SEBI Imposes Rs70 Crore Penalty on Reliance Industries, Mukesh Ambani for Fraudulent Trading in F&O of RPL in 2007
Moneylife Digital Team
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Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs70 crore on Reliance Industries Ltd (RIL), the company chairman Mukesh Ambani, Navi Mumbai SEZ Pvt Ltd and Mumbai SEZ Ltd, for fraudulent trading in the futures & options (F&O), or derivatives, space in Reliance Petroleum Ltd (RPL). This is in addition to a previous order for disgorgement of nearly Rs1,000 crore with interest, which was upheld by the Securities Appellate Tribunal (SAT) and is now being challenged in the Supreme Court by RIL.