After SEBI ban, Anil Ambani-led group stocks plummet

Shares of companies led by Anil Ambani on Friday fell sharply after SEBI barred him and 24 other entities, including former key officials of RHFL, from the securities market for five years for diversion of funds from the company.

In the mid-session trade, the 30-share BSE Sensex rose 57.32 points or 0.07% to trade at 81,110.51, while NSE Nifty climbed 29.35 points or 0.12% to 24,840.85.

On Thursday, SEBI barred industrialist Anil Ambani, 24 other entities, including former key officials of RHFL, from the securities market for five years for diversion of funds from the company.

SEBI has imposed a penalty of ₹25 crore on Ambani and restrained him from being associated with the securities market, including as a director or key managerial personnel in any listed company or any intermediary registered with the market regulator, for a period of 5 years.

Also, the regulator barred RHFL from the securities market for six months and slapped a fine of ₹6 lakh on it.

Passing the final order in the RHFL matter, SEBI found that Ambani, with the help of RHFL's key managerial personnel, had orchestrated a fraudulent scheme to syphon off funds from RHFL by disguising them as loans to entities linked to him.

In February 2022, markets watchdog SEBI passed an interim order and restrained RHFL, Ambani and three other individuals (Amit Bapna, Ravindra Sudhakar and Pinkesh R Shah) from the securities market till further orders, for allegedly syphoning off funds from the company.