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Mumbai: The Securities and Exchange Board of India (SEBI) has imposed a five-year ban on industrialist Anil Ambani and 24 other parties, including former senior executives of Reliance Home Finance, from participating in the securities market. This action is a result of their involvement in the misdirection of company funds.<\/p>\n
The Securities and Exchange Board of India (SEBI) also imposed a fine of 250 million rupees (about $3 million) on Ambani, saying he orchestrated a scheme to \u201csiphon off\u201d funds from Reliance Home Finance Ltd.<\/p>\n
The regulator said the \u201cfraudulent\u201d scheme was to \u201csiphon off\u201d funds from Reliance Home by structuring them as \u2018loans\u2019 to credit-unworthy borrowers.<\/p>\n
Most of these borrowers were linked to large shareholders with the ability to influence company decisions, the SEBI added.<\/p>\n
An email to Anil Ambani-led Reliance group spokesperson were not answered immediately. A spokesperson for Reliance Capital, the holding company, declined to immediately comment.<\/p>\n
The Reliance Group was created in July 2006 following a demerger from Reliance Industries Ltd, which is led by Anil\u2019s brother Mukesh Ambani.<\/p>\n
Reliance Home Finance\u2019s shares fell 5% after the news. ($1 = 83.8620 Indian rupees)<\/p>\n<\/div>\n
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[ad_1] \u00a0 Mumbai: The Securities and Exchange Board of India (SEBI) has imposed a five-year ban on industrialist Anil Ambani and 24 other parties, including former senior executives of Reliance Home Finance, from participating in the securities market. This action is a result of their involvement in the misdirection of company funds. The Securities and […]<\/p>\n","protected":false},"author":1,"featured_media":41980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-41979","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"jetpack_featured_media_url":"https:\/\/thenftimes.com\/wp-content\/uploads\/2024\/08\/SEBI-bans-Anil-Ambani-24-others-including-Reliance-Home-Finance-official-from-security-market-for-five-years.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/41979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/comments?post=41979"}],"version-history":[{"count":1,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/41979\/revisions"}],"predecessor-version":[{"id":41981,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/41979\/revisions\/41981"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media\/41980"}],"wp:attachment":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media?parent=41979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/categories?post=41979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/tags?post=41979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}