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The Securities and Exchange Board of India (SEBI) has barred industrialist Anil Ambani and 24 other entities, including former key officials of Reliance Home Finance Limited (RHFL), from the securities market for five years.
This action comes in response to the diversion of funds from RHFL, a public listed company, through what SEBI has described as a "fraudulent scheme."
The market regulator imposed a hefty penalty of ₹25 crore on Anil Ambani and has prohibited him from being associated with the securities market, including serving as a director or key managerial personnel (KMP) in any listed company or intermediary. Additionally, RHFL has been barred from the securities market for six months and faces a fine of ₹6 lakh.
SEBI's 222-page order details how Anil Ambani, with the aid of RHFL's KMPs, orchestrated the diversion of funds under the guise of loans to entities linked to him. The board of RHFL had issued directives to halt such lending practices, but these were blatantly ignored, reflecting a severe governance failure influenced by Ambani and his close associates.
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