SEBI imposed penalty of Rs 25 crore on Ambani

SEBI (Securities and Exchange Board of India) fined Anil Ambani, one of India's most well-known businessmen and chairman of Reliance Group, Rs. 25 crore and banned him from operating in the securities market for five years for allegedly diverting funds. Market regulator SEBI has also imposed a fine of Rs 6 lakh on Anil Ambani's company Reliance Home Finance and the company has been banned for 6 months.

Sebi examined RHFL, a non-banking financing firm (NBFC) that specializes in house loans, loans against property, and construction finance, after receiving numerous complaints/reports of alleged fund diversion or theft within the company.

The 22-page final ruling by Sebi stated that Anil Ambani, with the help of important RHFL management people, carried out a fraudulent operation to take funds from RHFL, which he covered as loans to firms affiliated with him. A spokeswoman said that Ambani will take appropriate legal action based on more information.

Who's Anil Ambani？

Anil Ambani is an Indian business magnate and the chairman of the Reliance Anil Dhirubhai Ambani Group (ADA Group). He is the younger son of Dhirubhai Ambani, the founder of Reliance Industries, and the brother of Mukesh Ambani.

About SEBI

The Securities and Exchange Board of India (SEBI) is the regulating authority for India's securities and commodity markets. The Securities and Exchange Board of India's fundamental functions include ...protecting the interests of investors in securities, promoting the development of, and regulating the securities market.

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