📷 Image Credits: The Times of India
In a recent development, the Kotak Mahindra International Limited (KMIL) clarified that US short seller Hindenburg Research has never been a client or investor in their fund. This clarification from Kotak Mahindra Group comes after Hindenburg Research mentioned the name of Kotak Mahindra Bank in response to a show-cause notice from the Securities and Exchange Board of India (Sebi). KMIL and K-India Opportunities Fund Ltd. (KIOF) stated that Hindenburg has never been associated with the firm nor invested in the Fund. The Fund follows strict Know Your Customer (KYC) procedures and ensures that all investments are in accordance with relevant laws. Established in 2013, KIOF is a Sebi-registered Foreign Portfolio Investor regulated by the Financial Services Commission of Mauritius. The fund aims to facilitate foreign clients in investing in India. Moreover, Hindenburg mentioned that it made $4.1 million in revenue through gains from shorting Adani securities for its client. This statement was provided in response to the Sebi’s show-cause notice. This recent revelation adds a new layer to the ongoing Hindenburg saga surrounding investments in India.
