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Our Bureau

Mumbai , Dec. 22

The Securities and Exchange Board of India has imposed a penalty of Rs 10 lakh on HSBC Investment Bank (Netherlands) NV for issuing participatory notes against the purchase and sale of Bharat Petroleum Corporation Ltd (BPCL) shares during the period August to September 2002 to UBS Global Management and Union Invest.

The investment bank was also alleged for not reporting the issuance of participatory notes to SEBI.

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