Mumbai: Market regulator SEBI has banned industrialist Anil Ambani’s Reliance Dwelling Finance’s former key officers and 24 different entities from the securities marketplace for 5 years over diversion of cash from the corporate.

SEBI has additionally imposed a nice of Rs 25 crore on Anil Ambani. He has been barred from partaking within the securities market as a director or key managerial personnel (KMP) in any listed firm or any registered middleman. Additionally, the regulator has banned Reliance Dwelling Finance from the securities marketplace for six months and imposed a nice of Rs 6 lakh on it.

What did SEBI say in its order in opposition to Anil Ambani

SEBI stated in its 222-page closing order that Anil Ambani, with the assistance of RHFL’s key managerial personnel, hatched a fraudulent scheme to withdraw cash from RHFL. He offered it within the type of loans to entities related to him.