British regulator FCA on Thursday fined an India-origin broker and two others in a case of financial market manipulation here by an Indian businessman in securities of Reliance Industries ltd (RIl).
While a 6 million pound (Rs 56 crore) fine has already been imposed on the Indian businessman, Rameshkumar Goenka, the Financial Conduct Authority (FCA) took action against three more persons today in the same case by imposing total fines of about Rs 2 crore 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.