India’s markets regulator on Friday fined Reliance Industries Ltd (RIL) and its chairman and managing director Mukesh Ambani a total of ₹40 crore for alleged manipulation in the trading of Reliance Petroleum Ltd’s securities. Two other entities, Navi Mumbai SEZ Pvt Ltd and Mumbai SEZ Ltd, have been fined ₹20 crore and ₹10 crores, respectively, by the Securities and Exchange Board of India. In March 2007, RIL had sold 4.1% of its stake in RPL. The fines relate to a 24 March 2017 Sebi order that found fraudulent trading in the futures and options segment of the securities of RPL by RIL. On 5 November 2020, the Securities Appellate Tribunal (SAT) dismissed RIL’s plea against Sebi in connection with the sale of RPL shares.

Source: Mint January 01, 2021 15:20 UTC