SEBI issues notices to RIL for rigging RPL shares

Posted By: Staff
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New Delhi, Nov 24: Securities and Exchange Board of India (SEBI) has reportedly charged Mukesh Ambani-led Reliance Industries Ltd (RIL) of rigging share prices of its subsidiary Reliance Petroleum (RPL).

Media reports suggest that the market regulator issued a notice to RIL on Oct 8 for rigging RPL stock to make a profit of Rs 513 crore in Nov 2007.

In the notice, SEBI has reportedly asked the company to explain why it should not be banned from accessing the stock markets under rules governing fraudulent and unfair trade practices.

A Times of India report quotes RIL spokesperson as saying, "We have submitted our detailed reply to SEBI and have not received any further communication in this regard."

RIL maintains has not violated any provisions of Insider Trading nor has acted in any manner so as to attract provisions under Section 11(i), 11 (B) and 11(4) of Sebi Act 1992.

RPL was merged with RIL in 2009.

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