SAT partially upholds SEBI penalty order in Reliance Petro F&O case

Informist, Monday, Dec 4, 2023


–SAT upholds SEBI order against RIL in Reliance Petro shrs, F&O case

–CONTEXT: SEBI had fined RIL 250 mln rupees in Reliance Petro case

–SAT quashes SEBI order against Mukesh Ambani in Reliance Petro case

–CONTEXT: SEBI fined RIL Ambani 150 mln rupees in Reliance Petro case

–SAT quashes SEBI order vs Navi Mumbai SEZ in Reliance Petro case

–CONTEXT: SEBI fined Navi Mumbai SEZ 200 mln rupees in RPL case

–SAT quashes SEBI order against Mumbai SEZ in Reliance Petro case

–CONTEXT: SEBI fined Mumbai SEZ 100 mln rupees in Reliance Petro case


MUMBAI – The Securities Appellate Tribunal today upheld the penalty imposed by the Securities and Exchange Board of India on Reliance Industries Ltd in a case relating to price manipulation of Reliance Petroleum shares in 2007. The tribunal, however, quashed the SEBI's penalties against RIL's Chairman and Managing Director Mukesh Ambani, Navi Mumbai SEZ, and Mumbai SEZ in the same case. Reliance Petroleum, a subsidiary of RIL, was later merged with RIL.


The tribunal was hearing appeals against SEBI's adjudication order of Jan 1, 2021, against Reliance Industries, Mukesh Ambani and the two entities.

SEBI had fined Reliance Industries 250 mln rupees, Mukesh Ambani 150 mln rupees, Navi Mumbai SEZ 200 mln rupees and Mumbai SEZ 100 mln rupees for their alleged role in manipulation of prices of Reliance Petroleum shares in November 2007.


RIL had sold a large chunk of Reliance Petroleum futures, ahead of selling the shares in the cash market. RIL's sale of Reliance Petroleum shares in the cash market took place in the last 30 minutes of trading on the expiry day of the futures contract. The short positions in Reliance Petroleum futures were allowed to expire, and the whole operation earned a large profit for RIL, amounting to price manipulation and fraud, SEBI had ruled.


In the same case, SEBI had in March 2017 passed a disgorgement order of 4.47 bln rupees against RIL and 12 entities who were allegedly the agents of RIL and who executed the futures trades. The Securities Appellate Tribunal in November 2020 upheld SEBI's disgorgement order. RIL appealed against the tribunal's order in the Supreme Court and the case is still pending. The Supreme Court, in its first hearing in December 2020, gave an interim relief to RIL and directed the company to deposit only 2.5 bln rupees and stayed the payment the remaining amount.


Today, shares of RIL ended 1.1% higher at 2420.20 rupees on the National Stock Exchange.  End


Reported by Rajesh Gajra

Edited by Saji George Titus


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