Sebi's insider trading allegations are without merit: Factorial
Jun 06 2014 , Hong Kong
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 before the announcement of a share sale in mid-March.
"Factorial believes that the allegations outlined in an interim order from the capital market 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.