The Securities and Exchange Board of India (SEBI) has imposed Rs 25 crore and Rs 15 crore fine on the Chairman and Managing Director of Reliance Industries Limited, Mukesh Ambani. The commodity market regulator board has also imposed penalties on two other entities for allegedly in manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007.
In a 95-page order, SEBI’s Adjudicating Officer B J Dilip said “any manipulation in the volume or price of securities always erodes investor confidence in the market when investors find themselves at the receiving end of market manipulators.”