Sebi Imposes 5-Year Trading Ban on Anil Ambani, ₹25 Crore Fine
The Securities and Exchange Board of India (Sebi) has taken stern action against industrialist Anil Ambani and 24 other entities, including key officials of Reliance Home Finance Ltd (RHFL). Sebi has imposed a 5-year ban on Ambani, barring him from any involvement in the securities market. The regulator has also levied a ₹25 crore fine on Ambani for his role in a fraudulent scheme that diverted funds from RHFL.
The scheme, as revealed in Sebi’s detailed 222-page order, involved the diversion of funds under the guise of loans to entities connected to Anil Ambani. These loans were approved despite clear directives from RHFL’s Board of Directors to halt such practices. The fraudulent activities led to significant financial losses for public shareholders, including over 9 lakh investors.
The market regulator’s investigation uncovered that Anil Ambani, leveraging his position as the chairperson of the ADA Group, orchestrated this scheme with the help of RHFL’s top executives. Funds were funneled through companies with little to no assets or cash flow, which ultimately defaulted, causing RHFL to face a debt crisis.
Sebi has also penalized 24 other entities involved in the scheme, including former RHFL officials Amit Bapna, Ravindra Sudhalkar, and Pinkesh R Shah, who were fined substantial amounts ranging from ₹21 crore to ₹27 crore. Additionally, several other companies linked to the diversion of funds were fined ₹25 crore each.
This ruling follows Sebi’s interim order from February 2022, which had already barred RHFL, Anil Ambani, and others from the securities market.
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