Britain bans 2 NRIs for fraud

LONDON: Two Indian-origin finance professionals have been fined and banned by Britain's financial regulator for abusing market conditions and profiting from confidential information. Sameer Patel and Robin Chhabra have been fined £180,541 and £95,000 respectively for market abuse.
Patel's penalty included disgorgement of the profits he made through market abuse.
The Financial Services Authority (FSA) has banned both men from working in financial services. Chhabra worked as a research analyst at Evolution Securities and on 3 occasions passed confidential information to his friend, Patel.