{"id":113142,"date":"2021-01-02T16:43:52","date_gmt":"2021-01-02T11:13:52","guid":{"rendered":"https:\/\/apnlive.com\/?p=113142"},"modified":"2021-01-02T17:27:19","modified_gmt":"2021-01-02T11:57:19","slug":"sebi-fines-reliance-industries-mukesh-ambani-manipulative-trading-rpl","status":"publish","type":"post","link":"https:\/\/apnlive.com\/india-news\/sebi-fines-reliance-industries-mukesh-ambani-manipulative-trading-rpl\/","title":{"rendered":"SEBI fines Reliance Industries, Mukesh Ambani and two other entities for manipulative trading in RPL"},"content":{"rendered":"\n<p>Market Regulator&nbsp;Securities and Exchange Board&nbsp;of India (SEBI) on Friday imposed a fine of Rs 25 crores on Reliance Industries Ltd (RIL), Rs 15 crore on its chairman Mukesh Ambani, Rs 20 crore on Navi Mumbai SEZ Pvt. Ltd., and Rs 10 crore on Mumbai SEZ Ltd. for their alleged role in carrying out manipulative trades in Reliance Petroleum in the year 2007. <\/p>\n\n\n\n<p>SEBI in its 95-page order said in November 2007 Reliance Industries and two other entities were involved in sale and purchase of Reliance Petroleum shares in the cash and derivatives segments to earn profit from it. This followed RIL\u2019s decision in March 2007 to sell 4.1 per cent stake in RPL, a listed subsidiary that was later merged with RIL in 2009.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/d2r2ijn7njrktv.cloudfront.net\/apnlive\/uploads\/2021\/01\/02160306\/SEBI.png\" alt=\"\" class=\"wp-image-113158\" width=\"657\" height=\"648\"\/><\/figure>\n\n\n\n<p>Securities and Exchange Board of India conducted an investigation into the trading in the scrip of Reliance Petroleum Limited from November 1, 2007 to November 29, 2007 to ascertain whether there was any violation of the provisions of SEBI Act 1992. <\/p>\n\n\n\n<p>It was observed in the investigation that a resolution was passed by the Board of Directors of on March 29, 2007 which approved the operating plan for the year 2007-08 and resource requirements for the next two years. Thereafter, RIL decided to sell approximately 5% of its shareholding in RPL in November 2007.<\/p>\n\n\n\n<p><strong>Also Read:<\/strong> <a href=\"https:\/\/apnlive.com\/akhilesh-yadav-covid-19-vaccine-bjp\/\" target=\"_blank\" rel=\"noreferrer noopener\">Akhilesh Yadav says he does not trust BJP\u2019s vaccine, won\u2019t take it<\/a><\/p>\n\n\n\n<p>During the period of November 1, 2007 to  November 29, 2007, various transactions were undertaken by RIL in the Cash Segment and by RIL through the Agents in the F&amp;O Segment. From November 15, 2007 onwards, RIL\u2019s short position in the F&amp;O Segment constantly exceeded the proposed sale of shares in the Cash Segment. On November 29 2007, RIL sold a total of Rs 2.25 crore shares in the Cash Segment during the last 10 minutes of trading resulting in fall in the prices of RPL shares, which also lowered the settlement price of RPL November Futures in the F&amp;O Segment. RIL\u2019s entire outstanding position of Rs 7.97 crores in the F&amp;O Segment was cash settled at this depressed settlement price resulting in profits on the said short positions. The said profits were transferred by the agents to RIL as per a prior agreement. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Regulator Securities and Exchange Board of India (SEBI) on Friday imposed a fine of Rs 25 crores on Reliance Industries Ltd (RIL), Rs 15 crore on its chairman Mukesh Ambani, Rs 20 crore on Navi Mumbai SEZ Pvt. Ltd., and Rs 10 crore on Mumbai SEZ Ltd. for their alleged role in carrying out manipulative trades in Reliance Petroleum in the year 2007. <\/p>\n","protected":false},"author":4,"featured_media":113182,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1497],"tags":[100024,1698,100026,100025,14708,100027,100016,13552,100023],"yst_prominent_words":[34720,22599,22590,22592,22589],"ppma_author":[140543],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/d2r2ijn7njrktv.cloudfront.net\/apnlive\/uploads\/2021\/01\/02163932\/Mukesh-Ambani.jpeg","jetpack_sharing_enabled":true,"authors":[{"term_id":140543,"user_id":4,"is_guest":0,"slug":"apnnewsdesk","display_name":"APN Live","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/478eacb893eda88aa6ed8d99b005bf58?s=96&r=g"}],"_links":{"self":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts\/113142"}],"collection":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/comments?post=113142"}],"version-history":[{"count":0,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts\/113142\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/media\/113182"}],"wp:attachment":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/media?parent=113142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/categories?post=113142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/tags?post=113142"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=113142"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/ppma_author?post=113142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<!-- html is corrupted -->