Sebi Targets Reliance Entities with Rs 154.50 Crore Demand Notice

Sebi has issued demand notices to six entities, including Reliance Home Finance's promoter, to pay Rs 154.50 crore for fund diversion. If unpaid, assets and bank accounts face attachment. Notable figures like Anil Ambani are barred from the securities market, marked by a Rs 25 crore penalty.

The Securities and Exchange Board of India (Sebi) has issued demand notices to six entities, including a promoter entity of Reliance Home Finance, for the recovery of Rs 154.50 crore. This hefty demand is said to be the result of a fund diversion scheme orchestrated from the company.

Sebi has warned these entities of the possibility of having their assets and bank accounts attached if they fail to make the payment within a 15-day deadline. The entities involved include Crest Logistics and Engineers Pvt Ltd, Reliance Unicorn Enterprises Pvt Ltd, and Reliance Commercial Finance Ltd, among others.

In addition to issuing fines, Sebi has already barred industrialist Anil Ambani and 24 entities, including Reliance Home Finance's former key officials, from participating in the securities market. Ambani has been fined Rs 25 crore and barred from holding key positions in any listed company for five years due to his role in the fraudulent scheme.

(With inputs from agencies.)