FPI identification pursuit a 'journey without destination': Expert SC panel

Sebi has drawn a blank while investigating foreign hand in Adani firms, says top court-appointed committee report

The Supreme Court (SC)-constituted expert panel has noted that the Securities and Exchange of India (Sebi) has ‘hit a wall’ in establishing the ultimate beneficial owners (UBOs) behind the 13 foreign portfolio investors (FPIs) holding stakes in the listed companies of the Adani group.

In its investigation into possible violations of minimum public shareholding norms, Sebi has found 42 contributors spread across seven jurisdictions behind the 13 FPIs holding considerable stakes in Adani group firms.

The market regulator has been pursuing various avenues to ascertain the ownership pattern of these 42 contributors with assistance from domestic enforcement agencies and overseas