Tribunal suggests penalty on UBS

The Securities and Appellate Tribunal (SAT) on Monday suggested to the Securities and Exchange Board of India (SEBI) to consider a penalty of Rs 500000000 on Swiss investment firm UBS Securities instead of a ban on issuing participatory notes (PNs) for one year. While hearing UBS Securities' appeal against the SEBI order, Justice Kumar Rajaratnam, Presiding Officer, SAT, noted, "there were no allegations of manipulation. The only cases that have been proved before the respondent (SEBI) in the regulator's order was that there was a delay in furnishing information with regard to certain clients of the appellant to whom PNs were issued. In these circumstances it would be appropriate, if permissible in law, to convert the order with a penalty of Rs 500000000 to put an end to the litigation.''