&w=826&resize=826,465&ssl=1 "Mauritius FSC denies allegations towards Sebi chief over offshore funds | Information on Markets")
Sebi chairperson Madhabi Puri Buch
Monetary Companies Fee of Mauritius on Tuesday mentioned the offshore fund on the coronary heart of the battle of curiosity allegation Hindenburg Analysis levelled towards Sebi chief will not be domiciled within the Island nation, and that it doesn’t allow the creation of shell firms.
In a press release, FSC mentioned it has taken cognizance of the contents of the report printed by Hindenburg Analysis on August 10, 2024, whereby point out has been made from ‘Mauritius-based shell entities’ and Mauritius as a ‘tax haven’.
“The report of Hindenburg has additional cited ‘IPE Plus Fund’ is a small offshore Mauritius Fund and ‘IPE Plus Fund 1, a fund registered in Mauritius’. We want to make clear that IPE Plus Fund and IPE Plus Fund 1 are usually not licensees of the FSC and are usually not domiciled in Mauritius,” it mentioned.
Hindenburg on Saturday alleged that Sebi chairperson Madhabi Puri Buch and her husband opened an account in 2015 with a wealth administration agency in Singapore to take a position an undisclosed sum of cash in a Mauritius-registered offshoot of a Bermuda-based fund.
The Mauritian fund was run by an Adani director and its final guardian was the automobile utilized by two Adani associates to round-trip funds and inflate inventory costs.
FSC, the built-in regulator for the non-bank monetary companies sector and international enterprise, denied the fund being registered in Mauritius.
FSC mentioned the legislative framework in Mauritius doesn’t allow the creation of shell firms.
“Mauritius has a strong framework for international enterprise firms. All international enterprise firms licensed by the FSC have to fulfill substance necessities on an ongoing foundation as per part 71 of the Monetary Companies Act, which is strictly monitored by the FSC,” the FSC mentioned.
FSC said that Mauritius strictly complies with worldwide finest practices and has been rated as compliant with the requirements of the Organisation for Financial Co-operation and Growth (OECD).
“As per the peer evaluation carried out by the OECD Discussion board on Dangerous Tax Practices, the OECD is happy that Mauritius doesn’t have any dangerous options in its tax regimes, thus recognising Mauritius as a well-regulated, clear and compliant jurisdiction. Subsequently, Mauritius can’t be termed as a tax haven,” it added.
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First Revealed: Aug 13 2024 | 11:24 PM IST
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