SEBI Bans Anil Ambani From Securities Market For 5 Years
|SEBI has also imposed a fine of ₹25 crore on Anil Ambani
Markets regulator Securities and Exchange Board of India (SEBI) has barred industrialist Anil Ambani from the securities market for five years due to diversion of funds from Reliance Home Finance Limited (RHFL). The regulator has also barred 24 other entities, including former RHFL officials. SEBI has also imposed a fine of ₹25 crore on Anil Ambani.
SEBI reportedly made the move following an investigation that uncovered that significant funds were misused under the leadership of Anil Ambani and other key figures associated with the company. SEBI concluded that these entities were involved in siphoning off money, leading to a violation of the securities laws and a breach of investor trust, reported CNBC.
The ban prohibits Anil Ambani from dealing in the securities market and restricts him from associating with any listed company or intermediary registered with SEBI. The market regulator also barred Reliance Home Finance from the securities market for six months and imposed a fine of Rs 6 lakh on it.