India's Reliance Industries and chairman fined over share trades
Sunday, 3 January 2021
MUMBAI Jan 02 : India's markets watchdog fined Reliance Industries 250 million rupees ($3.42 million) and its chairman Mukesh Ambani 150 million rupees on Friday for what it said were fraudulent trades while selling a stake in a subsidiary in 2007. The Securities and Exchange Board of India (SEBI) alleged that the oil-to-telecoms conglomerate took derivative short positions in shares of separately listed Reliance Petroleum in 2007 through third parties before it sold a 5% stake in the business.
Reliance did not immediately respond to requests for company comment and comment from Chairman Ambani. The latest ruling follows a 2017 order here for Reliance Industries to surrender about 4.5 billion rupees plus 12% annual interest for what the regulator said were unlawful gains from that deal.
— Reuters