Reliance ADA group Chairman Anil Ambani has been prohibited from buying, selling securities and banned accessing Capital Market .Mr.Anil Ambani is restrained from acquiring Securities Market for 5 years for presumed involvement of diversion of funds from Reliance Home finance Limited (RHFL) which was promoted by Group company Reliance Capital lmtd(RCL)
Mr.Ambani is also banned from being associated with Stock Market as Key Managerial Personnel or Director in any listed company.
The Securities Exchange Board of India have imposed 624 Crore penalty on 26 individuals and entities including Anil Ambani , his group firms and former directors.The managers also debarred Individuals from holding any positions in any listed share Markets and its associate for a period of 5 years
Ambani’s Stricture on Defalcation
The defalcation of money from RHFL to borrowers in the form of loans made Ambani as victim to be penalized with 25 crores by SEBI .The regulators have also found many irregularities , violations and disclosure lapses at RHFL. The loans lended by RHFL have increased significantly to 8670 crore in 2018-19 from 3742 crore in 2017-18As per SEBI order the total outstanding amount to be received by RHFL stands Rs.6931 Crore
SEBI’s final order
The order stated that ,the borrower entities acted as a channel for the diversion of funds to promotor related companies.It will determine the quantum of total illegal gains made through defalcation of money in forms of loan and actions will be initiated accordingly
