Sebi has banned Reliance Industries from equity derivatives market, a move that RIL said it will challenge in the Securities Appellate Tribunal (SAT). The cash market sales commenced on 6 November and ended on 29 November. Before Reliance commenced its cash market sales on 6 November, shares of its subsidiary traded at Rs268 on the NSE. In Reliance’s books, the trades in the derivatives market helped bring overall realizations as close to the prevailing market prices as possible. Sebi has concluded that some of Reliance’s cash market sales were fraudulent and manipulative in nature.

Source: Mint March 27, 2017 02:03 UTC