Anil Ambani reviewing Sebi order to take appropriate steps: Statement

PTI, Aug 25, 2024, 4:34 PM IST

Businessman Anil Ambani is reviewing a Sebi order banning him from capital markets for five years and will take appropriate next steps as legally advised, his spokesperson said on Sunday.

Ambani, the spokesperson in a statement said, had resigned from the the board of Reliance Infrastructure Ltd and Reliance Power Ltd pursuant to Sebi’s interim order dated February 11, 2022 in the a matter pertaining Reliance Home Finance Ltd.

He “is in compliance with the said interim order (of February 11, 2022) for the last two and half years,” the statement said.

On the August 22 order that banned him and 24 others from the securities market for five years on charges of diversion of funds, the spokesperson said, “Mr

Ambani is reviewing the final order dated August 22, 2024 passed by Sebi in the said matter, and will take appropriate next steps as legally advised.”

The Securities and Exchange Board of India (Sebi) had also imposed a fine of Rs 25 crore on Ambani, saying he orchestrated a scheme to “siphon off” funds from Reliance Home Finance, a listed subsidiary of conglomerate Reliance Group of which he is chairman.

The ban means that he and the other 24 will not be able to access the securities market and are prohibited from buying, selling or otherwise dealing in securities, directly or indirectly.