Sebi fines RIL entity in insider trading case

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In an over six-year old insider trading case involving shares of Reliance Industries' erstwhile subsidiary IPCL, market regulator Sebi on Thursday imposed a penalty of Rs 11 crore on Reliance Petroinvestments.Pronouncing Reliance Petroinvestments (RPIL) guilty of violating the insider trading regulations with regard to its dealings in shares of Indian Petrochemicals Corp (IPCL) in early 2007, Sebi said that RPIL made profits of over Rs 3.8 crore through these trades. After taking into account the quantum and nature of the violations, Sebi decided to impose a penalty of Rs 11 crore on RPIL, which was listed as one of the promoter entities by IPCL itself in its regulatory filings as on March 31, 2006, the regulator said in its late night order.The regulator said the penalty needs to be paid within 45 days to the account of "Sebi-Penalties Remittable to Government of India". Once a subsidiary of Mukesh Ambani-led Reliance Industries, IPCL used to be a separately listed entity of the group, but was later merged with RIL and delisted from the stock exchanges. agencies

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