Business

Reliance and Mukesh Ambani fined by SEBI for obstructing share transactions

Mukesh Ambani, India’s richest man and owner of Reliance Industries, is feeling the pinch. Ambani and his company have been fined Rs 40 crore by the Securities and Exchange Board of India (SEBI) for controlling the stock market. In November 2007, SEBI took action against the former Reliance Petroleum Limited (RPL) for alleged share trading.

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Who is so fine?

In this case, the CBI has fined Refires Industries Tk 250 crore and Mukesh Ambani and two other companies Rs 15 crore. Not only that, SEBI has also asked Mumbai SEZ Pvt Ltd to pay a fine of Rs 20 crore and Mumbai SEZ Limited a fine of Rs 10 crore.

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What’s the matter

Note that 200. Case related to sale and purchase of RPL shares in cash and futures department in November this year. The cash and future purchases of shares of Reliance Petroleum Limited have been found to be defective. Earlier, in March 2007, RIL decided to sell 4.1 per cent stake in RPL. The listed subsidiary was later merged with RIL in 2009.

What did Sebi say?

BJ Dilip, a SEBI official hearing the case, said in his 95-page order that any issue with the amount or price of securities always undermines the confidence of investors in the market. Because of this they are most affected by market manipulation. Therefore, SEBI keeps an eye on such scams. He said that in this case, the general investors do not know that the entity behind the deal in the futures and options section is RIL. In this case the fraudulent trade affects the prices of RPL securities in both cash and futures and options and hurts the interests of other investors.

BJ Dilip said, “I think such troublemakers should be dealt with severely so that such activities in the capital market can be stopped.”

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