Anil can't dabble in securities

SEBI bans market access for 5 years for fraudulent scheme

MUMBAI Markets regulator SEBI has banned Anil Ambani and 24 others from accessing the securities market for five years on charges of diversion of funds.

They are thus restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, the regulator said.

The SEBI has also imposed a fine of ₹25 crore on Ambani and restrained him from serving as a director or key managerial personnel in any listed company or SEBI-registered entity for five years.

The regulator has also barred Reliance Home Finance from the securities market for six months. The regulator said the "fraudulent" scheme involved "siphoning off" funds from Reliance Home Finance, which provides loans for housing and construction.