Hong Kong-based hedge fund Factorial Capital Management said insider trading allegations against the firm by Sebi are "without merit" and the hedge fund will fully co-operate 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
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"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.
