The today’s order from market regulator Securities and Exchange Board of India (SEBI) barred Reliance industriesBSE 0.95 % Ltd (RIL) from trading in equity derivative Future & Options markets for 1 year. This is order was passes by SEBI on the Insiders Trading case after 7 years.
According to reports, ordering RIL to pay Rs 447 crore plus interest as fine within 45 days in a seven-year long RPL-RIL insider trading case, SEBI said the company made unlawful gains of Rs 513 crore.
Replying on the issue, RIL said trades in RPL shares were genuine and were bonafide transactions. The case might take long to get completely settle. As RIL is seeking for legal advice on this. They have also proposed to prefer an appeal and challenge the order in SAT.
Reliance ADR is trading in green after this news and also there is no such great effect on the SGX Nifty. We need to wait some time to get more clarification on this report and see how it affect the stock prices.