Sebi stuns Mukesh Ambani with its final dash in a 12-year-old marathon RPL share-sale case

From left: Anil Ambani, chairman, Reliance Group, with late Amar Singh, former general secretary of Samajwadi Party. Mukesh Ambani, chairman and managing director of Reliance Industries.

Synopsis

Several quick hearings followed, after a SAT order upholding Sebi’s three-year-old disgorgement order. Ambani claimed ignorance of the exact mode of the share sale, but Sebi found him “liable for the manipulative trades” and fined him and related entities. While the order could boost public confidence in regulatory bodies, Sebi’s long struggle to get there tells its own story.

Amar Singh would be turning in his grave. Had he been around today, the wily politician would have perhaps made a characteristic “Tum karo toh raas leela…”-type quip or even recorded a video and put it out on Twitter, like he often did in his last days. A 2008 complaint by Singh, the then general secretary of Samajwadi Party, to Securities and Exchange Board of India (Sebi) chairman CB Bhave had set the ball rolling on one of the most followed

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