Vedanta – Our Letter to the Reserve Bank of India

Author: Viceroy Research Published on: August 6, 2025 Published in: Vedanta (NSE:VEDL)

August 6, 2025 – On July 15, 2025, Viceroy Research submitted a formal letter to the Reserve Bank of India (RBI). This letter highlights findings from our reports with a focus on unauthorized foreign exchange remittances, regulatory evasion, and systemic threats to India’s financial stability.

Given the lack of any public statements from the RBI, we are publishing the letter in the interest of transparency and public accountability.

SEBI Chairman Tuhin Kanta Pandey recently reiterated the regulator’s crackdown on financial fraud, directly referencing structures that resemble VRL’s extraction from VEDL. He also acknowledged Viceroy’s reports, signaling a willingness to receive information from all corners of the market.

The offshore siphoning of funds from Indian entities through complex, opaque structures is precisely the kind of capital flight the RBI is mandated to confront.

As promised in the letter below, Viceroy did make a comprehensive formal submission to the RBI. To allow RBI time to properly consider and investigate its contents, it is not our intention to publish this submission immediately.

What truly threatens India’s financial sovereignty is the silent, sustained siphoning of its capital to offshore creditors. We continue to stand ready to assist regulators in their mission to protect the interests of Indian markets, institutions, and retail investors.

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