In a new report by American short seller firm Hindenburg, there has been a new twist in the allegations made against market regulator SEBI Chairperson Madhabi Puri Buch. In fact, the firm led by Nathan Anderson had also mentioned Mauritius while accusing the SEBI Chief. Regarding this, the Financial Services Commission (FSC) of the country has bluntly said that Mauritius has nothing to do with the use of the funds mentioned in the Hindenburg report.
‘Shell companies are not allowed in Mauritius’
A statement was issued by the Financial Services Commission (FSC) of Mauritius on Tuesday, the last trading day of the Hindenburg-SEBI dispute. It was revealed that Mauritius has no dealings with the offshore fund which has been mentioned in the allegations against SEBI chief Madhabi Puri Buch of Hindenburg Research, because our country does not allow shell companies to operate. According to the FSC statement, it has taken cognizance of information provided in a report published by US short seller Hindenburg Research on August 10, 2024, which identified ‘Mauritius-based shell companies’ and the country as a ‘tax haven’ Has gone.
License given to offshore fund
According to PTI report, FSC has said that the Hindenburg report on SEBI Chief has claimed that IPE Plus Fund (IPE+) is a small offshore fund of Mauritius and the registration of IPE Plus Fund-1 is in Mauritius only. . But we want to make it clear that IPE Plus Fund and IPE Plus Fund-1 are not linked to Mauritius and no license has been given to it in the country. The report said that Mauritius has strong infrastructure for global business firms. Here all the companies getting license from FSC have to follow all the rules under Section 71 of the Financial Services Commission Act and they are continuously monitored.
Hindenburg has made these allegations against SEBI Chief
The report released by Hindenburg on Saturday claimed that whistleblower documents reveal that Madhabi Buch and her husband Dhaval Buch opened their account with IPE Plus Fund 1 in Singapore on June 5, 2015. . The total investment of the couple in this is estimated at 10 million dollars. Hindenburg alleged that the offshore Mauritius fund was set up by a director of Adani Group through India Infoline and is registered in tax haven Mauritius.
FSC said- Mauritius is not a tax haven
Last year, on January 24, 2023, Hindenburg made these serious allegations against the SEBI Chief and her husband, 18 months after his research report on Adani Group Chairman Gautam Adani. The report claims that SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch took stake in funds in Bermuda and Mauritius and these two funds were also used by Gautam Adani’s elder brother Vinod Adani. But now, ignoring these allegations of Hindenburg, Mauritius has made it clear that these funds are not present there and Mauritius has been recognized as a transparent jurisdiction and it cannot be called a tax haven.