Kazakhstan is seeking to curb alleged manipulation by billionaire Timur Turlov’s Freedom Holding Corp. — a group targeted by US short-seller Hindenburg Research last year — in the country’s local-currency sovereign debt market.

The watchdog took an initial step in November by providing brokers with a list of 13 limited partnerships that are no longer allowed to conduct deals with certain securities, according to people familiar with the matter. The decision, they said, takes aim at companies not directly affiliated with Freedom but suspected of being involved with it in what authorities have alleged amounts to manipulation.

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