SEBI issues fresh show cause notice to RIL in RPL insider trading case

The Securities and Exchange Board of India (SEBI) has issued a fresh show cause notice to Reliance Industries (RIL) in the RELIANCE Petroleum Limited (RPL) case. The notice has been issued under Section 11 and 11B of the SEBI Act and Regulation 11 of FUTP. The SEBI has also made some amendments in paragraph 25 of the earlier show cause notice.

The SEBI has asked why RIL shouldn’t be prohibited from the securities’ market and from buying and selling. “Why not disgorge proceeds from transacting in RPL shares,” SEBI

In response to the notice, an RIL official said that the company always abided by the rules and regulations and had not violated insider trading provisions.

“We have not acted in a manner to attract violations under Section 11 and 11B,” said RIL, adding that a detailed reply had been sent to SEBI but no further communication had been received.

Source: www.moneycontrol.com