Millennium Post

SAT to hear RPIL plea against Rs11-cr Sebi fine

Securities Appellate Tribunal on Wednesday admitted a petition by the Reliance group entity Reliance Petroinvestments (RPIL), challenging the Rs 11-crore penalty imposed by Sebi for insider trading, and posted it for hearing on 25 August.

Sebi had passed the order on 2 May, 2013, in the case of alleged insider trading in shares of Indian Petrochemicals Corp (IPCL), an erstwhile subsidiary of Reliance Industries.

Holding Reliance Petroinvestments guilty of violating the insider trading regulations with regard to its dealings in shares of IPCL in early 2007, Sebi had said RPIL made profit of over Rs 3.82 crore through these trades.

It imposed a penalty of Rs 11 crore on RPIL, which was listed as one of the promoter entities by IPCL itself in regulatory filings as of 31 March, 2006. Sebi had asked RPIL to pay the penalty within 45 days. IPCL, which RIL bought from the government through divestment, used to be a separate entity, but was later merged with RIL and delisted from stock exchanges.
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