SEBI Indicts Anil Ambani In Funds Diversion Case, Imposes 5-Year Ban & ₹25-Cr Penalty

Markets regulator SEBI has barred industrialist Anil Ambani and 24 other entities, including former key officials of Reliance Home Finance, from the securities market for five years over diversion of funds from the company. SEBI has imposed a penalty of ₹25 crore on Anil Ambani and restrained him from being associated with the securities market including as a director or Key Managerial Personnel (KMP) in any listed company, or any intermediary registered with the market regulator, for a period of 5 years. Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of ₹6 lakh on it. In its 222-page final order, SEBI found that Anil Ambani, with the help of Reliance Home Finance Limited’s (RHFL) key managerial personnel, had orchestrated a fraudulent scheme to siphon-off funds from RHFL by disguising them as loans to entities linked to him.