Anil Ambani banned from stock market for 5 years: ?25 crore fine also imposed, shares fell by 11%

Market regulator SEBI has banned industrialist Anil Ambani from the securities market (stock market, debt, derivatives) for 5 years in the case of fund misappropriation. Ambani has also been fined Rs 25 crore. He has also been banned from being a director in any listed company. SEBI has also banned 24 other entities including former chief officials of Reliance Home Finance (RHFL) from the stock market. Different fines have been imposed on them. Reliance Home Finance Company has been banned for 6 months and a fine of Rs 6 lakh has been imposed. According to the 222-page final order issued by SEBI, the investigation revealed that Anil Ambani misappropriated money with the help of RHFL officials. He used the funds himself, but showed that these funds were given as loans. 4 important things related to SEBI’s order… Reliance Infra’s share fell by about 11%, Power fell by 5%
After SEBI’s ban, Anil Ambani’s company Reliance Infra, Reliance Home Finance and Reliance Power have fallen. Reliance Infra has fallen the most by about 14%, Reliance Home Finance by 5.12% and Reliance Power by 5.01%. Anil joined Reliance in 1983, the division happened in June 2005. Four months ago, the order to pay ?8,000 crores to Reliance Infra was rejected. On April 10, the Supreme Court rejected Anil Ambani’s company Delhi Airport Metro Express’ demand for payment of about ?8,000 crores from Delhi Metro Rail Corporation. Delhi Airport Metro Express is a subsidiary of Anil Ambani’s company Reliance Infrastructure. After this order of the Supreme Court, Reliance Infra’s share fell by 20%. Read the full news here…