Business News: SEBI Bans Anil Ambani From Share Market, Imposes Fine of Rs 25 Cr

Business News: Market regulator SEBI has banned Anil Ambani from the securities market for 5 years and imposed a fine of Rs 25 Cr. In addition to Anil Ambani, 24 other people have also been banned from Reliance Home Finance along with former officials. Along with this, Reliance Home Finance has also been banned from the share market for the next 6 months. Following the ban, a big decline has been witnessed in the stocks of Anil Ambani Group. There is a decline of about 5.12% in the share of Reliance Home Finance, an 11% decline in Reliance Infrastructure, and a 5% decline in R Power. 

Why SEBI Banned Anil Ambani?

The main reason behind this ban was the diversion of money from Reliance Home Finance to other companies. According to media reports, Anil Ambani made a fraud plan with other officials of Reliance Home Finance to give funds to other organizations related to him. According to SEBI, Anil Ambani took advantage of his position and diverted this fund. So for the next 5 years, he was stopped from participating in the board of any company listed in the market or in top management.