Why Has SEBI Barred Anil Ambani From Share Markets For 3 Months? Find Out Here

Anil Ambani has been barred for allegedly siphoning off funds from his company Reliance Home Finance. After the ban, the individuals cannot buy, sell or deal in securities, directly or indirectly.

New Delhi: In a latest development, the Securities Exchange Board of India (SEBI) has barred Anil Ambani and 3 others from the securities market for a period of three months, according to a report by PTI. The three others who have been barred are Amit Bapna, Ravindra Sudhakar and Pinkesh R Shah.

The businessman has been barred for allegedly siphoning off funds from his company Reliance Home Finance. After the ban, the individuals cannot buy, sell or deal in securities, directly or indirectly, the report added.

The SEBI order stated that the above-mentioned businessmen will not be able to associate “themselves with any intermediary registered with Sebi, any listed public company or acting directors/ promoters of any public company which intends to raise money from the public till further orders.”

SEBI was probing the manner in which the loans were given by Reliance Home Finance in the 2018-19 period. The irregularity was noticed by Price Waterhouse & Co. (PWC), which later resigned as the statutory auditor of the company, PTI stated.

Also, the SEBI order related to the alleged siphoning off of funds from the company will impact a total of 28 individuals and entities.

“It is noted that one individual person Anil Ambani, who controls the company due to his position as a promoter and controlling shareholder by way his direct and indirect shareholding, is seen to be exercising unfettered powers…,” SEBI order said.