India’s markets regulator on Friday fined Reliance Industries Ltd (RIL) and its chairman and managing director Mukesh Ambani a total of ₹40 crore for alleged manipulation in the trading of Reliance Petroleum Ltd’s securities.
Two other entities, Navi Mumbai SEZ Pvt Ltd and Mumbai SEZ Ltd, have been fined ₹20 crore and ₹10 crores, respectively, by the Securities and Exchange Board of India.
According to Sebi’s order, RIL executed a well-planned operation with its agents to make undue gains from the trading of its erstwhile listed unit, RPL which was merged with the former in 2009.
In March 2007, RIL had sold 4.1% of its stake in RPL. However, to prevent a plunge in the RPL share price, the equity was apparently sold first in the futures market and later in the spot market.
