US-based short-seller Hindenburg Research, whose report in January 2023 on Gautam Adani-led Adani Group triggered a $150 billion rout in Adani stocks, attacked Securities and Exchange Board of India (SEBI) for not naming Kotak Bank in the matter. The US short-seller said 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 alleged that Sebi instead “named the K-India Opportunities fund and masked the ‘Kotak’ name with the acronym ‘KMIL’.”
Hindenburg also said that Sebi’s lack of mention of Kotak or any other Kotak board member may be meant to protect yet another powerful Indian businessman from the prospect of scrutiny.
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From: financialexpress
Financial News
