{"id":329280,"date":"2024-08-23T19:15:23","date_gmt":"2024-08-23T13:45:23","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=329280"},"modified":"2024-08-23T19:27:39","modified_gmt":"2024-08-23T13:57:39","slug":"sebi-imposes-monetary-penalty-on-anil-ambani-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/08\/23\/sebi-imposes-monetary-penalty-on-anil-ambani-legal-news\/","title":{"rendered":"SEBI bans Reliance Home Finance Limited and 23 other entities for 5 years; imposes penalty of Rs. 25 crores on each entity"},"content":{"rendered":"
\n

Securities Exchange Board of India:<\/span> On 22-8-2024, the Securities and Exchange Board of India imposed a ban on Reliance Home Finance Limited and 23 other entities for 5 years. SEBI also imposed a fine of Rs. 25 crores on each entity for a fraudulent scheme, orchestrated by Anil Ambani and administrated by key managerial persons of Reliance Home Finance Limited (‘RHFL’)<\/span>, for siphoning of funds from the public listed company, RHFL and structure the loans to credit the unworthy conduit borrowers who are linked to Anil Ambani.<\/p>\n

Facts:<\/p>\n

The noticees were involved in perpetrating a fraudulent scheme by disbursing General Purpose Working Capital Loans (‘GPCL’)<\/span> resulting in erosion of the RHFL’s finances due to such loans eventually being declared Non-Profit Assets.<\/p>\n

There was violation of Securities and Exchange Board of India Act, 1992<\/a>; Securities Contracts (Regulation) Act, 1956<\/a>; Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015<\/a>; Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003.<\/p>\n

Order<\/p>\n

Ananth Narayan G, Whole Time Member, restrained RHFL from accessing the securities market and prohibited from buying\/ selling\/ dealing with securities market for a period of 6 months. Also, 23 other companies have been restrained from accessing the securities market and prohibited from buying\/ selling\/ dealing in securities for a period of 5 years. He also restrained Anil Ambani from being associated with the securities market. He also cannot be a director or Key Managerial Personnel in any listed company, holding\/ associate company of any listed company for a period of 5 years. Further, the noticees have been directed to pay the penalty within 45 days from the date of receipt of this order.<\/p>\n

Further, SEBI has to determine the quantum of illegal gains\/ benefit made by way of the fraudulent scheme.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

SEBI penalizes Anil Ambani for siphoning of funds from public listed companies, RHFL<\/p>\n","protected":false},"author":67515,"featured_media":329283,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[33913,34616,72406,2563],"class_list":["post-329280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-anil-ambani","tag-monetary-penalty","tag-rhfl","tag-SEBI"],"yoast_head":"\nSEBI bans Reliance Home Finance Limited and 23 other entities for 5 years; imposes penalty of Rs. 25 crores on each entity | SCC Times<\/title>\n<meta name=\"description\" content=\"Securities and Exchange Board of India imposed a fine of Rs. 25 crores on Anil D. 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The principles of natural justice cannot be applied in a straitjacket formula; their application depends on the facts and circumstances of each case\u201d","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Anil Ambani RCOM","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/Anil-Ambani-RCOM.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/Anil-Ambani-RCOM.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/Anil-Ambani-RCOM.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/Anil-Ambani-RCOM.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":238481,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/04\/sebi-fraudulent-misstatements-in-financial-statements-will-amount-to-misrepresentation-unfair-trade-practice-under-regulation-42-of-sebi-pfutp-regulations-2003\/","url_meta":{"origin":329280,"position":5},"title":"SEBI | Fraudulent misstatements in financial statements will amount to misrepresentation \/unfair trade practice under Regulation 4(2) of SEBI PFUTP Regulations, 2003","author":"Editor","date":"November 4, 2020","format":false,"excerpt":"\u00a0Securities Exchange Board of India: G. Mahalingam, Whole-time member retrained the promoters of the Dewan Housing Finance Limited i.e. DHFL from accessing the securities market. 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