Sebi fines Vedanta, alleges company’s disclosures incorrect

The Securities and Exchange Board of India (Sebi) has fined Vedanta Ltd ₹30 lakh for allegedly misleading market disclosures relating to the group's proposed joint venture with Foxconn.

The regulator alleged that the Anil Agarwal company failed to provide correct disclosures to media, including misrepresentation on its website.

Sebi said following a news report that Vedanta was partnering with Foxconn to make semiconductors in India, stock exchanges sought clarification from the company.


To which, the company replied that the proposed business of manufacturing semiconductors is not under Vedanta Ltd but would be undertaken by its holding company, Volcan Investments (VIL).

Sebi noticed that the listed company also published a press release on September 13, 2022 on its letterhead, which stated "Vedanta signs MoUs with Government of Gujarat to set up semiconductors and display fab units". The said press release was also available on its website.