Mumbai: In a significant move, the Securities and Exchange Board of India (SEBI) has imposed strict actions against prominent industrialist Anil Ambani for corruption charges. SEBI has banned Ambani from participating in the stock markets for five years, following allegations of fund misappropriation at Reliance Home Finance Limited (RHFL). Along with Ambani, SEBI has also penalized several former officials of RHFL and another 24 related entities, all of which face a five-year ban.
Moreover, SEBI has slapped a hefty ₹25 crore fine on Anil Ambani. The ban also restricts him from holding any director or key managerial positions in any listed company or engaging in securities market-related activities for the next five years. Ambani has also been removed from his director position in any listed firm. RHFL itself has been banned from security markets for six months and fined ₹6 lakh.
The probe revealed that Anil Ambani diverted RHFL funds in the form of loans to his subsidiary companies with the help of key management officials. Despite efforts by RHFL’s board to intervene, Ambani’s influence led to rule violations and corruption. Many of these loans defaulted, pushing RHFL towards bankruptcy, severely affecting public shareholders.
