360 One Wam Clarifies: No Investments in Adani Group Amid New Allegations

360 One Wam Limited has confirmed its IPE-Plus Fund 1 made no investments in Adani Group. This clarification comes after Hindenburg Research's new allegations involving SEBI Chairperson Madhabi Puri Buch. The firm reiterated its compliance with regulations and addressed concerns regarding its investment strategies and governance practices.

In a recent stock exchange filing, 360 One Wam Limited, previously IIFL Wealth Management Limited, clarified that its IPE-Plus Fund 1 had no investments in any shares of the Adani Group, neither directly nor indirectly. This statement follows new allegations from US-based short-seller Hindenburg Research targeting the Adani Group and questioning investments related to SEBI Chairperson Madhabi Puri Buch, and her spouse Dhaval Buch.

The fund, which operated from October 2013 to October 2019, emphasized its compliance with regulations. It invested 90 percent in bonds and only 10 percent in shares, managing assets worth approximately USD 48 million at its peak. The company asserted that no investors had any involvement in the fund's operations or decisions, and both Buch's holdings were less than 1.5 percent of the total inflow.

360 One Wam underlined their adherence to corporate governance standards, responding to the Hindenburg report. Earlier, Hindenburg accused Adani of benefiting from a lack of regulatory intervention due to connections with SEBI Chairperson Buch. However, Buch and her husband denied these claims, calling them character assassination in a joint statement. They affirmed their transparency in financial disclosures and invited any authority to inspect their records.

(With inputs from agencies.)