The Wire Staff 
New Delhi: The securities market regulator of Mauritius has told the Business Standard newspaper that preliminary investigations have not shown “any breach of law” by the global companies and funds associated with Adani Group, following the publication of the Hindenburg report.
The Group’s companies have lost $100 billion in market value since a report by Hindenburg Research alleged it used offshore tax havens and manipulated stocks.
Reuters had reported last week that the Securities and Exchange Board of India is looking into any potential violation of Indian securities laws or any conflict of interest in the share sale process. SEBI is looking at two Mauritius-based firms – Great International Tusker Fund and Ayushmat Ltd. – which participated as anchor investors.
Financial Services Commission chief executive Dhanesswurnath Vikash Thakoor told the news outlet that after initial examination of 38 global companies and 11 funds – all the entities related to the Adani group in Mauritius – the Commission has until now “not found any non-compliance with our rules.”
The Commission’s report is internal and has not been shared with its Indian counterpart, SEBI.
The Supreme Court last week, on February 10, expressed concern for Indian investors in the wake of the Adani-Hindenburg issue, and sought the views of the Union government and Securities and Exchange Board of India (SEBI) on how to improve the regulatory mechanism