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SEBI Imposes Rs70 Crore Penalty on Reliance Industries, Mukesh Ambani for Fraudulent Trading in F&O of RPL in 2007 Moneylife Digital Team 8 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. ....