While a 6 million pounds (Rs 56 crore) fine has already been imposed on the Indian businessman, Rameshkumar Goenka, the Financial Conduct Authority took action against three more persons today in the same case by imposing total fines of about Rs 2 crore (Rs 20 million) on them.
Goenka, a Dubai-based private equity investor, was found guilty of manipulating the UK-listed securities of Indian energy major RIL, as also those of Russian gas conglomerate Gazprom in October 2010.
The fine on Goenka is so far the largest by the UK market watchdog for an individual. The manipulation happened in the 'Global Depository Receipts' of RIL and Gazprom.
The regulator clarified however that ‘the FCA is not in any way criticising Reliance or Gazprom’ through its actions.
Moving ahead in the case, the FCA said it has imposed a fine of 70,258 pounds on David Davis, senior partner and compliance officer of Paul E Schweder Miller & Co, while a fine of 45,673 pounds has been levied on Vandana Parikh, a broker at the same firm.
The two have been fined ‘for failing to act with due skill, care and diligence in the period leading up to the illegal manipulation of the closing price of securities traded on London Stock Exchange by Rameshkumar Goenka,’
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