Sebi Issues Warning to Mauritius Funds

"TO DATE, THIS has not been provided by these FPIs to Sebi. They have also not provided any reasons," the document said, adding that such delays had "impeded the investigation into the Adani Group's compliance with minimum public shareholding norms".

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Elara Capital and Sebi did not respond to queries. Adani Group also did not respond.

The Sebi document noted that Elara funds did not make disclosures about their acquisitions of certain Adani stocks exceeding 5% — as was required by regulations. It did not specify the exact shareholding in question.