India / Business
Fraudulent Trades: Reliance Industries fined Rs 1000 Cr

Reliance Industries has been fined Rs 1000 crores for fraudulent trades which is said to be the biggest in the past twenty years. Market regulator Securities and Exchange Board of India has imposed the fine on Reliance Industries. SEBI found 12 related entities along with Reliance Industries guilty of the manipulative and fraudulent trades. SEBI even published the order on their official website as per the section 12A of the SEBI Act 1992.

 

 

All these 13 entities will be prohibited from dealing in equating derivatives directly or indirectly for the next one year from the date of the order issued by SEBI. Reliance Industries has been asked to make the payment within 45 days. The total disgorged amount has been Rs 447.27 crores and the interest of 12% has been calculated from 2007 which is over Rs 500 crores.