New Delhi: Regulator Sebi on Friday imposed penalties on Mukesh Ambani, Reliance Industries fined for alleged manipulative buying and selling within the shares of erstwhile Reliance Petroleum Ltd (RPL) again in November 2007.
Fines of Rs 25 crore and Rs 15 crore have been imposed on Reliance Industries Ltd (RIL) and Ambani, respectively. Besides, Navi Mumbai SEZ Pvt Ltd has been requested to pay a penalty of Rs 20 crore and Mumbai SEZ Ltd has been directed to pay Rs 10 crore.
In a 95-page order, Sebi”s Adjudicating Officer B J Dilip stated any manipulation within the quantity or value of securities at all times erodes investor confidence out there when buyers discover themselves on the receiving finish of market manipulators.
“In the instant case, the general investors were not aware that the entity behind the above F&O segment transactions was RIL. The execution of the… fraudulent trades affected the price of the RPL securities in both cash and F&O segments and harmed the interests of other investors,” he stated within the order.
While noting that execution of manipulative trades impacts the worth discovery system itself, the adjudicating officer stated, “I am of the view that such acts of manipulation have to be dealt sternly so as to dissuade manipulative activities in the capital markets.”
On March 24, 2017, Sebi had ordered RIL and sure different entities to disgorge over Rs 447 crore within the RPL case. In November 2020, the Securities Appellate Tribunal (SAT) dismissed the corporate”s enchantment towards the order.
At that point, RIL had stated it will problem the tribunal”s order within the Supreme Court.
(With Inputs from Agency)