Factorial says insider trading allegations in India "without merit"

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

Related Topics

Stocks

   

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)

FILED UNDER:

Religion and Politics

REUTERS SHOWCASE

Fund Raising

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Reuters Exclusive

Reuters Exclusive

India looks to sway Americans with nuclear power insurance plan  Full Article 

To Boost Growth

To Boost Growth

Crank up public spending to revive growth - chief economic adviser.   Full Article 

Bold Steps

Bold Steps

SpiceJet rescue plan marks bold bet on Indian aviation recovery.   Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Online Sales

Online Sales

Knock knock. Who's there? Amazon's best-selling holiday author.  Full Article 

Hacking Attack

Hacking Attack

N.Korea says did not hack Sony, wants joint probe with U.S.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage