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Informist, Sunday, Aug 11, 2024

MUMBAI - Securities and Exchange Board of India Chairperson Madhabi Puri Buch and her husband Dhaval Buch's holdings in IPE-Plus Fund 1 were less than 1.5% of the total inflow into the fund, 360 ONE WAM said in an exchange filing today. At the same time, the company clarified that the fund did not invest in shares of any Adani Group companies, with the fund having invested over 90% of its corpus consistently in bonds. 360 ONE WAM was earlier known as IIFL Wealth Management.

IPE-Plus Fund 1 was launched in October 2013 and operated till October 2019, and it was fully compliant, 360 ONE WAM said in the filing. At its peak, the fund's assets under management reached approximately $48 mln, the company said.

This clarification comes after US-based Hindenburg Research, in its latest report on Saturday, alleged that the IIFL managed IPE-Plus Fund 1, registered in Mauritius, was being used to invest money into Adani Group stocks. The US-based short-seller further said Buch's stake in the fund raised the prospect of conflict of interest in SEBI's investigation of the research firm's allegations against the Adani Group in January 2023.

On Friday, shares of 360 ONE WAM closed 0.3% higher at 1,033.35 rupees on the National Stock Exchange.  End

US$1 = 83.96 rupees

Reported by Anshul Choudhary

Edited by Vandana Hingorani

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