Securities and Exchange Board of India has banned Reliance Industries and 12 other entities from equity derivatives trading for one year.
The 12 other entities are 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.
SEBI also directed the Mukesh Ambani-led Reliance Industries 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.
The Reliance Industries group had earlier sought to settle the case, but SEBI had refused. The proceedings in the long-pending case were expedited in the last few months. Reliance Petroleum has been merged with the listed parent firm.