360 ONE Clarifies No Investments in Adani Group

Wealth management entity 360 ONE stated its IPE-Plus Fund 1 had made no investments in Adani Group shares. Following allegations by Hindenburg Research concerning SEBI chairperson Madhabi Puri Buch and her husband’s investments, 360 ONE emphasized compliance and proper regulation of the fund active from 2013 to 2019.

Wealth management entity 360 ONE clarified on Sunday that its IPE-Plus Fund 1 did not invest in Adani Group shares.

In response to allegations from short-seller Hindenburg Research, the firm, previously known as IIFL Wealth Management, explained that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch's investments represented less than 1.5% of the fund's total inflow, with no investors involved in investment decisions.

The fund, operational between October 2013 and October 2019, was fully compliant and regulated. At its peak, it managed assets worth approximately USD 48 million, with over 90% consistently invested in bonds.

Hindenburg's report suggested the Buch family invested in offshore entities linked to the Adani Group before Madhabi Buch's SEBI appointment in 2017. However, the mutual fund industry's group, Amfi, defended Buch, highlighting her contributions to the Indian capital market and warning against undermining market trust.

(With inputs from agencies.)