Why are Indian crypto investors asking for proof of reserve?

Since the collapse of world’s third largest crypto exchange FTX in November -- on account of wrongly reported assets which were in its own tokens -- crypto investors closer home have been demanding their exchanges to release ‘proof of reserves’ or PoR. The PoR is basically a method to disclose an institution like an exchange’s assets to quantify if they hold sufficient resources to back customer balances. This is calculated by a third party auditor. In India, CoinSwitch and CoinDCX had published their PoRs so far.