India’s market regulator, Securities and Exchange Board of India (Sebi), on Friday fined Reliance Industries (RIL) Rs 25 crore and its chairman and managing director Mukesh Ambani Rs 15 crore, in relation to trading Reliance Petroleum shares.
Two more entities, Navi Mumbai SEZ Pvt Ltd and Mumbai SEZ Ltd have been fined Rs 20 crore and Rs 10 crore, respectively.
According to today’s order, RIL had entered into a well-planned operation with its Agents to corner the open interest in RIL’s erstwhile listed subsidiary Reliance Petroleum Ltd (RPL) Futures to earn undue profits from the sale of RPL shares in both cash and futures segments and to dump large number of RPL shares in the cash segment during the last ten minutes of trading on the settlement day, resulting in a fall in the settlement price.
