This case brings together four incidents of market manipulation and regulatory violations in different organizations in India and the UK. It highlights the importance of regulatory compliance and ethics in financial organizations. Principles-based regulation is more flexible but can be ambiguous and uncertain. Rules-based regulation has the advantage of clarity and certainty but encourages regulatees to find loopholes in the law. The case illustrates the differences between rules-based and principles-based regulation and the role of the appellate process. It also points to the risks involved in pursuing strategies that are not explicitly prohibited by law but would be perceived as unfair or inappropriate.