He “has been complying with the said temporary restraining order (dated February 11, 2022) for two and a half years,” the statement said.
On the August 22 order barring him and 24 others from accessing the securities market for five years for misappropriation of funds, 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 Securities and Exchange Board of India (Sebi) had also fined Ambani Rs 25 crore for hatching a scheme to “divert” funds from Reliance Home Finance, a listed subsidiary of the Reliance Group conglomerate, of which he is chairman.
The ban means that he and the other 24 have no access to the securities market and are prohibited from buying, selling or otherwise dealing in securities, directly or indirectly.
