Capital Market regulator the Securities and Exchange Board of India (Sebi) and the Directorate of Revenue Intelligence (DRI) are jointly investigating companies belonging to the Adani group for violations of some of the regulations, junior minister for finance Pankaj Chaudhary told the Lok Sabha on Monday.

Minister of State for Finance Pankaj Chaudhary said accounts of three of the six Mauritius-based funds, that have invested most of their money in Adani Group firms, were frozen in 2016 over the issuance of Global Depository Receipt (GDR) by certain listed firms. No freeze was ordered for their holding in other firms. "Sebi is investigating some Adani Group companies with regard to compliance with Sebi regulations," he said without giving details. Also, DRI "is investigating certain entities belonging to the Adani Group of Companies under laws administered by it," he said.

The minister did not name which of the Adani Group companies were being investigated by Sebi and DRI. He also did not elaborate on the nature of the violation. He however said the Enforcement Directorate (ED) wasn't investigating the Adani Group. Shares of port-to-energy group nosedived last month after reports that accounts of three of the six Mauritius-based funds that have invested most of their money in Adani Group firms had been frozen by the national share depository.

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