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FILE PHOTO: Mukesh Ambani, chairman of Reliance Industries Limited, poses for photographers before addressing the annual shareholders meeting in Mumbai, India, June 12, 2015. REUTERS/Shailesh Andrade
MUMBAI (Reuters) -India’s markets watchdog fined Reliance Industries 250 million rupees ($3.42 million) and its chairman Mukesh Ambani 150 million rupees on Friday for what it said were fraudulent trades while selling a stake in a subsidiary in 2007.
The Securities and Exchange Board of India (SEBI) alleged that the oil-to-telecoms conglomerate took derivative short positions in shares of separately listed Reliance Petroleum in 2007 through third parties before it sold a 5% stake in the business.
Reliance did not immediately respond to requests for company comment and comment from Chairman Ambani.