New Delhi: The nation premier industrial group, Reliance Industries and its 12 entities are now under legal scanner for being involved in insider trading cases, and also having their consent applications rejected. The charges framed by SEBI (Securities Exchange Board of India) includes 149 other firms, and the 12 Reliance entities whose applications were rejected due to their charges falling outside the criterion for settlement with consent applications. The recent legal reforms has bought about stringent changes for insider trading cases under Reliance and its companies have been booked under.
The insider trading case against RIL and the 12 entities is that of insider trading that dates backs to 2007, when RIL had allegedly sold stock futures of Reliance Petroleum just ahead of the company’s merger with itself. Under the new law introduced in May 2012, SEBI had stopped the use of monetary settlements against cases falling under insider trading cases. Entities include Reliance Ports & Terminals, LPG Infrastructure, Vinamra Universal Traders, Gujarat Petcoke, Relogistics (Rajasthan), Relogistics (India), Relpol Plastic Products, Darshan Sec, Fine Tech Commercials, Sharti Investment, Aarthik Commercials and Mo Tech Software. However, the Mukesh Ambani owned enterpise has so far failed to issue an official statement regarding the same.