A British tribunal has asked financial sector regulator FSA to ban and penalise two Indian-origin advisers, who worked with Swiss banking giant UBS, for irregularities in their dealings with a ‘major' Indian entity.

The Financial Services Authority (FSA) has been asked by the tribunal to fine Sachin Karpe 1.25 million pound and Laila Karan 75,000 pound and to ban them both from performing any role in the U.K. financial services sector, the FSA said on Monday.

While the FSA order did not name the ‘major' Indian client, a spokesperson for Anil Ambani-led Reliance Group said in a statement that “the matter relates to regulatory action by the FSA in the U.K. against former employees of UBS, and not against any Reliance entities or Ambani or his family.''

The Upper Tribunal (Tax and Chancery Chamber) has directed the FSA to take these actions against the two “for failing to act with integrity,” breaching the regulations and for not being “fit and proper persons” for the business.

“There are no charges levelled against any Reliance entities or Ambani or his family in these proceedings, and they were neither parties to the proceedings, nor represented therein,” the Reliance Group spokesperson said.

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