Securities and Exchange Board of India has banned Reliance Industries and 12 other entities from equity derivatives trading for one year. In an order issued yesterday, SEBI also directed the Mukesh Ambani-led firm to forfeit nearly 1,000 crore rupees for unlawful gains made through alleged fraudulent trading in a nearly 10-year-old case.
The case relates to alleged fraudulent trading in the futures and options (F&O) space in the securities of RIL’s erstwhile listed subsidiary Reliance Petroleum Ltd. Reliance Industries Ltd said, it will challenge the order before the Securities Appellate Tribunal and termed SEBI’s directions as unjustifiable sanctions.