New Delhi: Market regulator Sebi on Friday fined Reliance Industries Ltd, its chairman and managing director Mukesh Ambani, as well as two other entities, over an alleged disturbance in the stock business of the erstwhile Reliance Petroleum Limited (RPL) in November 2007. A fine of Rs 25 crore has been imposed on Reliance Industries (RIL) and Rs 15 crore on Ambani.
The case relates to the November 2007 purchase and sale of RPL shares in the cash and futures segment. Earlier, RIL had decided to sell 4.1 per cent stake in RPL in March 2007. This listed subsidiary was later merged with RIL in 2009.
In its 95-page order, SEBI officer BJ Dilip, who heard the case, said that any manipulation in the quantity or price of securities always hurt the confidence of investors in the market and they are the most affected in the market manipulation.
He said in the order, “In this case, the common investors were not aware that the entity behind the deal in the futures and options segment is RIL. The fraudulent trading affected the prices of RPL’s securities in both the cash and futures and options segments and hurt the interests of other investors. “
