 "Reliance Industries trades weak after Sebi bans it from F&O segment")
Reliance Industries (RIL) was down 1.6% to Rs 1,266 on BSE in early morning trade after the market regulator the Securities and Exchange Board of India (Sebi) on Friday directed the company to disgorge Rs 447.27 crore, made “unlawfully” by dealing in shares of its erstwhile subsidiary, Reliance Petroleum (RPL).
The markets regulator also barred RIL from the futures and options (F&O) segment for a year and asked it to settle all existing open positions. It will also have to pay 12% interest on the disgorgement amount since November 29, 2007. CLICK HERE TO READ FULL REPORT.
RIL in media release said that Sebi appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions.
“We are in the process of consulting our legal advisors. We propose to prefer an appeal and challenge the order in the Securities Appellate Tribunal. We have full confidence in the judicial process and propose to vigorously exercise all options available to us, to challenge the untenable findings in the order,” it said.
At 09:28 am; the stock was down 1.2% at Rs 1,270 on BSE as compared to 0.30% decline in the S&P BSE Sensex. A combined 1.2 million shares changed hands on the counter on BSE and NSE so far.
The markets regulator also barred RIL from the futures and options (F&O) segment for a year and asked it to settle all existing open positions. It will also have to pay 12% interest on the disgorgement amount since November 29, 2007. CLICK HERE TO READ FULL REPORT.
RIL in media release said that Sebi appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions.
“We are in the process of consulting our legal advisors. We propose to prefer an appeal and challenge the order in the Securities Appellate Tribunal. We have full confidence in the judicial process and propose to vigorously exercise all options available to us, to challenge the untenable findings in the order,” it said.
At 09:28 am; the stock was down 1.2% at Rs 1,270 on BSE as compared to 0.30% decline in the S&P BSE Sensex. A combined 1.2 million shares changed hands on the counter on BSE and NSE so far.
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