Sebi's insider trading allegations are without merit: Factorial

Tags: Stock Market
Hong Kong-based hedge fund Factorial Capital Management said insider trading allegations against the firm by capital market regulator Securities Exchange Board of India (Sebi) 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 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.

EDITORIAL OF THE DAY

  • Govt must resist the temptation of milking PSUs to finance development expenses

    Hoarding cash in huge amounts should perhaps be made a punishable offence in India.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Cut & Thrust: SRK’s ALPHABET SOUP

On Saturday, the Enforcement Directorate sent a show cause notice ...

Ananda Majumdar

<b>Ruminations:</b> WALKING ON A THIN EDGE

A social media post doing the rounds says, with some ...

Rajgopal Nidamboor

The archetypal core of qualified silence

We are all cloaked by noisy distress, and not silence, ...