The Financial Services Commission (FSC) of Mauritius has strongly rebutted recent allegations made by Hindenburg Research concerning offshore funds linked to Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI). The report by the American research firm sparked significant controversy by alleging that Buch and her husband had undisclosed investments in offshore funds in Bermuda and Mauritius, supposedly used by Vinod Adani, brother of billionaire Gautam Adani, to manipulate financial markets.
In response, the FSC issued a detailed statement clarifying that the funds mentioned in the Hindenburg report—specifically the ‘IPE Plus Fund’ and ‘IPE Plus Fund 1’—are not licensed or domiciled in Mauritius. The regulator emphasized that neither of these funds is under its jurisdiction, and Mauritius does not permit the creation of shell companies.
The FSC further underscored that Mauritius adheres to rigorous international standards for financial regulation. It highlighted that all global business companies licensed by the FSC must meet stringent substance requirements, which are continuously monitored. According to the FSC, Mauritius aligns with the best practices set by the Organisation for Economic Co-operation and Development (OECD), and has been assessed as compliant with its standards.
The OECD Forum on Harmful Tax Practices has reviewed Mauritius’s tax regimes and found no harmful features, affirming the island nation’s status as a well-regulated, transparent, and compliant jurisdiction. Consequently, Mauritius rejects the notion of being a tax haven.
The FSC’s response aims to dispel any misconceptions arising from the Hindenburg Research report and to reassure stakeholders of Mauritius’s commitment to maintaining high standards of financial integrity and transparency.
