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SEBI imposes fine of 15 crore on Mukesh Ambani for “manipulative trades”

SEBI imposes fine of 15 crore on Mukesh Ambani for “manipulative trades”

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The Securities and Exchange Board of India (SEBI) on Friday imposed fine of Rs. 15 crore on Mukesh Ambani and Rs. 25 crore on Reliance Industries Limited (RIL) for entering into a scheme of "manipulative trades" in 2007 respect of the sale of 5 percent of RIL stake in Reliance Petroleum Limited (RPL).

The market regulator found that Mukesh Ambani as the Managing Director of RIL was responsible for the manipulative activities of RIL.

The depressed settlement price due to manipulative trades resulted in profits on the said short positions which were then transferred by the agents back to RIL as per a prior agreement, the SEBI ruled.

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Companies, SEBI underscored, should exhibit highest standards of professionalism, transparency and good practices of corporate governance, which inspires confidence of the investors dealing in the capital markets.

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Edited By: Admin
Published On: Jan 02, 2021