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  5. SEBI bars Anil Ambani, 24 other entities from accessing securities market for 5 years: Check list here

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SEBI bars Anil Ambani, 24 other entities from accessing securities market for 5 years: Check list here

Upstox
By Upstox News Desk

2 min read | Updated on August 23, 2024, 16:49 IST

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SUMMARY

The Securities and Exchange Board of India (SEBI) prohibited 25 entities including Anil Ambani from participating in the securities market for five years for diverting the funds of Reliance Home Finance Ltd (RHFL). Check the list of the barred entities here.

Stock list

RHFL
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SEBI also imposed a penalty of ₹25 crore on Anil Ambani

SEBI also imposed a penalty of ₹25 crore on Anil Ambani

On Thursday, August 23, the Securities and Exchange Board of India (SEBI) barred Anil Ambani and 24 other entities, including former key officials of Reliance Home Finance Ltd. (RHFL), from participating in the securities market for five years. SEBI also imposed a penalty of ₹25 crore on Anil Ambani.

The market regulator has also prohibited RHFL from participating in the securities market for six months and fined the company ₹6 lakh.

The capital markets regulator, in a 222-paged final notice, stated that it found that Anil Ambani along with RHFL’s key management officials had composed a fraudulent scheme to syphon off funds from RHFL by disguising them as loans to entities linked to Ambani.

Also read: SEBI bans 25 entities including Anil Ambani from securities market for 5 years

The list below mentions the entities which were issued notices by SEBI. In its final order, the regulator said “Noticee Nos. 2–25 and 27 are restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities, directly or indirectly,for a period of 5 years, from the date of coming into force of this order.” Noticee No. 2 is Anil Ambani, the chairman and managing director of Reliance ADA Group.

SEBI took action on the following noticees:

1 . Reliance Home Finance Limited

  1. Anil D. Ambani

  2. Amit Bapan

  3. Ravindra Sudhalkar

  4. Pinkesh R. Shah

  5. Adhar Project Management and Consultancy Private Limited

  6. Indian Agri Services Private Limited

  7. Phil Management Services Private Limited

  8. Arion Movie Production Private Limited

  9. Citi Securities and Financial Services Private Limited

  10. Deep Industrial Finance Limited

  11. Azalia Distributions Private Limited

  12. Vinayak Ventures Private Limited

  13. Gamesa Investment Private Limited

  14. Medybiz Private Limited

  15. Hirma Power Limited

  16. Tulip Advisors Private Limited

  17. Mohanbir Hi-Tech Build Private Limited

  18. Netizen Engineering Private Limited

  19. Crest Logistics Private Limited (now known as “CLE Private Limited”)

  20. Reliance Unicorn Enterprises Private Limited

  21. Reliance Exchange next Limited

  22. Reliance Commercial Finance Limited

  23. Reliance Cleangen Limited

  24. Reliance Business Broadcast News Holding Limited

  25. Reliance Broadcast Network Limited

  26. Reliance Big Entertainment Private Limited

  27. Reliance Capital Limited

With inputs from PTI
Also read: After SEBI ban, Anil Ambani-led group stocks plummet

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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