Industry

GDR issues by Indian firms under SEBI lens

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The Securities and Exchange Board of India (SEBI) has directed all local custodians of Global Depository Receipts (GDRs) to ascertain the beneficiary accounts in the case of 59 GDR issues by 51 Indian companies and freeze all such beneficiary accounts. GDRs are instruments with Indian shares as the underlying securities.The SEBI move follows a probe that found Arun Panchariya and his related entities - Pan Asia Advisors, India Focus Cardinal Fund & Vintage FZE - may have indulged in an alleged a fraudulent scheme in connivance with promoters and directors of the issuer companies with an intent to defraud the Indian investors.

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Printable version | Jan 18, 2020 7:08:14 AM | https://www.thehindu.com/business/Industry/GDR-issues-by-Indian-firms-under-SEBI-lens/article14426035.ece

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