Sebi defends 2019 rule change
Financial Express Mumbai|July 11, 2023
SC to hear Hindenburg report on Adani today
JOYDEEP GHOSH
Sebi defends 2019 rule change

THE SECURITIES AND Exchange Board of India (Sebi) told the Supreme Court on Monday that the change in rules in 2019 on how offshore funds report their ownership did not make it tougher to identify their beneficiaries.

In effect, this means that the challenges it was facing in getting the details about the economic interest holders in the Adani Group companies was not because of the repeal of the rules.

Sebi's observations are at variance with the expert committee report in the Adani-Hindenburg matter. The SC-appointed committee had said the change in 2019 rules made it difficult for Sebi to identify beneficiaries of offshore funds which allegedly invested in the companies of the Adani Group. In its 41-page affidavit, Sebi sought "appropriate orders" from the apex court in the matter.

The affidavit came a day before the SC resumes hearing the case on July 11. Sebi has an August 14 deadline from the court to close its probe into whether the Adani Group violated securities law.

"The issue primarily arose from the existence of thresholds for determination of beneficial owners. In fact, the thresholds were only lowered (made tighter) between 2014 and 2019," said the Sebi affidavit.

Sebi added that despite these guidelines, challenges remained in the identification of those with economic interest in some foreign portfolio investments (FPIs).

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