The UK regulator – the Financial Services Authority - has charged seven people with 13 charges in respect of conspiracy to deal on inside information obtained by them from two major investment banks, so far unnamed.

The FSA has named the defendants as Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, Truptesh Patel and Mitesh Shah.

One defendant has additionally been charged with an offence in relation to money laundering and a warrant for the arrest of an eighth person in connection with this investigation has been issued. 

These charges follow the searches and arrest of eight suspects in July 2008. They are based on allegations covering a two-year-period and involve alleged unlawful profits of about £2.5 million (about $3.8 million).

The defendants have been bailed to appear on 14 April.