MUMBAI: Sebi has threatened two Mauritus-based funds with investments in the Adani Group that they could face penalties and cancellation of licences for not sharing shareholding details despite repeated requests over two years, according to a document reviewed by Reuters.The Adani Group and its 13 offshore investors have been facing an investigation by the Sebi, since Hindenburg Research in 2023 alleged improper use of tax havens by the group, triggering a stock sell-off. The group has repeatedly denied wrongdoing, and its shares have since recovered.Regulations require at least 25% of shares of listed companies be held by public shareholders, but Hindenburg alleged the Adani Group breached those rules since some offshore funds with Adani company holdings were related to the conglomerate.Two Mauritius-based Elara funds – Elara India Opportunities Fund and Vespera Fund – had been asked since 2023 to provide granular disclosures of all their shareholders.