FSA levies largest ever individual fine on Indian businessman

10 November 2011 | 1 minute read

UK regulator Financial Services Authority (FSA) has fined an Indian businessman US$9.6 million for “market abuse” in what is seen as its most aggressive stance yet on market manipulators. According to the FSA, Rameshkumar Goenka placed orders and executed trades in October last year that artificially inflated the closing share price of London-traded global depositary receipts in India-based Reliance Industries…

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