Anil Ambani Confronts Sebi's Capital Markets Ban

Businessman Anil Ambani is evaluating a Sebi order that bans him from the securities market for five years. He has resigned from boards in compliance with a prior order. The ban follows charges of fund diversion from Reliance Home Finance. Ambani is considering next legal steps.

Business tycoon Anil Ambani is currently assessing a Securities and Exchange Board of India (Sebi) order that prohibits him from participating in capital markets for the next five years, his spokesperson confirmed on Sunday.

According to the spokesperson, Ambani has already resigned from the boards of Reliance Infrastructure Ltd and Reliance Power Ltd to comply with Sebi's earlier interim order dated February 11, 2022, linked to Reliance Home Finance Ltd. The spokesperson emphasized that Ambani has adhered to this interim order for over two and a half years.

On August 22, Sebi issued a final order banning Ambani and 24 others from the securities market due to allegations of fund diversion. The regulatory board also fined Ambani Rs 25 crore for purportedly orchestrating a scheme to siphon off funds from Reliance Home Finance. The ban restricts him and the others from engaging in any securities dealings, either directly or indirectly.

(With inputs from agencies.)