SEBI rejects RIL group's consent pleas in insider trading case
04 Jan 2013
The Securities and Exchange Board of India (SEBI) has rejected offers by Reliance Industries Ltd and 12 other companies to settle allegations of insider trading in the shares of Reliance Petroleum Ltd and Indian Petrochemicals Ltd.
SEBI has rejected about 149 consent applications, as the market regulator found them unsuitable for settlement through penal payments.
These include applications of Reliance Industries Ltd, as also various group companies and that of RIL chairman Mukesh Ambani's close aide Manoj Modi.
The market regulator also disclosed the names of the 16 entities, which included reliance group entities such as Reliance Ports & Terminals, LPG Infrastructure, Vinamra Universal Traders, Gujarat Petcoke, Relogistics (Rajasthan), Relogistics (India), Relpol Plastic Products, Darshan Sec, Fine Tech Commercials, Sharti Investment, Aarthik Commercials and Mo Tech Software.
Other applications include those from brokerage firms India Infoline and HSBC Investdirect Securities and from some other entities involved in a case with Bank of Rajasthan.
SEBI, however, released the names of the entities only after RTI activist filed a plea with Chief Information Commissioner (CIC) seeking directives to SEBI to disclose the names of the entities involved in the case. CIC, in turn, asked the market regulator to make public the names of these entities.