Capital markets regulator SEBI has imposed a total fine of Rs 30 lakh on Reliance Industries and two individuals for not directly informing the stock exchanges about the Jio-Facebook deal.
The Securities and Exchange Board of India (SEBI) said in an order on Monday that the information about the Jio-Facebook deal was given in the newspaper without giving direct information to the stock exchanges.
Terming it as a violation of the provisions of SEBI, it has been decided to jointly impose a fine of Rs 30 lakh on Reliance Industries and Savitri Parekh and K Sethuraman.
As per the SEBI order, the penalty amount has to be deposited within 45 days.
SEBI adjudicating officer Bernali Mukherjee said in this order that news about Facebook’s deal to invest Rs 43,574 crore to take 9.99 percent stake in Jio Platforms came on March 24-25, 2020, but the stock exchanges were informed about this.
The information was given on April 22, 2020.