 "Sebi bans Reliance Industries, 12 others from trading in equity derivatives")
Market regulator Securities and Exchange Board of India (Sebi) on Friday imposed a one-year ban on Reliance Industries and 12 others from trading in equity derivates.
Sebi also asked RIL to disgorge Rs 447 crore, plus interest, in a 10-year-old case involving the erstwhile group’s listed arm Reliance Petroleum. The interest on the penalty imposed on RIL could work up to Rs 54 crore at 12 per cent a year.
Sebi also asked RIL to disgorge Rs 447 crore, plus interest, in a 10-year-old case involving the erstwhile group’s listed arm Reliance Petroleum. The interest on the penalty imposed on RIL could work up to Rs 54 crore at 12 per cent a year.
In 2007, RIL, the promoter of Reliance Petroleum, had used agent entities to first sell the shares in futures & options (F&O) segment before selling in cash, netting Rs 513 crore.
Initially, Sebi had been approaching the case as an insider trading one but later dealt with it under the unfair trade practices regulation.
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