NEW DELHI: India’s market regulator ordered billionaire Mukesh Ambani and his conglomerate Reliance Industries Ltd to pay a combined penalty of 400 million rupees (US$5.5mil) for allegedly violating share-trading rules about 13 years ago.
In its order dated Jan 1, the Securities and Exchange Board of India said Reliance and its agents operated to allegedly earn undue profits from the sale of shares in Reliance Petroleum Ltd, a former unit, in both the cash and futures markets. Reliance Industries needs to pay 250 million rupees and Ambani, the chairman, is liable for the alleged manipulative trading, Sebi said.
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