New Delhi/Port Louis:
The report of American short sheller Hindenburg is in the news again. Hindenburg has made big claims about the Indian market and market regulator Securities and Exchange Board of India (SEBI) in its recent report. Hindenburg has also mentioned Mauritius in its report. Now Mauritius has responded to these allegations. The Financial Services Commission (FSC) of Mauritius said on Tuesday that the fund mentioned in the allegations of conflict of interest against Hindenburg Research’s SEBI chief Madhabi Puri Buch has nothing to do with their country. It also said to Mauritius that it does not allow shell companies to operate in the country at all.
The Financial Services Commission of Mauritius said that it has taken cognizance of a report dated August 10, 2024 by US research and investment company Hindenburg Research. It mentions Mauritius as a ‘tax haven’ for Mauritius-based shell companies and tax evaders. This is absolutely wrong.
Hindenburg is an irresponsible company, it only looks after its own benefits- Former Attorney General Mukul Rohatgi
In fact, Hindenburg on Saturday alleged that SEBI Chairperson Madhabi Puri Buch and her husband opened an account with a fund management company in Singapore in 2015 to invest an undisclosed amount in a Mauritius-registered unit of a Bermuda-based fund.
The FSC, the integrated regulator for the non-banking financial services sector and global trade, has denied that the fund was registered in Mauritius. The FSC said that the legislative framework in Mauritius does not allow shell companies. The FSC said, “Mauritius has a strong framework for global business companies. All global business companies licensed by the FSC have to meet key requirements on an ongoing basis as per Section 71 of the Financial Services Act, which are strictly monitored by the regulator.”
Why it is not right to get the Hindenburg Report investigated by JPC: Know what the experts said
The FSC said Mauritius strictly complies with international best practice. This is in line with the standards of the Organisation for Economic Co-operation and Development (OECD).
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Kanishk Singh has always had a keen interest in fast-paced cars. For the past three years, he has been writing about automobiles, but his fascination with cars dates back even further. He thoroughly enjoys learning about their features and expressing his thoughts through his writing. Kanishk also has a profound interest in the stock market, shares, and business strategies. He possesses a wealth of knowledge on these subjects and consistently writes articles on them. Currently, he is working as a writer for Lattestnews24, specifically focusing on the Automobile, Finance, and Business categories. His well-crafted words are highly appreciated by the readers, as they find them both informative and creative.