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:
  • Most Popular
  • Most Shared

Pending Reform

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Indian Exports

Indian Exports

How to get India’s exports back on track  Full Article 

Reuters India Mobile

Reuters India Mobile

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