FCA v. Rahul Shah Individual (insider trading, 2013)

Judgment entered

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In November 2013 the Financial Conduct Authority issued a final notice against Rahul Shah, publishing a statement that he encouraged another person to engage in market abuse and prohibiting him from regulated work. It would have imposed a £125,000 penalty but did not, because of his financial position.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Financial Conduct Authority issued its final notice on November 13, 2013, after Shah withdrew his reference of the decision notice to the Upper Tribunal.

The notice finds that Shah encouraged another person to engage in behaviour that, if engaged in by Shah, would amount to market abuse; the underlying conduct concerns insider dealing.

No financial penalty was imposed. The notice says it would have been £125,000 but for his financial position, and it makes a prohibition order. The earlier record showed a £125,000 penalty and a status of dismissed, both wrong.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2013-11-13 FCA final notice

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• FCA final notice

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.