HC makes Reliance Industries party in Sebi-CIC tussle on insider trading disclosure
Express news service :Mumbai, Dec 05 2012, 01:16 IST
It first sold the shares in derivatives segment and then covered the derivatives position, which resulted in a hefty profit.
The case is now slated to be heard on December 19.
RIL sought a consent order from the Sebi twice, but it didn’t work as investigation was not over.
As per Sebi norms, a firm or a person facing probe can submit an application for a consent order, without admission of guilt and without denial of liability. It also means the company will not have to carry the stigma of a regulatory rap.
Last year, Sebi had passed a consent order to settle a probe into alleged violation of regulations for foreign investment and unfair trade practices by Anil Ambani-led firms Reliance Infra and RNRL.
The terms included payment of Rs 50 crore as settlement charges, which were paid by the directors without any financial burden on the companies involved.
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