Sebi ruling in Rel Petroleum matter: SAT to hear RIL's appeal on Wednesday

The Securities Appellate Tribunal on Wednesday is likely to hear an appeal by Reliance Industries Ltd against a Sebi order that had barred the company and 12 of its promoter group entities from dealing in equity derivatives. The watchdog had barred the company and the entities for alleged unfair trade practices related to the securities market.

Through an order on March 24, 2017, Sebi had also directed RIL to disgorge Rs 447 crore along with interest. The total amount of disgorgement, including interest, was around Rs 1,952 crore.

SAT would hear RIL's appeal against the Sebi ban on Wednesday, as per the tribunal's cause list. Noted lawyer Harish Salve would be appearing for RIL.

The case dates back to March 2007, when Mukesh Ambani-led RIL decided to sell 5 per cent stake in Reliance Petroleum, a listed subsidiary which was later merged with RIL in 2009. Sebi ruling was related to alleged fraudulent trading in the F&O space in the securities of Reliance Petroleum.

RIL and the 12 of its promoter group entities from dealing in equity derivatives in the F&O segment of stock exchanges.

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