The two foreign portfolio investors, Lotus Global Investments and LTS Investment Fund, named in the Hindenburg report against the Adani group, have withdrawn their pleas from the Securities Appellate Tribunal (SAT).

The two FPIs had moved the SAT to seek urgent relief from adhering to Sebi’s new norms for foreign investors.

The legal counsel of the FPIs, P.R. Ramesh, told The Telegraph that the court was informed he had instructions from his clients to withdraw the pleas.

He did not disclose the reason for the move.

In August, the Securities and Exchange Board of India (Sebi) introduced an additional disclosure regime for FPIs.

FPIs holding over 50 per cent of their equity AUM in a single corporate group or holding domestic equities worth ₹25,000 crore were asked to disclose granular details on ownership, economic interest or exercising control.

Congress push

The Congress on Wednesday pressed Sebi for clarity on whether FPIs linked to the Adani group had complied with a regulatory directive to disclose their beneficial owners. This comes after the September 9 deadline for such disclosures passed.

Jairam Ramesh, Congress general secretary in charge of communications, questioned Sebi’s delay in enforcing the regulation.

“Today is September 11, two days past Sebi’s deadline for FPIs — particularly those with significant equity in a single corporate group — to reveal the ultimate beneficial owners of their holdings,” Ramesh said in a statement on social media platform X.

“Some questions to Sebi on the current status of these disclosures — have all FPIs required to comply with these norms disclosed the details of their ultimate beneficial owners? Which FPIs have complied, and which ones have failed to do so?” Ramesh inquired.