RIL denies SEBI charge in REL petro stake sale | business | Hindustan Times
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RIL denies SEBI charge in REL petro stake sale

business Updated: Nov 23, 2009 21:40 IST

Market regulator SEBI is understood to have asked RIL as to why it should not be barred from accessing the market in relation to violation of insider trading norms —a charge that has been denied by the company.

Reliance Industries has not violated any regulations, a spokesperson for Mukesh Ambani-led firm said on Monday, when asked about Sebi’s show-cause notice issued in April this year in relation to sale of shares of its then-subsidiary, Reliance Petroleum, in November, 2007.

When contacted by Hindustan Times, the RIL spokesperson said "Reliance Industries Ltd. has always abided by all rules and regulations of SEBI and hence, has neither violated any provisions of Insider Trading nor has acted in any manner so as to attract provisions under Section 11(i), 11 (B) and 11(4) of SEBI Act 1992.

“We have accordingly, submitted our detailed reply to SEBI and have not received any further communication in this regard," the company spokesperson said.