Standard Chartered Enterprise Equity Fund is another investor in Shree Ashtavinayak. This fund, launched in the middle of last year, has a 14 per cent return against its benchmark (BSE 200) which rose 43 per cent. Sahara Mid Cap Fund, which also invested in the company, has a corpus of just over Rs 11 crore (something else for Sebi to ponder over) and an indifferent performance.

The list of other investors provided by Sebi are HSBC Financial Services (Middle East) Ltd, Elara India Opportunities Fund, Deutsche Securities Mauritius Ltd, Capital Growth Investments, Swiss Finance Corporation (Mauritius) Ltd, LB India Holdings Cayman II Ltd and India Max Investment Fund Ltd.

Clearly, there is plenty for Sebi to investigate in the information it has provided this paper itself. Does the FM still want to allow FIIs to enter India without registration and not worry about their influence on the quality of new listing? This seems strange, given that Indian investors have little freedom to find safer investment destinations.