A father and son accused of insider trading today asked for the case against them to be dismissed on procedural grounds.

Lawyers for Neel and Matthew Uberoi, who are each charged with 17 counts of insider trading, asked the City of Westminster Magistrates Court to nullify a summons against them because the Financial Services Authority (FSA) did not follow the correct legal procedures in filing the case.

The pair are accused of using inside information to trade thousands of shares in two companies – NeuTec Pharma and Gulf Keystone Petroleum – over a four month period in 2006.

Their lawyer, Patrick O’Connor, QC, told District Judge Purdy that the FSA had missed a key legal procedure while bringing the case to court.

In response, John Kelsy-Fry, QC, counsel for the financial watchdog, said the legal procedure Mr O’Connor referred to was an “artificial step” that did not apply to the FSA.

Judge Purdy reserved judgment for two weeks.

Matthew Uberoi was present in court but took no part in the proceedings. His father Neel, a dentist, was excused from attending because of a serious medical condition.

Mr O’Connor told the judge that would not indicate any plea on behalf of either of his clients at this stage. Neither Matthew Uberoi or his lawyers would comment after the hearing.

The FSA said the prosecution would continue even if it lost on this point as it could amend its case to comply with the contested procedure.

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