The Securities and Exchange Board of India (SEBI) has imposed a five-year ban on prominent industrialist Anil Ambani, preventing him from engaging in any stock market activities.
On Friday, SEBI also announced restrictions on 24 other entities, including former key officials of Reliance Home Finance Limited (RHFL).
These actions were taken in light of allegations related to fund misappropriation, according to the market watchdog.
₹25 Crore Fine Imposed
In addition to the ban, SEBI has imposed a fine of ₹25 crore on Anil Ambani. The restrictions include a prohibition on participating in any activities related to the securities markets.
He is also barred from holding any significant positions, including that of a director, in any registered company or intermediary institution under SEBI.
Reliance Home Finance Also Penalized
SEBI has also banned Reliance Home Finance from the securities markets for six months and imposed a fine of ₹6 lakh. The market watchdog has directed that this penalty be paid within 45 days of the order.
Reliance Home Finance is known for offering home loans, property loans, and construction finance as part of its business.
Meanwhile, Reliance Power’s stock hit the lower circuit as soon as these orders were announced. During intraday trading, Reliance Power shares fell to a low of ₹34.48.
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