Hindenburg Research: Mauritius’ Financial Services Commission says fund at heart of charge against SEBI chief not domiciled in Mauritius
The Hindu
Financial Services Commission of Mauritius says offshore fund at the heart of conflict of interest allegation Hindenburg Research levelled against SEBI chief is not domiciled in the island nation
Financial Services Commission (FSC) of Mauritius on Tuesday (August 13, 2024) said the offshore fund at the heart of the conflict of interest allegation Hindenburg Research levelled against SEBI chiefMadhabi Puri Buch is not domiciled in the island nation, and that it does not permit creation of shell companies.
In a statement, the FSC said it had taken cognisance of the contents of the report published by Hindenburg Research on August 10, 2024 wherein mention has been made of ‘Mauritius-based shell entities’ and Mauritius as a ‘tax haven’.
“The report of Hindenburg has further cited ‘IPE Plus Fund’ is a small offshore Mauritius Fund and ‘IPE Plus Fund 1, a fund registered in Mauritius’. We wish to clarify that IPE Plus Fund and IPE Plus Fund 1 are not licensees of the FSC and are not domiciled in Mauritius,” it said.
Hindenburg on Saturday (August 3, 2024) alleged that SEBI chairperson Madhabi Puri Buch and her husband opened an account in 2015 with a wealth management firm in Singapore to invest an undisclosed sum of money in a Mauritius-registered offshoot of a Bermuda-based fund.
The Mauritian fund was run by an Adani director and its ultimate parent was the vehicle used by two Adani associates to round-trip funds and inflate stock prices.
FSC, the integrated regulator for the non-bank financial services sector and global business, denied the fund being registered in Mauritius.
FSC said the legislative framework in Mauritius does not permit the creation of shell companies.
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