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Informist, Sunday, Aug 11, 2024

MUMBAI – The Association of Mutual Funds in India today said the recent external comments made on the Securities and Exchange Board of India's Chairperson Madhabi Puri Buch alleging that she had a stake in Adani Group-linked offshore funds were to "create a sensation by connecting random events done in the past." 

"These statements, lacking in context and understanding of our regulatory environment, seek to malign the hard-earned achievements of our nation. Such advances must be viewed as creating a hurdle in India's endeavour to becoming a developed economy," AMFI said in a statement. It also assured investors that the Indian financial system is "secure, transparent and designed to foster growth."

These comments are aimed at creating a trust deficit in the market ecosystem, the association said.

The US-based short-seller Hindenburg Research LLC has alleged that Buch and her husband Dhaval Buch had stake in offshore funds which were also allegedly used by Vinod Adani, the elder brother of Adani Group Chairman Gautam Adani, to invest in Indian stocks, including Adani Group companies.

This, the research firm said in a report on Saturday, raised the prospect of conflict of interest in SEBI's investigation of the research firm's allegations against the Adani Group in its report of January 2023.

In a joint statement, the Buchs have denied Hindenburg Research's allegations and said they were not true. Buch said that all disclosures were furnished to SEBI over the years.  End

Reported by Kshipra Petkar

Edited by Vandana Hingorani

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