Sebi slaps Rs 5 lakh penalty on Future Enterprises over disclosure norms

Regulators order says it was not possible to quantify amount of disproportionate gain or unfair advantage or loss to investors due to firm's failure to make timely disclosures

The Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 5 lakh on Future Enterprises (FEL) for violation of disclosure norms pertaining to arbitration proceedings before the Singapore International Arbitration Centre (SIAC).

On October 5, 2020, Amazon initiated arbitration proceedings against the Future Group before the SIAC with respect to its deal with Mukesh Ambani-led Reliance Industries. Later on October 25, 2020, the SIAC passed an interim order in favour of Amazon.

FEL, which is listed both on NSE and BSE, on both occasions didn’t make any stock exchange disclosure.

“The noticee (FEL) failed to make