UBS,Sebi settle client info case

Even as Swiss bank UBS AG faces a trial in a US court and fights efforts to force it to disclose the names of 52,000 US clients suspected of offshore tax evasion,its investment arm UBS Securities Asia has settled a case with market regulator Sebi in a case relating to client information connected with the market crash in 2004.

As per the terms of the consent order agreed by both the parties this month,UBS will pay an amount of Rs 50 lakh in full and final settlement of all proceedings initiated against the Swiss firm. UBS has also agreed to pay Rs 17.5 lakh as reasonable legal and administrative costs of the appellant Sebi.

A consent order is an order settling administrative or civil proceedings between the regulator and a person who may be found to have violated securities laws. This order may or may not include a determination that a violation has occurred.