The British banking major would pay penalties of 290 million pounds as part of settlement agreement with the UK's Financial Services Authority and the US Department of Justice.
In interview with FSA in front of Sebi, mystery man denies owning UBS account used to execute $2.5-billion unauthorised trades.
"Following preliminary investigations, FSA has decided to commence a formal enforcement investigation into Goldman Sachs International in relation to recent SEC allegations. FSA will be liaising closely with SEC in this review," FSA said in a statement today. No further details were provided.
The Enforcement Directorate, which is investigating possible violations of the Foreign Exchange Management Act by some former UBS employees, has written to the UK's Financial Services Authority, seeking details of the alleged misuse of accounts of Anil Dhirubhai Ambani Group-controlled Reliance Energy and Reliance Natural Resources.
According to the report in the Financial Times, the bank tried immediately to repatriate the dealer, S Kapoor, to India against his wishes after it was confirmed that he had informed the UK Financial Services Authority about alleged irregularities.
Swiss bank UBS has been fined Pounds 8 million in the United Kingdom after four of its senior employees were found misusing funds of customers, including two companies of Indian industrialist Anil Ambani-led group.
The bulk of of trading on stock markets is done algorithmically, by computerised clerks working at the behest of human traders.
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