller's allegations about Adani, market activity
▼ + stars: | 2023-02-13 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +2 min

The Securities and Exchange Board of India (SEBI) also said it was looking into the market activity immediately before and after Hindenburg published its report on Jan. 24, the filing said. Led by billionaire Gautam Adani, Adani Group's seven listed companies have together lost about $120 billion in market value since Hindenburg's critical report, which included allegations of improper use of offshore tax havens and stock manipulation, Adani Group has denied the allegations. Earlier on Monday, India's Adani Group sought to reassure investors, saying its business plans were fully-funded, its cashflows strong and it remained confident of delivering attractive returns to shareholders. SEBI has been examining trade patterns and any potential irregularities in the $2.5 billion share sale of flagship company Adani Enterprises (ADEL.NS) that the Adani group was forced to cancel due to the plunge in its shares, Reuters has previously reported citing sources. SEBI confirmed the existence of the investigation for the first time in its Supreme Court filing.

☆ 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.

☆ Indian regulator probes Adani's links to investors as Modi's office is briefed
▼ + stars: | 2023-02-10 | by ( ) www.cnbc.com time to read: +4 min

One of the sources said the focus of the probe would be whether any of the anchor investors are "connected" to the founder group. Last week, the group's flagship entity Adani Enterprises pulled its secondary share offering, India's largest ever, because of the sharp selloff. SEBI and the Adani Group did not respond to requests for comment about the investigation. The federal corporate affairs ministry, responsible for regulating Indian businesses, has briefed officials in Modi's office and been in touch with SEBI, the market regulator, one of the officials said. Modi's office and India's Ministry of Corporate Affairs did not respond to requests for comment about the regulatory probe into Adani after publication of the Hindenburg report.

☆ MSCI’s Adani cut signals fat tail risks for India
▼ + stars: | 2023-02-10 | by ( Shritama Bose | ) www.reuters.com time to read: +5 min

Hindenburg founder Nathan Anderson sees MSCI's move as a validation of his group’s findings of “stock parking” by Adani. The Securities and Exchange Board of India, headed by former banker Madhabi Puri Buch, acknowledged unusual price movements this month, but without naming the Adani group. But the longer the controversy drags on, there will be a fat tail risk for Adani and all his stakeholders. CONTEXT NEWSGlobal index provider MSCI on Feb. 9 cut its determined free floats for four Adani companies. It reduced those of Adani Enterprises, Adani Total Gas, Adani Transmission and ACC, and said any resulting changes will be implemented at the close of Feb. 28.

[1/3] Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad April 2, 2014. Last week, the group's flagship entity Adani Enterprises (ADEL.NS) pulled its secondary share offering, India's largest ever, because of the sharp selloff. Adani has said Monarch was selected for previous share sales "for their credentials and ability to tap into the retail market". On Elara, Adani has said "innuendoes" that the firm was in any manner related to the conglomerate founders were incorrect. The federal corporate affairs ministry, responsible for regulating Indian businesses, has briefed officials in Modi's office and been in touch with SEBI, the market regulator, one of the officials said.

☆ Gautam Adani’s woes were in banks' plain sight
▼ + stars: | 2023-02-08 | by ( Una Galani | ) www.reuters.com time to read: +9 min

MUMBAI, Feb 8 (Reuters Breakingviews) - Gautam Adani’s recent woes have vindicated persistent doubts in India about the tycoon’s rise. The Indian group dismisses those claims as a “malicious combination of selective misinformation and stale, baseless and discredited allegations”. By contrast, other big Indian groups like Mukesh Ambani’s Reliance Industries (DBKGn.DE) and those carrying the Tata name are more popular with institutional investors. Fee-hungry international banks were much less picky. Deutsche, Barclays and StanChart pocketed $57 million of the $260 million of investment banking revenue generated by the Adani group since Dealogic records began.

☆ Adani crisis: Billionaire scrambles to reassure creditors as market rout enters third week
▼ + stars: | 2023-02-06 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

The loans were backed by shares in Adani Ports, Adani Green Energy and Adani Transmission, which have collapsed in value. While the Adani Group has vehemently denied the allegation made by Hindenburg Resarch as “baseless” and “malicious,” investors remain unconvinced. Adani companies will be reporting quarterly results this week. Moody’s said Friday that the plunge in the shares of Adani companies was likely to reduce the group’s ability to raise capital. Another agency, S&P, cut the outlook for its ratings on two companies, Adani Ports and Adani Electricity, to negative from stable, citing the risk of higher funding costs or reduced access to capital.

☆ 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.

☆ Adani rout deepens despite soothing words from India's government and billionaires
▼ + stars: | 2023-02-06 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

Indranil Mukherjee | Afp | Getty ImagesShares of most Adani Group companies fell further on Monday, continuing to drop as a feud between the conglomerate and short-seller firm Hindenburg deepened. Adani Green Energy , Adani Power and Adani Total Gas fell 5% each. The Sensex is the benchmark index of the BSE — formerly the Bombay Stock Exchange — and the Nifty 50 is the flagship index of the National Stock Exchange of India. Gautam Adani, chairman of Adani Group, speaks during the Forbes CEO Summit in Singapore, on Tuesday, Sept. 27, 2022. Adani Power is included on the long-term list, while Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone, Adani Transmission and Adani Total Gas are on the short-term list.

☆ Indian watchdog tells investors markets stable despite Adani rout
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] A woman walks past the logo of the Securities and Exchange Board of India (SEBI), at its headquarters in Mumbai, India, May 27, 2022. Shares in Adani Group firms, controlled by billionaire tycoon Gautam Adani, have dropped by $100 billion, or half their market value, since U.S-based short-seller Hindenburg Research made allegations of stock manipulation and unsustainable debt. Mechanisms were in place to address excessive volatility in specific stocks, SEBI said, adding these were automatically triggered under certain conditions of stock price volatility. Reuters earlier reported that SEBI was examining the recent crash in the Adani Group's shares and looking into any possible irregularities. loadingMahindra did not directly mention Adani Group.

☆ Gautam Adani fails to calm investors over market mayhem that wiped out billions
▼ + stars: | 2023-02-02 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

New Delhi CNN —Indian billionaire Gautam Adani tried to reassure investors on Thursday after he abruptly abandoned his flagship firm’s $2.5 billion share sale. “Once the market stabilizes, we will review our capital market strategy.”This was the first time the tycoon has spoken about the stock market mayhem that has wiped billions off his logistics and energy business empire. A week-long meltdown in the value of Adani Group shares started when an American short seller accused the conglomerate of fraud. Despite the turmoil, the group’s flagship company, Adani Enterprises, managed to issue new shares worth $2.5 billion on Tuesday. Shares in Adani Enterprises were down almost 9% in Mumbai, while shares in his other companies plunged 5% to 10%.

[1/2] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. On Wednesday, a $2.5 billion sale of shares by one of its companies Adani Enterprises ADEL.NS was called off. Adani Group and the stock market regulator the Securities and Exchange Board of India (SEBI) did not respond to a request for comment. Cracking the code of how Hindenburg did the trade could lead to more short sellers taking positions against Indian companies, which have been rare, analysts said. But several bankers familiar with trading in Indian securities said the more profitable piece of the short seller’s bet would likely lie in the derivative trades it had placed.

Spokespeople for SEBI and Adani Group did not immediately respond to requests for comment. Among several allegations, Hindenburg accused Adani Group last week of using offshore tax havens and stock manipulation. On Tuesday, Adani Group mustered support from investors for a $2.5 billion share sale for Adani Enterprises, in what some saw as a stamp of investor confidence at a time of crisis. Reuters Graphics[1/5] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port in Haifa port, Israel January 31, 2023. The U.S. dollar-denominated bonds of Adani Ports maturing in February 2031 led the losses, falling 3.59 cents to 67.58 cents.

The port-to-property group, led by Gautam Adani, one of the world's richest people, has denied the allegations and called them baseless, adding it has always made the necessary regulatory disclosures. "But from an offshore investor's perspective the allegations (made by Hindenburg) ... do not seem to be clearly addressed," he said. The U.S. short-seller has said Adani's "response largely confirmed our findings and ignored our key questions." Australia's corporate regulator said on Wednesday it would review the Hindenburg report as concerns raised also relate to Adani's Australian operations. Adani Enterprises lost nearly 6% on Wednesday to bring its losses since the Hindenburg report to more than $8 billion.

☆ Exclusive: Indian market regulator examining Adani share rout, source says
▼ + stars: | 2023-02-01 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +3 min

[1/2] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. Spokespeople for Adani Group and SEBI did not immediately respond to a request for comment. The share plunge was sparked by a report by Hindenburg Research last week which alleged improper use by the Adani Group of offshore tax havens and stock manipulation. The source told Reuters the Indian market regulator is also looking into any possible price manipulation of Adani group stocks, as well as examining possible irregularities in the $2.5 billion share sale of the flagship firm Adani Enterprises (ADEL.NS), which concluded on Tuesday. On Wednesday, a day after the share sale closed, Adani Enterprises (ADEL.NS) plunged 28%, bringing its losses since the Hindenburg report to more than $18 billion.

☆ Gautam Adani calls off $2.5 billion equity sale as regulatory concerns grow
▼ + stars: | 2023-02-01 | by ( Seema Mody | ) www.cnbc.com time to read: +3 min

(Photo by Indranil MUKHERJEE / AFP) (Photo by INDRANIL MUKHERJEE/AFP via Getty Images)On Wednesday, Gautam Adani announced he's scrapping his firm's $2.5 billion equity sale. He withdrew the offering for shares in Adani Enterprises, the flagship of the Indian conglomerate Adani Group, after the stock tanked by nearly 30%. Adani Group has denied the allegations, saying they have "no basis" and stem from an ignorance of Indian law. Adani Enterprises' stock ended higher on Tuesday following news of the fully subscribed $2.5 billion offering. Investors woke up to an ugly picture on Wednesday when Adani Enterprise's stock plunged, falling by as much as 28% and prompting Adani to cancel his equity sale.

☆ 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.

☆ Short-seller attack raises Gautam Adani stakes
▼ + stars: | 2023-01-25 | by ( Una Galani | ) www.reuters.com time to read: +4 min

Now he is taking aim at the world’s third richest man, Gautam Adani, and his $230 billion infrastructure-focused empire. It follows a tussle last year with Fitch Group after its research outfit, CreditSights, called Adani “deeply overleveraged”. Most of the companies in the Adani group – nine of which are listed – are too closely held, massively overvalued, and largely ignored by Wall Street institutions and big Indian mutual funds. Adani Enterprises stock, for example, fell only 1.5% on Wednesday, though Adani Transmission fell 9%. Adani Enterprises, controlled by India’s richest man, Gautam Adani, is due on Jan. 25 to announce the anchor investors in a 200 billion rupee ($2.4 billion) follow-on issue, the largest in India by a private company.

☆ Breakingviews: Short-seller attack raises Gautam Adani stakes
▼ + stars: | 2023-01-25 | by ( Una Galani | ) www.reuters.com time to read: +4 min

HONG KONG, Jan 25 (Reuters Breakingviews) - Hindenburg Research is going after big game, with devastating timing. Now he is taking aim at the world’s third richest man, Gautam Adani, and his $230 billion infrastructure-focused empire. It follows a tussle last year with Fitch Group after its research outfit, CreditSights, called Adani “deeply overleveraged”. Most of the companies in the Adani group – nine of which are listed – are too closely held, massively overvalued, and largely ignored by Wall Street institutions and big Indian mutual funds. Adani Enterprises stock, for example, fell only 1.5% on Wednesday, though Adani Transmission fell 9%.

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