SEBI alleged that the oil-to-telecoms conglomerate took derivative short positions in shares of separately listed Reliance Petroleum in 2007 through third parties before it sold a 5% stake in the business. The markets watchdog fined Reliance Industries 250 million rupees ($3.42 million) and its chairman Mukesh Ambani 150 million rupees.
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SEBI alleged that the oil-to-telecoms conglomerate took derivative short positions in shares of separately listed Reliance Petroleum in 2007 through third parties before it sold a 5% stake in the business. The markets watchdog fined Reliance Industries 250 million rupees ($3.42 million) and its chairman Mukesh Ambani 150 million rupees.
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