SEBI nixes 13 Adani-linked funds' settlements, reviving 2020 proxy probe
India's markets regulator has rejected settlement applications from 13 overseas funds caught in a years-old probe into whether they were genuine public shareholders or proxy owners for Adani Group founders. The funds balked at SEBI's terms, refusing to hand over required information or resist demands to disgorge money. The rejection reopens a case that dates to October 2020, when surveillance first flagged their concentrated Adani stock holdings.