CORRECT:RBS Asia Pays INR6M As Settlement Charge To India Regulator

1st Jul 2010 17:17

("India Regulator Fines RBS Asia For Breaching FII Regulations," at 1305 GMT, misstated in the headline that RBS Asia Ltd was fined. It also misstated in the first paragraph that RBS Asia was found guilty, and in the third paragraph that it paid a penalty. The correct version follows:) MUMBAI (Dow Jones)--The Securities and Exchange Board of India said Thursday it has received INR6 million as settlement from RBS Asia Ltd., formerly ABN Amro Asia Ltd., which allegedly failed to meet regulations that govern foreign institutional investors in India. A copy of the order on the market regulator's website shows that RBS Asia allegedly registered clients without complying with know-your-customer regulations and that it failed to inform SEBI about its clients' identities and shorted scrips. "It is therefore, alleged that the applicant had violated Regulations 7A(2), 15(3)(a), 15A(1) and (2), 20 and 20A of the SEBI (Foreign Institutional Investors) Regulations 1995," a copy of the order on the regulator's website showed. RBS Asia has paid INR6 million as settlement, without admitting or denying the charges. "We have reached a settlement with the authorities," an RBS Asia spokesperson, who didn't wish to be named, told Dow Jones Newswires. -By Satish Sarangarajan, Dow Jones Newswires; +91 22 6145 6120; [email protected] (END) Dow Jones Newswires July 01, 2010 12:17 ET (16:17 GMT)