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SEBI slaps fine on Citigroup
By agencies
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Tuesday, 15 August 2006, 19:30 IST
MUMBAI: Securities and Exchange Board of India, India's market regulator has levied a fine of $216,000 on a Citigroup unit for dealing with a firm which is not allowed to invest in India.
An order posted on the SEBIs website said Citigroup Global Markets had issued derivative instruments on Indian securities to Magnus Capital Corp that is barred from investing in India.
"CGMML filed a statement and it is alleged that despite issuance of ODIs (overseas derivative instruments) to Magnus, they gave an undertaking and declaration which was not true," the order said. "CGMML is charged with violating the declaration given."