After concluding that businessman Anil Ambani, who had filed for bankruptcy in February 2020 before a UK court, had planned a fraudulent plot to embezzle money from Reliance Home Finance, markets regulator Sebi has banned him from the securities market for a period of five years.
Sebi banned Anil Ambani and 24 entities from the securities market for five years due to cash diversion, fined Rs 25 crore, and prohibited Reliance Home Finance for six months. Ambani was also barred from any affiliation with the market, including KMP roles.
Anil Ambani was identified as the schemer behind the illegal fund diversion that Reliance Home Finance (RHFL) committed during the fiscal year 2018–19. Sebi, the regulator, disregarded the board’s orders after discovering a breakdown in governance. In addition to imposing a six-month ban on RHFL and a five-year ban on 24 firms from the securities market, the regulator also requested a punishment of Rs. 6 lakh.
