Reliance Petroleum case: Sebi imposes fines on RIL, Mukesh Ambani

The Securities and Exchange Board of India (Sebi) on Friday imposed penalties on Reliance Industries (RIL), its Chairman and Managing Director Mukesh Ambani, and two other entities for alleged manipulative trading in the shares of erstwhile Reliance Petroleum (RPL) back in November 2007.

Fines of Rs 25 crore and Rs 15 crore have been imposed on RIL and Ambani, respectively. Besides, Navi Mumbai SEZ has been asked to pay a penalty of Rs 20 crore, and Mumbai SEZ has been directed to pay Rs 10 crore.

The case pertains to sale and purchase of RPL shares in the cash and the futures segments in November 2007.

This followed RIL’s decision in March 2007 to sell 4.1 per cent stake in RPL, a listed subsidiary that was later merged with RIL in 2009.