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Nifty up today—-Asian markets too!
Investors lose Rs 54 K Cr in Adani cos in a day…14 June, NSDL Fiasco. Recovers!
Yesterday Investors were in jittery as the NSDL site showed that the D Mat accounts of three Mauritius based FPI Funds ..Abdulla Investments,APMS,Cresta funds which are among the top Adani Group investors, were frozen. This has driven the markets soon after opening to dive down substantially. These three companies together had Rs 43,000 cr worth of holdings in six companies belonging to the AHMEDABAD based group run by billionaire investors Gautam Adani.
Sources said the accounts of these three FPIs along with several others were frozen by SEBI by its order of 2016 relating to Depository receipts—GDRs and ADRs,
As a result in the early trades all the group companies –adani Enterprises,Ports, Power,Transmission, Green and Total were at their respective lower circuits –even 20 % down-and many other shares were also in selling mode resulting in a huge slide in the indices.
As a result the sensex was down by 450 points but Adnai group companies clarified that their Dmat accounts were active, the shares and index started picking up after quite sometime.
Normally the dmat accounts are frozen on the instructions of SEBI when the companies- read it as FPIs- are found to be wanting in terms of regulatory compliance and adequate and timely disclosures are not done.
However the markets as well as Adani group companies started picking up towards the end of the afternoon sessions yesterday once the NSDL and the companies published the ‘normalcy’ in their NSDL DP/D Mat accounts.
In another twist, the Franklin Templeton MF suffered on account of a hefty fine of Rs 15 cr, imposed on them by SEBI and on its officers for violating regulatory norms particularly with scant regard for protection of investors’ funds leading to high risks investment approach.The fine related to debt funds of the MF which are slated to be wound up.
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