Kotak Group Fund named in Sebi notice owns over 1% in seven companies

The Securities and Exchange Board of India (Sebi) issued a show cause notice to Hindenburg Research, highlighting that K India Opportunities Fund Limited - Class F, a sub-fund of Kotak Group's K India Opportunities Fund, owned over one percent stakes in seven Indian firms, including Supreme Infrastructure India and Krsnaa Diagnostics. The fund made a $22.25 million profit by trading Adani Enterprises' shares before and after the Hindenburg report. Kotak Mahindra Group clarified that Hindenburg Research was never a client of KIOF or Kotak Mahindra International Ltd (KMIL), and KMIL had no knowledge of Hindenburg's role as a partner for any of its investors.