India’s Reliance Industries penalized for alleged fraud
New Delhi - Arab Today
India’s markets regulator has barred Reliance Industries and 12 others from trading in equity derivatives for a year for alleged fraudulent trades made 10 years ago.
The multibillion-dollar Reliance Industries rejected the ruling by the Securities and Exchange Board of India (SEBI) and said it would appeal the order.
In its ruling late Friday, the securities regulator said that the fraud is related to the 2007 sale of a 5-percent stake in subsidiary Reliance Petroleum when it was a separately listed company. The company used unlawful TRADE PRACTICES to profit from that sale, the ruling said.
The regulator said Reliance made about Rs5 billion ($76 million) in profits from that and has asked it to give up nearly Rs4.5 billion along with 12 percent interest within 45 days.
According to the Press Trust of India (PTI), SEBI official G. Mahalingam said that that he passed the order “in order to protect the interest of the investors” and make them trust the regulatory system.
“The noticees may, however, square off or close out their existing open positions,” the order said.
Source: Arab News
- Thursday ,13 December GMT 22:53 2018 Indian Minister of Trade meets with UAE Ambassador, Chairman of Emaar Properties
- Thursday ,06 December GMT 13:41 2018 Tyre maker Continental opens lab to extract rubber from dandelions
- Friday ,30 November GMT 15:23 2018 Paper industry around famous Chinese lake to be shut down by 2019
- Monday ,12 November GMT 16:51 2018 Egypt's exports to Nile basin countries reached EGP 19.9 bln in 2017: CAPMAS
- Friday ,09 November GMT 08:11 2018 Kaspersky Lab CEO suggests replacing cybersecurity with 'cyber-immunity'
- Thursday ,08 November GMT 14:00 2018 Namibian enterprise endeavours to seize opportunities at China import expo
GMT 22:53 2018 Thursday ,13 December
Indian Minister of Trade meets with UAE Ambassador, Chairman of Emaar PropertiesGMT 13:41 2018 Thursday ,06 December
Tyre maker Continental opens lab to extract rubber from dandelionsGMT 15:23 2018 Friday ,30 November
Paper industry around famous Chinese lake to be shut down by 2019GMT 11:13 2018 Sunday ,18 November
Electricx 2018 kicks off with participation of over 20 countriesGMT 16:34 2018 Tuesday ,13 November
Amazon announces new headquarters in New York and WashingtonGMT 16:51 2018 Monday ,12 November
Egypt's exports to Nile basin countries reached EGP 19.9 bln in 2017: CAPMASGMT 08:11 2018 Friday ,09 November
Kaspersky Lab CEO suggests replacing cybersecurity with 'cyber-immunity'GMT 14:00 2018 Thursday ,08 November
Namibian enterprise endeavours to seize opportunities at China import expoRussia tests new telemetry system during manned Soyuz MS-11 spacecraft’s launch
Moscow - TASS
The Astra-06 apparatus developed by specialists of Russian Space Systems (RSS) was used for the first time as additional telemetric equipment aboard the manned Soyuz MS-11 spacecraft launc...Read More
GMT 20:20 2017 Saturday ,16 December
Mary J. Blige on her transformation for 'Mudbound'
GMT 07:38 2017 Wednesday ,05 July
50 arrested in Pakistan for attending 'obscene' dance party
GMT 14:43 2018 Thursday ,01 November
Russian MoD: Ankara hasn’t implemented all responsibilities according to Idleb Agreement
GMT 22:33 2017 Monday ,21 August
Library fire in southern Italy causes 3 deaths
GMT 13:38 2013 Thursday ,22 August
MAC Cosmetics presents Indulge collection
GMT 11:06 2016 Thursday ,15 September
WADA urges Russia to stop doping hacks
GMT 11:57 2017 Tuesday ,12 September
Hurricane Irma: International efforts in the Caribbean
GMT 11:57 2018 Wednesday ,10 January
Eurozone unemployment falls to 9-year low as recovery strengthens
GMT 10:23 2017 Thursday ,27 July
Egypt's FM meets Libyan army commander in France
GMT 08:44 2017 Monday ,27 November
Yemeni vice president meets Saudi crown prince
GMT 12:34 2017 Tuesday ,10 October
45 ships transit Suez Canal
GMT 09:48 2017 Wednesday ,06 September
Boeing objects to United Technologies-Rockwell Collins tie-up
GMT 11:31 2016 Wednesday ,17 August
Macau gaming slump weighs
GMT 08:09 2018 Monday ,10 December
Lebanon’s property market ‘on the brink of collapse’
GMT 09:59 2018 Tuesday ,27 November
King Abdullah II attends military drill at Narashino Airborne Brigade
GMT 16:42 2018 Tuesday ,16 October
Terrorist organizations practiced all types of organized crime against SyriansGMT 13:48 2011 Saturday ,22 October
Rugby is changing children\'s lives in Senegal
GMT 18:35 2015 Thursday ,23 July
Bianchi's death overshadows Budapest build-up
GMT 08:31 2017 Saturday ,22 July
President Sisi has busy schedule last week 5 Cairo
GMT 15:44 2014 Friday ,14 February
Inexpensive, meaningful Valentine\'s Day gift ideas
GMT 14:41 2017 Wednesday ,11 October
Bourse loses EGP 3 bn
GMT 07:31 2017 Wednesday ,26 July
Saudi website provides job opportunities for women
GMT 07:54 2016 Tuesday ,26 July
Solar plane completes epic round-the-world trip
GMT 01:38 2017 Friday ,07 April
Woman with depression in desperate need of professional help
GMT 17:56 2017 Monday ,07 August
Egypt-Press-Headlines
GMT 18:29 2017 Sunday ,13 August
Medical cooperation between Egyptian, Saudi sides
GMT 19:34 2017 Saturday ,28 January
Libya's presidential council chief hails efforts of Libyan army in Benghazi
GMT 10:01 2017 Sunday ,13 August
Plan to prevent outbreak of epidemic diseases among pilgrims
GMT 05:32 2017 Friday ,24 March
Water carriers in Madagascar bear brunt of global crisisGMT 14:23 2011 Tuesday ,12 July
Tehran to host intl. festival of ritual performances
GMT 18:06 2017 Saturday ,25 March
Bank Nizwa reports first net profit since inception
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor