Adani Group companies were gaining on Tuesday despite reports that the Securities and Exchange Board of India (SEBI) had found issues with offshore funds linked to the conglomerate that had breached regulations.

What Happened: India’s market regulator has identified 12 offshore funds invested in Adani group companies that have violated disclosure rules and exceeded investment limits, Reuters reported, citing sources.

Last August, SEBI’s discovered breaches in disclosure rules by listed entities and investment limits by offshore funds. Additionally, SEBI is investigating the Adani Group’s relationship with one of these funds to determine if there’s evidence of them acting jointly with the conglomerate’s major shareholders—a claim the Adani Group has previously denied.

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Earlier this year, SEBI issued notices to the 12 offshore investors in the Adani Group, detailing the charges and seeking explanations for the alleged violations of disclosure norms and investment limits.

The offshore funds had reported their investment in Adani group companies individually. SEBI had sought disclosure of holdings at the offshore fund group level, one source told the publication.

Eight of these offshore funds have reportedly reached out to SEBI with written requests to settle the charges by paying a penalty, without admitting any wrongdoing.

Price Action: Most Adani Group companies were trading in the black on Tuesday despite the reports.

Adani Enterprises was the only group stock that was trading lower, easing 0.23% to ₹3,056.45

Adani Energy Solutions’ share price was up 1.4% at ₹1,057.5

Adani Green Energy’s share price climbed 2.22% to ₹1,833.65

Adani Ports and SEZ’s share price gained 0.33% to ₹1,325.5

Adani Power’s share price jumped 1.37% to ₹605.1

Adani Total Gas‘ share price edged up 0.64% to ₹924.45

Adani Wilmar’s share price also gained 0.9% to ₹341.75

ACC’s share price climbed 0.4% to 2,414

NDTV’s share price jumped 0.94% to ₹220.85

Ambuja Cement’s share price also shot up 1.49% to ₹625.5

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