Markets regulator Securities and Exchange Board (SEBI) has imposed fine on Reliance Industries Limited and two persons. SEBI has imposed this penalty due to violation of rules.
Mumbai: Financial rules have been amended from time to time by the market regulator Securities and Exchange Board (SEBI). Also, the main job of SEBI is to keep an eye on financial institutions and financial activities. Not only this, SEBI can take decisions related to all financial institutions, as well as taking any action against them for making any mistake by them, while imposing a fine on them, it can also ban or fine. At the same time, now SEBI has imposed a fine on Reliance Industries Limited and two persons.
SEBI imposed penalty:
In fact, while taking action against the country’s largest company Reliance Industries Limited and two others, for violating certain rules by the market regulator Securities and Exchange Board (SEBI), a total fine of Rs 30 lakh has been imposed on them. Market regulator Securities and Exchange Board (SEBI) has issued a report stating the reason for the fine imposed on the company in the report revealed in this matter. It has been said in this report that SEBI has imposed this fine on Reliance Industries and two persons due to Jio-Facebook deal. Because the company did not directly inform the stock exchanges about this. Which is a violation of the rules. Due to this SEBI has imposed a total fine of Rs 30 lakh.
In the same case, SEBI has issued an order saying, ‘The information about the Jio-Facebook deal was given in the newspaper without giving direct information to the stock exchanges. Terming it as a violation of the provisions of SEBI, it has been decided to jointly impose a fine of Rs 30 lakh on Reliance Industries and Savitri Parekh and K Sethuraman. The fine amount has to be deposited within 45 days. The news about Facebook’s deal to invest Rs 43,574 crore to take 9.99 per cent stake in Jio Platforms came on March 24-25, 2020, Sebi adjudicating officer Bernali Mukherjee said in the order. But the stock exchanges were informed about this on April 22, 2020.’