The British market regulator Financial Services Authority (FSA), has fined Indian origin broker Tariq Carrimjee of Somerset Asset Management LLP, a sum of £89,000. It has banned him from performing any roles in regulated financial services, that is broking. Carrimjee is the son-in-law of the Attorney General of India, Goolam Vahanvati.
Confirming the imposition of the fine, David Cross from the press office of the FSA, told this newspaper that Carrimjee was referring the case to the United Kingdom’s Upper Tribunal for appeal. “Carrimjee has been prohibited from performing any function in relation to any regulated activity carried on by any authorised or exempt person or exempt professional firm. He was found to be recklessly assisting one of his clients to manipulate the closing price of global depository receipts (GDRs) related to two companies,” Cross said. This is what the FSA’s decision says as well.
There was no response to the email queries sent by this newspaper at the email address of Somerset Asset Management at the time the story went to press.
The decision notice says that the FSA “has decided to: a) withdraw Mr Carrimjee’s individual approvals, pursuant to section 63 of the Act; b) make an order pursuant to section 56 of the Act prohibiting Mr Carrimjee from performing any function in relation to any regulated activity carried on by any authorised or exempt person or exempt professional firm; and c) impose on Mr Carrimjee a financial penalty of £89,004, pursuant to section 66 of the Act, for breaching Statement of Principle 1.”
Carrimjee, who is the director of the London-based Somerset Asset Management LLP, was allegedly involved in manipulating the closing price of the GDRs of two companies, Reliance Industries Limited in October 2010 and Gazprom in April 2010, Russia’s largest gas producing company.
In its decision notice of 26 March, which was made public last month, the finding in the case indicated “a serious lack of integrity on the part of Mr Carrimjee”.-from Sunday Guardian
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25% of Goans on the road
Question:Turning to Goa’s economy, about a quarter of the state’s population is dependent on mining, which was banned by the Supreme Court last year to stop illegal extraction. Have you been able to clean up the system?
Answer:I have started. We are recovering some money that was not paid, and we are filing court cases against the guilty. But the blanket mining ban is hurting us – the court may be right in its perspective, but why can’t it find a solution for so long? Judges like to say justice delayed is justice denied: and here I am with 25 percent of my revenues gone, 25 percent of my people almost on the roads, and the court is not hearing me. There is nothing more criminal than that.
-Chief Minister Manohar Parrikar of Goa said in an interview
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Weekend Mega Linkfest:Sept 06,2013
Some off beat reads for the weekend:
Interview with Bashar Al-Assad (Izvestia)
An evening with an alleged mind reader (Open)
Asad,Akbar,Anarchy (Tehelka)
Engineering Terror (IDR)
The death of opinion mandi TV (Newslaundry)
Can anything put India’s defence middlemen out of business? (Caravan)
What urban planners can learn from a Hindu religious festival (Smithsonian)
The world’s biggest mutual fund takes a 41 Billion $ hit (Businessweek)
Amongst Syria’s Islamist fighters (NewYorker)
Going bankrupt at 25 changed Tommy Hilfiger’s life for the better (Forbes)
Why Interning at 60 is the new retirement plan (Atlantic)
How does McDonalds India operate? (Rodinhoods)
On the newshour tonite (GreatBong)
The Vulture’s Victory (ProjectSyndicate)
Travelogue:Pondicherry and Mahabalipuram (TeamBHP)
Spoof:Nawaz Sharif to campaign for JD (U) in Bihar (UnrealTimes)
The strange story of Skype (Arstechnica)
How Taliban attacked the largest US airbase in Afghanistan (GQ)
The Sholay opening scene visited (JaiArjun)