Hindenburg had alleged that while markets regulator SEBI "apparently tied itself in knots to claim jurisdiction over us, its notice clearly did not mention the party that has a real link with India: Kotak Bank, one of the banks and firms largest brokerage firm in India founded by Uday. Kotak, which created and oversaw the offshore fund structure used by our investment partner to bet against Adani.”
Hindenburg claimed that the group "simply named the K-India Opportunity Fund and masked the name 'Kotak' with the acronym 'KMIL'."
Kotak Mahindra (International) Ltd, a unit of Kotak Mahindra Bank, said in a statement that Hindenburg was never a client of the group's K-India Opportunities Fund (KIOF) and Kotak Mahindra International Ltd (KMIL).
"KMIL and KIOF unequivocally state that Hindenburg has never been a client of the firm, nor has it ever been an investor in the Fund. The Fund was never aware of Hindenburg being a partner of any of its investors," a KMIL spokesperson said. in a sentence.
"KMIL also received confirmation and representation from the Fund's investor that his investments were made as principal and not on behalf of any other person."
K-India Opportunities Fund (KIOF) is a SEBI registered foreign portfolio investor and is regulated by the Mauritius Financial Services Commission.
"The Fund was established in 2013 to enable foreign clients to invest in India. The Fund follows proper KYC procedures while onboarding clients and all its investments are made in accordance with all applicable laws. We have cooperated with regulators regarding our operations and we continue to do so," the statement reads.
SEBI has issued a show cause notice to Hindenburg Research, Nathan Anderson and entities of Mauritius-based foreign portfolio investor (FPI) Mark Kingdon for trading violations in the securities of Adani Enterprises Ltd, before the Hindenburg report and thereafter. In the 46-page show cause notice, the markets regulator has alleged that Hindenburg and Anderson violated regulations under the SEBI Act, SEBI's Prevention of Fraudulent and Unfair Business Practices regulations and its Code of Conduct for trading regulations. Research Analysts.
Hindenburg claimed that the group "simply named the K-India Opportunity Fund and masked the name 'Kotak' with the acronym 'KMIL'."
Kotak Mahindra (International) Ltd, a unit of Kotak Mahindra Bank, said in a statement that Hindenburg was never a client of the group's K-India Opportunities Fund (KIOF) and Kotak Mahindra International Ltd (KMIL).
"KMIL and KIOF unequivocally state that Hindenburg has never been a client of the firm, nor has it ever been an investor in the Fund. The Fund was never aware of Hindenburg being a partner of any of its investors," a KMIL spokesperson said. in a sentence.
"KMIL also received confirmation and representation from the Fund's investor that his investments were made as principal and not on behalf of any other person."
K-India Opportunities Fund (KIOF) is a SEBI registered foreign portfolio investor and is regulated by the Mauritius Financial Services Commission.
"The Fund was established in 2013 to enable foreign clients to invest in India. The Fund follows proper KYC procedures while onboarding clients and all its investments are made in accordance with all applicable laws. We have cooperated with regulators regarding our operations and we continue to do so," the statement reads.
SEBI has issued a show cause notice to Hindenburg Research, Nathan Anderson and entities of Mauritius-based foreign portfolio investor (FPI) Mark Kingdon for trading violations in the securities of Adani Enterprises Ltd, before the Hindenburg report and thereafter. In the 46-page show cause notice, the markets regulator has alleged that Hindenburg and Anderson violated regulations under the SEBI Act, SEBI's Prevention of Fraudulent and Unfair Business Practices regulations and its Code of Conduct for trading regulations. Research Analysts.
