SEBI fined Rs 30 lakh on two others including RIL

New Delhi, 21 June (H.S.). The Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 30 lakh on Reliance Industries Limited (RIL) and two persons. Capital markets regulator SEBI has imposed this penalty for not reporting the Jio-Facebook deal directly to the stock market. SEBI has said in the order that […]
 


SEBI fined Rs 30 lakh on two others including RIL

New Delhi, 21 June (H.S.). The Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 30 lakh on Reliance Industries Limited (RIL) and two persons. Capital markets regulator SEBI has imposed this penalty for not reporting the Jio-Facebook deal directly to the stock market.

SEBI has said in the order that the information about the Jio-Facebook deal was given in the newspaper without giving information directly to the stock market. Considering this as a violation of the provisions of SEBI, it was decided to jointly impose a fine of Rs 30 lakh on RIL, Savitri Parekh and Sethuraman. According to the order of SEBI, the amount of penalty has to be deposited within 45 days.

Market regulator SEBI’s adjudicating officer Bernali Mukherjee said in this order that information about Facebook’s Rs 43,574 crore investment deal to take 9.99 per cent stake in Jio Platforms had appeared in the newspaper on March 24-25, 2020. But, the information about this was given to the stock market on April 22, 2020.

It is noteworthy that social media company Facebook had invested 5.7 billion or Rs 43,574 crore in RIL’s digital platforms Reliance Jio. Facebook made this investment in the year 2020 for a 9.99 percent stake in Reliance Jio.