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Showing posts from March 25, 2017

RELIANCE ? Even after 3 decades, Old habits never die.

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Market regulator Securities and Exchange Board of India has imposed a Rs 1,000-crore penalty on Reliance Industries Ltd., the largest in its over 20-year history. In a case dating back to 2007, SEBI has found Reliance Industries and 12 related entities guilty of fraudulent and manipulative trades. The SEBI order, published on its website on March 24, 2017, says Reliance Industries and the 12 other entities violated provisions of Section 12A of the SEBI Act, 1992 and SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to the securities market) Regulations, 2003. The regulator has prohibited the 13 entities, including Reliance Industries, “from dealing in equity derivatives in the F&O segment of the stock exchange, directly or indirectly for a period of one year”, from the date of the order. The regulator has also directed Reliance Industries to, “to disgorge an amount of Rs 447.27 crore...along with interest calculated at the rate of 12 percent per annum from Novem…