Offshore fund used by Buch nestled in Bermuda, not Mauritius
Mint on Wednesday in response to a questionnaire. After Hindenburg's Mauritius claim, the island country's financial services regulator in a press statement on Tuesday denied the fund being registered there. “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," the Mauritius Financial Services Commission said in the statement.
On Saturday, Hindenburg Research said Global Dynamic Opportunities Fund, a Bermuda-based fund, had invested in IPEplus Fund 1. Subsequently, Buch and her husband Dhaval, in a statement on Sunday, acknowledged their hitherto unreported investment in IPEplus Fund 1. “The investment in the fund referred to in the Hindenburg report was made in 2015 when they were both private citizens living in Singapore and almost 2 years before Madhabi joined Sebi, even as a Whole Time Member," the Sebi chairperson and her husband said in a joint statement.
Buch’s four-year stint as a whole-time member of the Securities and Exchange Board of India was between April 2017 and October 2021, after which she became the first woman chairperson of the market regulator in March 2022. Her current three-year term ends in February next year. “The decision to invest in this fund was because the Chief Investment Officer, Anil Ahuja, is Dhaval’s childhood friend from school and IIT Delhi and, being an ex-employee of Citibank, J.P.
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