UBS is preparing to re-enter the Indian equity derivative access products market after winning an appeal over a government ban. "We're reviewing the whole process and will be back in business," said an official at the firm, declining further comment. UBS was banned by the Securities and Exchange Board of India in May for failing to fully comply with the regulator in an investigation into an equity market crash the previous year (DW, 5/20). UBS subsequently appealed the ruling with the Securities Appellate Tribunal (DW, 7/8).
The SAT ruled in UBS' favor Sept.9, explaining the regulations regarding know-your-client requirements were not clear enough and did not explicitly state that ultimate beneficiaries of such positions needed to be disclosed, local media reports noted. "The whole market can breathe a sigh of relief," said an equity derivatives head at a rival firm.
