Factorial says insider trading allegations in India "without merit"

HONG KONG Fri Jun 6, 2014 2:11pm IST

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HONG KONG (Reuters) - Hong Kong-based hedge fund Factorial Capital Management said insider trading allegations against the firm by India's market regulator are "without merit" and the hedge fund will fully cooperate in the investigation.

The Securities Exchange Board of India (SEBI) on Thursday accused Factorial of insider trading, saying it suspected the hedge fund had shorted L&T Finance Holdings Ltd (LTFH.NS) before the announcement of a share sale in mid-March.

"Factorial believes that the allegations outlined in an interim order from the Indian regulator (SEBI) are without merit," the hedge fund firm said in a statement to Reuters.

"The regulator has given 21 days to Factorial to respond. Factorial will continue to fully co-operate, and is confident that a complete investigation will fully absolve it," it added.

(Reporting by Nishant Kumar)

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