"The issue is of reducing non-transparent links between government and business, and of letting, indeed encouraging, regulators do their job. Why has SEBI not yet got to the bottom of the ownership of those Mauritius funds which have been holding and trading Adani stock? Does it need help from the investigative agencies?," Rajan asked. Because funds are registered in tax haven Mauritius, their ownership structure is opaque. Cresta, Albula and Elara have been subject to at least one probe for alleged round-tripping. Hindenburg Research in a January 24 report accused Adani group of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices. The group has denied all allegations, calling them "malicious", "baseless" and a "calculated attack on India".About what measures the government should take to improve oversight of private family companies to address worries after the Hindenburg allegations, the former RBI governor said he does not think the issue is of more oversight over private companies. The private businesses and family companies should be encouraged but there should be a level playing field for everyone, where no single promoter becomes all powerful, he said in an email interview to PTI.