Sebi drops insider trading case against Kokila Dhirubhai Ambani

On Friday, Sebi's adjudicating officer dropped the proceedings, saying the said regulation did not exist when the show-cause was issued

The Securities and Exchange Board of India (Sebi) has ended insider trading proceedings against Kokila Dhirubhai Ambani, promoter in three companies of the Anil Ambani-led Reliance Group.

Sebi in 2014 had alleged inadequate disclosure by Kokila Ambani relating to holding of shares in some companies, including Reliance Capital, Reliance Communications and Reliance Power.

The regulator said during inspection of books of accounts and other records of Reliance Capital, it had observed that shares in the account were different from the shareholding disclosed as ‘promoter’ by all three companies of the group.

Citing the stock exchange data of shareholding of all