SEBI bans Ambani from stock market, imposes ₹25 crore fine for misappropriation of company funds

NEW DELHI: SEBI has banned the famous businessman Anil Ambani from interfering in the stock market and imposed a fine of Rs 25 crore for misappropriating company money. SEBI has taken strong action against Anil Ambani, key former officials of Reliance Home Finance and 24 firms.

Anil Ambani will no longer be a director of any listed company or hold any other high office in view of the disciplinary action for five years. Reliance Home Finance has been banned from the securities market for six months. Apart from this, SEBI also imposed a fine of Rs 6 lakh.

According to the SEBI report, Anil Ambani, with the help of key managers of Reliance Home Finance, planned a scheme to extort money from Reliance Home Finance. Although there were strong instructions not to give such loans, the company managers ignored them due to Anil Ambani. Subsequently, SEBI imposed fines on Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah of Reliance Home Finance. While Ambani was fined Rs 25 crore, Amit Bapna was fined Rs 27 crore. Sudhalkar has to pay a fine of 26 crores and Shah 21 crores.

In addition, other institutions, Reliance Unicorn Enterprises, Reliance Exchange Next Limited, Reliance Business Broadcasting News Holding Lmt, Reliance Big Entertainment Private limited have to pay the fine of Rs 25 crore each because they obtained the loans illegally or because Reliance Home Finance was an intermediary to get them. In February 2022, SEBI had temporarily barred Anil and others from interfering in the market.