Sebi's order against RIL lacks punch: It's too little, too late

This case is also a good example of how justice delayed is justice denied.

Last week, the Securities and Exchange Board of India (Sebi) issued an order indicting Reliance Industries Limited (RIL) for “illegal” trades in its erstwhile subsidiary, Reliance Petroleum Limited (RPL). Sebi has directed RIL to “disgorge” both the principal “unlawful” gains of Rs 447 crore as well as “undue extraordinary profits” calculated at a penal interest rate of 12 per cent per annum levied since the occurrence of the trades concerned in November 2007. Apart from the penalty, RIL as well as the 12 agents acting on the company’s behalf have been barred from trading in the futures and options segment