The allegation of racial abuse against Serbia centres on the claims of England full-back Danny Rose, who was sent off after the final whistle in Krusevac for kicking the ball away in anger.
Rose, supported by the English FA, alleged being "slapped twice" and subjected to "monkey chanting" as he left the field. He said he heard the same taunts during the game.
However, the Serbian FA denies there were any racist chants before and during the game, and accused Rose of acting in an "inappropriate, unsportsmanlike and vulgar manner" towards their fans.
Supporting evidence has been submitted from both sides to UEFA.
The Football Association and the Ferdinand brothers led a wave of angry reaction tonight to UEFA's fine for Serbia.
There can little doubt over whether Serbia should and will be punished; but it is the level of punishment from UEFA that is important.
UEFA has announced it is to instigate proceedings against England and Serbia following the side's U21's match on Tuesday night.