Securities appellate tribunal quashes Sebi order against Mukesh Ambani
The Securities Appellate Tribunal (SAT) has set aside the penalty imposed by Securities and Exchange Board of India (Sebi) on Reliance Industries's (RIL) chairman Mukesh Ambani and two other entities in a case related to alleged manipulative trading in the shares of erstwhile Reliance Petroleum (RPL) in November 2007. The tribunal ruled in favor of Ambani, Navi Mumbai SEZ, and Mumbai SEZ, quashing Sebi's order and directing the regulator to return the fine amount if deposited.
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