'Funds mentioned by Hindenburg not Mauritius-domiciled'
Financial Services Commission (FSC) of Mauritius said IPE Plus Fund and IPE Plus Fund 1, which were mentioned in the Hindenburg report as investment vehicles in which Sebi chief Madhabi Puri Buch and her husband Dhaval Buch were investors, are not licensees of the regulator and are not domiciled in Mauritius.
The Mauritius regulator, responding to the Hindenburg report, clarified that its legislative framework does not allow the creation of shell companies.
«The Financial Services Commission, Mauritius has taken cognisance of the contents of the report published by Hindenburg Research wherein mention has been made of 'Mauritius-based shell entities' and Mauritius as a 'tax haven,» said the Mauritius regulator in a statement dated August 13. «All global business companies licensed by the FSC have to meet substance requirements on an ongoing basis as per section 71 of the Financial Services Act which is strictly monitored by the FSC.»
According to separate sources, IPE Plus Fund is registered as a Bermuda limited liability investment fund.
The US-based short-seller in a report released on August 10 alleged that the Sebi chairperson and her husband had hidden stakes in an obscure offshore fund (IPE Plus) that has been part of a complex structure, used by Vinod Adani, brother of Gautam Adani.
Hindenburg said that in one complex structure, a Vinod Adani-controlled company had invested in global dynamic opportunities in Bermuda, which then invested in IPE Plus Fund 1, a fund registered in Mauritius.
In a joint
