The Financial Services Commission (FSC) of Mauritius has responded to the recent allegations made by Hindenburg Research against Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch. As per The Hindustan Times, in a statement issued on Tuesday, the FSC denied that the offshore funds at the center of Hindenburg’s claims are domiciled in Mauritius. The U.S.-based firm had alleged that Buch and her husband held undisclosed investments in Mauritius-based offshore funds, supposedly linked to Vinod Adani, brother of Gautam Adani, to manipulate financial markets.
The FSC clarified that neither the IPE Plus Fund nor IPE Plus Fund 1—funds mentioned in the Hindenburg report—are licensed or domiciled in Mauritius. The regulator also emphasized that Mauritius has a robust regulatory framework for global business companies, which must meet strict substance requirements. The FSC underscored that Mauritius adheres to international best practices and is recognized as a well-regulated jurisdiction by the Organisation for Economic Co-operation and Development (OECD). The statement dismissed the notion that Mauritius could be labeled a tax haven, reiterating its compliance with global transparency standards.
