The Financial Services Authority has slapped a Dubai-based private investor a record $9.6 million – the largest fine ever for an individual – for manipulating the price of a Indian firm traded on the London Stock Exchange.

In a statement issued on Wednesday, the U.K's securities watchdog says that Rameshkumar Goenka, an Indian national who lives in Dubai, tried to manipulate the price of Reliance Industries global depositary receipts on the London Stock Exchange. A full copy of the FSA’s verdict can be found on www.fsa.gov.uk.

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