anil-ambani-reviews-5-year-sebi-ban-plans-legal-response

 Businessman Anil Ambani is reviewing a recent order by the Securities and Exchange Board of India (SEBI) that bars him from capital markets for five years, according to a statement from his spokesperson on Sunday. Ambani will take appropriate legal steps as advised, the statement added.

 

The SEBI order, issued on 22 August, bans Ambani and 24 others from the securities market over allegations of fund diversion. SEBI has also imposed a fine of Rs 25 crore on Ambani, accusing him of orchestrating a scheme to siphon off funds from Reliance Home Finance Ltd, a subsidiary of the Reliance Group, where Ambani serves as chairman.

 

The ban prohibits Ambani and the others from accessing the securities market, and they are forbidden from buying, selling, or dealing in securities directly or indirectly.

 

Ambani’s spokesperson noted that he had resigned from the boards of Reliance Infrastructure Ltd and Reliance Power Ltd following SEBI's interim order on 11 February 2022, related to the Reliance Home Finance matter.

 

The spokesperson emphasised that Ambani has been in compliance with this interim order for the past two and a half years.

 

"Mr Ambani is reviewing the final order dated 22 August 2024 passed by SEBI in the said matter, and will take appropriate next steps as legally advised," the statement said.