Image : moneycontrol.com
For alleged fraudulent trading case on Reliance which shoots above 1000 crores rupees (which was pending from 10 years (2007)), finally SEBI (Securities and Exchange Board of India) in a historic decision banned RIL from equity derivatives market (F & O market) for a period of one year.
The Reliance group of companies had earlier tried to settle the case, but the regulatory body SEBI refused it over the interest of investors and to re-install their faith in the regulatory system.
The original order said,
“The notices may, however, square off or close out their existing open positions.”. The proceedings in the long-pending case were expedited in the last few months. Reliance Petroleum has been merged with the listed parent firm.
Though the mainstream media is trying to suppress this news but it one of the historic decision made by SEBI on the corporate biggies. The government body has directed Reliance Industries to hand over the amount, along with interest within 45 days.
Reliance Industries owns Network 18 :
CNBC Group (CNBC, Awaaz -Hindi etc.)
which primarily serves the stock traders and investors with financial and stock related news and information also reported the ban Read here.
The other 12 companies which are banned along with RIL :
Gujarat Petcoke and Petro Product supply, Aarthik Commercials, LPG Infrastructure India, Relpol Plastic Products, Fine Tech Commercials, Pipeline Infrastructure India, Motech software, Darshan Securities, Relogistics (India), Relogistics (Rajasthan), Vinamara Universal Traders and Dharti Investment and Holdings.
Reliance (RIL) setting up to appeal against SEBI verdict saying they have full confidence in judicial process.