'HINDENBURG HAS NEVER BEEN A CLIENT OF THE FIRM': KOTAK MAHINDRA, KIOF PAN US SHORTSELLER'S CLAIM
Kotak Mahindra International Limited (KMIL) and KIOF on Tuesday outrightly rejected Hindenburg Research’s claim that brokerage firms founded by Uday Kotak created and oversaw the offshore fund structure, which was used by its investor partner to bet against Adani group shares.
“Hindenburg has never been a client of the firm nor has it ever been an investor in the fund. The Fund was never aware that Hindenburg was a partner of any of its investors. KMIL has also received a confirmation and declaration from the Fund's investor that its investments were made as a principal and not on behalf of any other person,” said a spokesperson of Kotak Mahindra International Limited.
“K- India Opportunities Fund Ltd. (KIOF) is a SEBI registered Foreign Portfolio Investor and is regulated by the Financial Services Commission of Mauritius. The fund was established in 2013 to enable foreign clients to invest in India. The Fund follows due KYC procedures while onboarding clients and all its investments are made in accordance with all applicable laws. We have cooperated with regulators in relation to our operations and continue to do so,” added the spokesperson.
In early trade, shares of Kotak Mahindra Bank fell over 2 per cent after Hindenburg Research in a response to Sebi's show cause notice said the market regulator failed to name the private lender in the matter related to short selling of Adani Group shares.
2024-07-02T09:00:15Z dg43tfdfdgfd