Anil Ambani reviews SEBI’s 5-year market ban (Image source: PTI)
Businessman Anil Ambani is currently reviewing a recent order by the Securities and Exchange Commission of India (Sebi), which bans him from accessing the capital markets for five years. According to a statement by his spokesman on Sunday, Ambani will take the necessary legal action based on the advice of his legal team.
The Sebi order issued on August 22, 2024, bars Ambani and 24 others from entering the securities market following allegations of misappropriation of funds related to Reliance Home Finance Ltd, a subsidiary of the Reliance Group where Ambani serves as chairman. The market regulator also imposed a fine of Rs 25 crore on Ambani and accused him of orchestrating a scheme to divert funds from the company.
The spokesperson said Ambani had already complied with an earlier interim order issued by Sebi on February 11, 2022, regarding the same matter. Following that interim order, Ambani resigned from the boards of Reliance Infrastructure Ltd and Reliance Power Ltd and has been complying with the directions for the past two and a half years.
The spokesperson said, “Mr. Ambani is reviewing the final order of Sebi dated August 22, 2024 in the said matter and will take appropriate next steps as per legal advice.”
The latest Sebi ruling means that Ambani and the other 24 persons are barred from participating in the securities market, including buying, selling or otherwise dealing in securities, directly or indirectly. Ambani’s next steps will be decided after a thorough review of the final order, the spokesperson added.
(With contributions from PTI Agency)
