The US short seller said it had disclosed that it had bets against the group, adding that its gains were only over USD 4 million. Calling the Securities and Exchange Board of India’s (SEBI) show cause notice as attempted intimidation, Hindenburg asked why the market regulator did not name Kotak.

SEBI’s notice “conspicuously failed to name the party that has an actual tie to India: Kotak Bank, one of India’s largest banks and brokerage firms founded by Uday Kotak, which created and oversaw the offshore fund structure used by our investor partner to bet against Adani,” Hindenburg said.

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