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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
 "Reliance Jio")
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RIL formally disclosed the Jio-Facebook deal to stock exchanges only on 22 April 2020, after executing a definitive transaction document, prompting another 10 per cent jump in its stock price
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
Topics : SEBI RIL Facebook Reliance Jio
