Hours after Hindenburg's allegation of alleged involvement in short-selling of Adani Group’s shares, Kotak Mahindra Bank came with a clarification.
Bank denied all the allegations made by Hindenburg quoting Kotak Bank has never done any business with Hindenburg.
“Kotak Mahindra International (KMIL) and K- India Opportunities Fund KIOF unequivocally stated 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 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 Kotak Mahindra Bank spokesperson.
In a press release, Kotak Mahindra Bank stated, “KIOF is a Sebi registered foreign portfolio investor (FPI) 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 by all applicable laws. We have cooperated with regulators about our operations and continue to do so.
The clarification came amid the news of a drop of 2 per cent in the shares of Kotak Mahindra at Bombay Stock Exchange (BSE).
