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Wealth management entity 360 ONE on Sunday said its IPE-Plus Fund 1 did not make any investments in Adani Group shares.

In a statement released after the latest claims made by short-seller Hindenburg Research, the firm, formerly called IIFL Wealth Management, said SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch’s investments were less than 1.5% of the total inflow into the fund and no investors had any involvement in investment decisions.

It said the fund was fully compliant and regulated, and that it was operational between October 2013 and October 2019.

“Throughout the fund’s tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund,” the statement to exchanges said.

The peak assets under management for the fund were approximately $48 million and over 90% of the AUM were consistently invested in bonds.

Hindenburg on Saturday said the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline and in which Vinod Adani also had investments.

These investments reportedly date back to 2015, well before her appointment as a whole-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022.

It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015

Meanwhile, the mutual fund industry’s grouping Amfi on Sunday came out in support of Buch after the report.

“Recent external comments on the regulator’s chairperson not only attempt to undermine Madhabi Buch’s contribution to the Indian capital market, but it also undermines our country’s economic progress, and creating a trust deficit in the market ecosystem must be seen for what they truly are—attempts to create sensation by connecting random events done in the past,” the industry has nearly Rs 65 lakh crore in AUM, said.

It warned that if the allegations are left unchecked, they can create unnecessary hurdles in the path of the world’s fastest-growing economy.

The claims lack context and understanding of the Indian regulatory environment, it said, adding that they also “seek to malign the hard-earned achievements of our nation”.

The market structure in India is “strong”, the body said, asking all the stakeholders to remain confident.

“Over a period, the regulator has created a well-functioning market trusted by both local and global investors with several measures taken under the current leadership of SEBI Chairperson,” it said.

Buch has termed the allegation “baseless” in a joint statement with her husband, while Adani Group has denied having any commercial relations with the banker-turned-regulator.