SEBI penalises Mukesh Ambani and Reliance Industries for fraudulent trading of RIP shares

SEBI on Friday imposed penalties on Reliance Industries and its Chairman Managing Director Mukesh Ambani with two other entities for manipulative and fraudulent trading of Reliance Petroleum in November 2007. Reliance Industries is slapped with a fine of Rs 25 crore and Mukesh Ambani with Rs 15 crore. Both entities, Navi Mumbai SEZ Pvt. Ltd is penalised with Rs 20 crore and Mumbai SEZ. Ltd with Rs 10 crore. The case relates to RIL shares sold and purchased in November 2007 with SEBI ordering RIL and certain other entities to disgorge over Rs 447 crore.

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