Vedanta – Our Complaint to the Reserve Bank of India

Author: Viceroy Research Published on: September 4, 2025 Published in: Vedanta (NSE:VEDL)

September 4, 2025 – On July 23, 2025, we submitted a complaint to the Reserve Bank of India (RBI) regarding the conduct of Vedanta Resources Limited (VRL), the UK-domiciled parent of Vedanta Limited (VEDL), and its subsidiaries, with respect to repeated violations of the Foreign Exchange Management Act (FEMA) and related RBI regulations.

Similarly to our earlier complaint to the Securities and Exchange Board of India (SEBI), we have received no acknowledgement or response from the RBI to date. Despite the RBI’s stated commitment to safeguarding India’s external account and enforcing prudent norms on overseas investment and foreign exchange remittances, we are not aware of any action being taken.

In light of this silence, and given the magnitude of the cross-border transactions and encumbrances affecting a listed Indian company with government and public ownership, we are publishing our RBI complaint in full. We are publishing this complaint in the interest of transparency and in contrast to the opacity, denial, and silence of Vedanta’s disclosures.

The scale and recurring nature of these practices merit visible enforcement, not quiet accommodation. VRL and its offshore creditors rely on the RBI’s discretion to maintain these extractive practices. Our intention is not to question the RBI’s mandate, but to highlight how inaction cedes control of a strategic Indian asset to foreign creditors and undermines India’s capital controls.

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