SEBI bans Reliance Home Finance, Anil Ambani and 3 others from the market

SEBI on February 11 banned Reliance Home Finance, industrialist Anil Ambani along with 3 others Amit Bapna, Ravindra Sudhakar and Pinkesh R Shah from the securities market for alleged fraudulent activities related to the company.

In a 100-page interim order, the regulator barred everyone from associating themselves with “any intermediary registered with SEBI, any listed public company or the acting directors/promoters of any public company, which is to remain in contact with the public until further orders.” intends to raise capital.

According to reports, SEBI has accused Reliance Home Finance Limited, industrialist Anil Ambani and three other persons of alleged fraud related to the company.

Sebi has also imposed fines on NSE and its former managing directors and chief executive officers Chitra Ramakrishna and Ravi Narayan and others. These fines have been imposed for violation of securities contract rules in the appointment of Anand Subramanian as Group Operating Officer and Advisor to the Managing Director (MD).

SEBI has imposed a fine of Rs 3 crore on Ramakrishna, Rs 2 crore each on National Stock Exchange (NSE), Narayan and Subramanian and Rs 6 lakh on VR Narasimhan. Along with this, the regulator has barred NSE from introducing any new product for 6 months. Besides, Ramakrishna and Subramanian have been barred from associating with any market infrastructure institution or any intermediary registered with SEBI for a period of three years, while for Narayan it is for two years.

There is huge pressure in the stock of Anil Ambani’s banned company Reliance Home Finance. On Friday, the last trading day of the week, Reliance Home Finance shares closed at Rs 4.90, down 1.40 per cent. The market cap of the company is Rs 237 crore. The 52 week high of the stock is at Rs 6.75 while its 52 week low is at Rs 2.10.