UBS to move SAT on Black Monday ban

Posted: Wednesday, Jun 29, 2005 at 0032 hrs IST
Updated: Wednesday, Jun 29, 2005 at 0032 hrs IST

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Mumbai, June 28: Foreign institutional investor UBS Securities Asia has decided to move the Securities Appellate Tribunal (SAT) against the order passed by Sebi on May 17 this year.

Issued exactly a year after the market crash of Black Monday, the order and had come into effect immediately. It debarred UBS Securities Asia from issuing offshore derivative instruments including participatory notes to its clients for a period of one year for its alleged involvement in May 17, 2004 crisis on the bourses when Sensex had crashed more than 800 points in intra-day trades and settled with a loss of 565 points in a single day.

Mathew McGrath, a UBS Securities spokesperson based in Hong Kong confirmed this development to FE. He said, “The appeal has been filed on the basis that it (UBS Securities Asia) does not accept the order’s findings and expressly denies any deliberate misconduct.”

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UBS to move SAT on Black Monday ban

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