Business Standard

Sebi imposes Rs 30 lakh fine on RIL and two of its compliance officers

Sebi said Reliance did not disclose the deal even after newspaper reports in March 2020 published price-sensitive details about the Facebook investment that led to a spike in RIL shares

Reliance Industries
Premium

SEBI said it was "incumbent" on Reliance to provide "due clarification on its own" once it knew about the "selective availability" of the information.

Press Trust of India Mumbai
Capital markets regulator Sebi on Monday imposed a penalty totalling Rs 30 lakh on Reliance Industries and two individuals for not making prompt clarification to the stock exchange pertaining to the Jio-Facebook deal, which was disclosed through the newspaper.

The other two individuals penalised by Sebi are -- Savithri Parekh and K Sethuraman.

The fine need to be paid jointly and severally by them within 45 days, according to a Sebi order.

"I find that the news pertaining JIO Facebook deal came out on March 24 and 25, 2020, and the information to the stock exchanges about the media release titled "Facebook to

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jun 20 2022 | 10:06 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com