Anil Ambani reviews SEBI order; To take legal action
The statement highlighted that Ambani has been complying with the interim order for the past two and a half years.
Regarding the August 22 order, which prohibits him and 24 others from the securities market for five years due to allegations of fund diversion, the spokesperson stated, "Mr. Ambani is reviewing the final order dated August 22, 2024, issued by SEBI in this matter, and will take appropriate next steps as legally advised."
SEBI has also imposed a fine of Rs 250 million on Ambani, accusing him of orchestrating a scheme to "siphon off" funds from Reliance Home Finance, a listed subsidiary of the Reliance Group, of which he is chairman. The ban prevents Ambani and the other 24 individuals from accessing the securities market, including buying, selling, or dealing in securities, either directly or indirectly. (ET)