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Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch (file photo)
Mauritius-based 360-One (formerly IIFL Wealth) has said that IPE-Plus Fund 1 has never invested directly or indirectly in any shares of the Adani Group. Madhabi Puri Buch and Dhaval Buch’s holdings in the fund were less than 1.5% of the total inflow.
The Hindenburg report released on Saturday (August 10) claimed that Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch and her husband Dhaval Buch opened an account in Mauritius-based IPE-Plus Fund 1 on June 5, 2015, which was allegedly involved in fund siphoning. Hindenburg also alleged that the SEBI chief and her husband have a stake in an offshore company linked to the Adani Group.
Highlights from 360 One’s exchange filing…
- IPE-Plus Fund 1 is a compliant and regulated fund. It was launched in October 2013 and operated till October 2019.
- During our 6 years of operation, we have made zero investment in any shares of Adani Group directly or indirectly through any fund.
- At its peak, Fund 1 had assets under management (AUM) of $48 million (around ₹403 crore). Over 90% of the fund remained consistently invested in bonds.
- This fund was managed by an investment manager. The investor had no involvement in fund operations or investment decisions.
- Madhabi Puri Buch and Dhaval Buch’s holdings in the fund were less than 1.5% of total inflows.
- All other points mentioned in the report have been reiterated and explained in detail in previous communications.
- 360 One Asset Management confirms that all its funds are fully compliant with all regulations and we adhere to high standards of corporate governance.
Buch called the allegations “baseless” and an attempt at “character assassination”
Buch has called these allegations “baseless” and an attempt at “character assassination”. The SEBI chairperson expressed her willingness to declare all financial records. In a joint statement with her husband Dhaval Buch, she said, “Our lives and finances are an open book.”
Last year, Hindenburg Research came into the limelight by accusing Adani Group of financial irregularities. Based on whistleblower documents, Hindenburg has claimed that Buch and her husband have stakes in Mauritius offshore company ‘Global Dynamic Opportunity Fund’.
Hindenburg has alleged that Vinod Adani, brother of Adani Group chairman Gautam Adani, has allegedly invested billions of dollars in the ‘Global Dynamic Opportunity Fund’. This money was used to boost the share prices of the Adani Group.
Adani Group said- Hindenburg did this for his own benefit
Adani Group has also denied the report of Hindenburg Research. The group said- Hindenburg misused publicly available information for its own benefit. The allegations leveled against Adani Group have already been proven baseless. After a thorough investigation, the Supreme Court rejected Hindenburg’s allegations in January 2024.
Read this news also…
Hindenburg’s allegations against SEBI Chief: Madhabi Buch’s stake in the same foreign fund in which Adani invested; Buch said – our life is an open book
American company Hindenburg on Saturday made serious allegations against the chairperson of the Securities Exchange Board of India (SEBI). Hindenburg claimed in its report that Madhabi Puri Buch and her husband Dhawal Buch have a stake in an offshore company linked to the Adani Group.
Buch has called these allegations “baseless” and an attempt at “character assassination”. The SEBI chairperson expressed her willingness to declare all financial records. In a joint statement with her husband Dhaval Buch, she said, “Our lives and finances are an open book.”
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