Tribunal upholds insider-trading penalty on RIL unit

Sebi had fined Reliance Petroinvestments Ltd Rs 11 cr last year

A securities tribunal upheld on Monday the Rs 11 crore ($1.83 million) penalty imposed on a unit of Reliance Industries Ltd by the Securities and Exchange Board of India (Sebi) for insider trading.

The ruling was made by the Securities Appellate Tribunal, an independent quasi-judicial body that rules on appeals against orders passed by the Sebi. Its decisions are binding, but can be appealed to the Supreme Court.

Sebi had fined Reliance Petroinvestments Ltd Rs 11 crore last year, accusing the unit and parent company Reliance Industries of insider trading in a transaction involving a separate company.