SAT to hear pleas by five offshore funds named in Hindenburg report

SAT to hear case against SEBI

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Five offshore funds named in the January 2023 Hindenburg report are scheduled to be heard by the Securities Appellate Tribunal (SAT) on Friday in a case against the Securities and Exchange Board of India (SEBI).The Albula Investment Fund, LTS Investment Fund, Cresta Fund, Asia Investment Corporation Mauritius, and APMS Investment Fund are the funds scheduled to be heard in the tribunal on June 12.Legal ChallengeAll five funds’ plea challenged SEBI’s adjudication proceedings initiated against them without taking into account the replies submitted by them to an earlier show-cause notice. The counsels have sought a stay on SEBI’s adjudication action until the matter is closed by the appellate tribunal, said a legal source.The case is linked to SEBI’s wider examination of multiple offshore funds named in the Hindenburg report in 2023 for alleged improper use of tax havens by the group.Last year, the markets regulator issued show-cause notices to several funds seeking explanations regarding alleged breaches of disclosure norms and investment restrictions related to group holdings by offshore funds.Published on June 11, 2026