Adani-Hindenburg Case: Kotak Bank's Role in Betting Against Adani
Hindenburg Research claims Kotak Bank created and managed the offshore fund structure used by its investor partner to bet against Adani group shares.
Key Points:
Hindenburg alleges that Sebi's show cause notice failed to name Kotak Bank, one of India's largest banks, despite its involvement in the Adani short-selling saga.
Hindenburg claims Kotak Bank, founded by Uday Kotak, created and oversaw the offshore fund structure used by Hindenburg's investor partner to bet against Adani group companies.
Sebi reportedly only referred to the "K-India Opportunities Fund" and used the acronym "KMIL" (Kotak Mahindra Investment) to mask Kotak's involvement.
Hindenburg suggests Sebi's lack of mention of Kotak or its board members may be an attempt to protect another "powerful Indian businessman" from scrutiny.
Uday Kotak, the bank's founder, previously led Sebi's 2017 Committee on Corporate Governance, adding to Hindenburg's suspicions.
Hindenburg says it is a US-based firm with no Indian entities, employees or operations, and claims Sebi's arguments for asserting jurisdiction over it seem "circular."


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