Sebi fines RIL entity in insider trading case
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