‘Hindenburg has never been a client of the firm’, clarifies KMIL | Company News

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Kotak Mahindra International (KMIL) and K-India Opportunities Fund (KIOF) have 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,” a spokesperson of KMIL said.


KIOF, a Mauritius-based, Sebi-registered foreign portfolio investor, was the fund structure used by US-based asset manager Kingdon Capital to build short positions in Adani Enterprises.


KIOF is one of the recipients of Sebi’s show-cause notice in the Adani short-selling matter issued on June 26, 2024.

“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,” the spokesperson said.

 


(Disclaimer: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd)

First Published: Jul 02 2024 | 6:58 PM IST

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