BUSINESS-ECONOMY
The Mauritian regulator clarified that the funds mentioned in the report that tie the SEBI chief to conflict of interest allegations were neither licensed by FSC nor domiciled in the country The Financial Services Commission (FSC) of Mauritius has issued a statement rebuffing claims that the country was a 'tax haven' after Hindenburg Research published a report last week and alleged that Indian market regulator chairperson, Madhabi Buch, was in bed with conglomerate Adani Group. "Mauritius has a robust framework for global business companies. 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," the FSC said. The Mauritian regulator also clarified that the funds mentioned in the report that tie the SEBI chief to conflict of interest allegations were neither licensed by FSC nor domiciled in the country. "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. The US-based short-seller had alleged that Madhabi and her husband, Dhawal Buch, opened an account with a wealth management firm in Singapore to invest an 'undisclosed' amount of money in a Mauritius-registered offshoot for a Bermuda-based fund. The report highlighted that the Mauritian fund was run by Adani chief Gautam Adani's brother, Vinod Adani and was used by the company to inflate stock prices, as mentioned in an 'expose' last year. Watch | Hindenburg vs SEBI Chief Saga: Hindenburg allegations invoke Chandra Kochar's case Leader of Opposition (LoP) in Lok Sabha (Lower House of Indian Parliament) and Indian National Congress (INC) leader, Rahul Gandhi has demanded a Joint Parliamentary Committee (JPC) inquiry into the charges against the watchdog chief. Gandhi asked the government if something were to go wrong and investors were to lose their hard-earned money, "who would be held responsible?" “Is the Prime Minister of India responsible? Is Madhabi Buch responsible, or is Mr Adani responsible? It’s slowly becoming crystal clear why PM [Narendra] Modi is against a JPC looking into this matter,” said Gandhi. Also read | Hindenburg vs Adani: Sebi chief Madhabi's links need judicial probe, ex-official EAS Sarma tells WION Meanwhile, former finance ministry secretary EAS Sarma told WION that an independent judicial panel should probe the alleged links between Adani Group and the SEBI chairperson. (With inputs from agencies) Football. Geopolitics. Cricket. Music. F1. In no particular order. None
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