RPL insider trading case: Sebi fines RIL, Mukesh Ambani
The Securities and Exchange Board of India (Sebi) on Friday imposed penalties totaling Rs 70 crore on Reliance Industries Ltd (RIL), its chairman & managing director Mukesh Ambani, and two other entities for alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) in November 2007.
The market regulator has levied fines of Rs 25 crore and Rs 15 crore on RIL and Ambani, respectively. Besides, Navi Mumbai SEZ Pvt Ltd has been asked to pay Rs 20 crore and Mumbai SEZ Ltd has been directed to pay Rs 10 crore.
“I find it appropriate to consider the direction in the nature of debarment and the disgorgement that has already been passed against RIL as a relevant factor while deciding the quantum of penalty,” said Sebi’s Adjudicating Officer B J Dilip in a 95-page order.
