Indian Capital market regulator the Securities Exchange Board
of India (SEBI) has imposed a penalty of Rs. 11 crore on Reliance Petroinvestments (RPIL), a subsidiary of Reliance Industries (RIL), for insider trading in IPCL shares in 2007.
SEBI said that RPIL made profits of over Rs. 3.82 crore through these trades in a 17-page order which was released late on recently.
IPCL, which Reliance bought in 2002 under a government disinvestment programme, was a separately listed firm before being merged with RIL..
SEBI said that RPIL bought 21,32,953 shares of IPCL for Rs. 55.51 crore from February 27 to March 2,2007, prior to IPCLs interim dividend & merger with RIL.
The order says that RPIL did not sell any shares of IPCL till March, 31, 2007 and received dividend of Rs. 6 per share worth Rs. 1.27 crore.RPIL also received 4,26,590 RIL shares against the 21,32,953 IPCL shares bought in February - March after the completion of the merger.
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