NRIs ran insider trading scam

It is the largest insider dealing racket to be brought before court by the Financial Services Authority FSA,which has grabbed the headlines over the last month with high-profile arrests as it cracks down on market abuse.

The hearing will be largely procedural,and the men are only expected to be asked to give their names,addresses and dates of birth before the case is referred to a higher court.

The FSA,which is seeking the extradition of an eighth suspect linked to the so-called printer ring,last month charged the men with 13 counts of insider dealing that it says unlawfully netted them 2.5 million pounds 3.84 million.

Mitesh Shah has also been charged with placing spread bets to launder proceeds.

The regulator has brought three successful criminal cases against insider dealers to date. Its most high-profile victory was against Malcolm Streaky Calvert,a former partner at Cazenove,who was jailed for 21 months.

That conviction was closely followed by last month8217;s dramatic arrests of seven insider dealing suspects,including a managing director at Deutsche Bank,the head of sales trading at Exane,part-owned by France8217;s BNP Paribas,and a London-based trader at U.S. hedge fund Moore Capital. 1=.6511 Pound