Jio-Facebook deal: SAT nixes Reliance Industries plea against Sebi penalty

Tribunal upholds Sebi's Rs 30 lakh penalty on RIL for not disclosing the Jio-Facebook investment deal after media reports triggered stock movement in March 2020

The Securities Appellate Tribunal (SAT) on Friday dismissed Reliance Industries’ (RIL) appeal against a Securities and Exchange Board of India (Sebi) order imposing a ₹30 lakh penalty for violating Prohibition of Insider Trading (PIT) Regulations. 

 

In its June 2022 adjudicating order, Sebi found RIL in breach of PIT Regulations for failing to disclose details of a potential investment deal with Facebook in Jio Platforms promptly. 

 

“We find the appellants in violation of Principle 4, Schedule A of the PIT Regulations and uphold the SEBI order,” said the SAT bench, presided over by Justice PS Dinesh Kumar. 

 

The case relates to