Market regulator Securities and Exchange Board of India (SEBI) has taken a big action against businessman Anil Ambani. SEBI has imposed a fine of Rs 25 crore on Anil Ambani and banned him from the securities market for 5 years. Apart from Anil Ambani, SEBI has taken action against 24 other organizations including former top officials of Reliance Home Finance on charges of diversion of funds from the company.
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After this action of SEBI, Anil Ambani will not be able to join the securities market as a director or key managerial personnel (KMP) in any listed company or any intermediary registered with the market regulator for five years. Apart from this, Reliance Home Finance has been banned for six months and a fine of Rs 6 lakh has been imposed on it.
In its 22-page final order, SEBI said that Anil Ambani, with the help of key managerial personnel of RHFL, had hatched a fraudulent scheme to siphon off funds from RHFL by disbursing the same in the form of loans to his linked entities.
