NEW DELHI: At least two industry bodies - Amfi and The Indian Venture and Alternate Capital Association - on Sunday publicly came out in support of Sebi chairperson Madhabi Puri Buch and the markets regulator and called Hindenburg's allegations "unwarranted" and "lacking in context".
"We believe that the recent allegations made by Hindenburg are unwarranted and do not reflect a deep understanding of the Indian regulatory environment... India is one of the fastest-growing markets in South Asia, and much of this success is attributed to the robust framework and oversight provided by Sebi," IVCA said in a statement.
Amfi, the industry body for mutual funds, described the allegations as an attempt to "undermine" India's "economic progress" by creating a "trust deficit" in the market.
"Left unchecked, it can create unnecessary hurdles in the path of the world's fastest-growing economy. 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 become a developed economy," Amfi said, while advising stakeholders to stay confident.
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