Hong Kong's SFC bars Indian-origin dealer from markets

An Indian-origin dealer has been barred for life by Hong Kong's Securities and Futures Commission from accessing the capital markets for misleading his clients and causing them losses of USD 8 million (about Rs 49 crore) with respect to certain trades.
The SFC found that Manesh Vijaykumar Samtani, a former licensed representative of Hong Kong-based KGI Asia and KGI Futures, provided six clients with false screenshots of KGI's trading platform and other false information to conceal trading losses and mislead the clients on the transactions conducted in their accounts, from July 2011 to November 2012.
It also observed that Samtani failed to follow his clients' instructions on handling of their accounts and conducted transactions in their accounts contrary to their express instructions or without their authorisation.

SFC noted that Samtani's actions had resulted in financial losses of more than USD 8 million to the clients.
"The Securities and Futures Commission has banned Manesh Vijaykumar Samtani, a former licensed representative of KGI Asia Ltd and KGI Futures (Hong Kong) Ltd from re-entering the industry for life," a SFC release said.
According to the market regulator Samtani's conduct was dishonest, he had abused the trust and confidence that his clients and employers placed in him and his actions seriously jeopardised his clients' interests.
"Samtani's misconduct was facilitated by his clients providing him with their passwords for online trading accounts.

"The SFC reminds investors not to disclose their passwords to anyone to prevent unauthorised access to their accounts," it added.