Скачать или смотреть RHFL fraud: Why has Sebi fined Anil Ambani and banned him from the market ?

SEBI has also slapped a Rs 25 crore fine on Ambani for orchestrating a fraudulent scheme that adversely affected RHFL’s stakeholders, as well as confidence in the integrity of governance structures in regulated financial sector entities.
Securities markets regulator Securities and Exchange Board of India (Sebi) has banned ADAG chairman Anil Ambani and 24 other entities, including former key managerial personnel (KMPs) of Reliance Home Finance Ltd (RHFL), from the securities market for five years for diversion of funds from the company.

Sebi has also slapped a Rs 25 crore fine on Ambani for orchestrating a fraudulent scheme that adversely affected RHFL’s stakeholders, as well as confidence in the integrity of governance structures in regulated financial sector entities. The total penalty imposed on Ambani and the other 24 entities works out to more than Rs 625 crore.

The RHFL case
Sebi opened an investigation into RHFL, a non-banking finance company (NBFC) focused on housing loans, loans against property, and construction finance after receiving multiple complaints/ reports of alleged diversion or siphoning of funds within the company.

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The major promoter of RHFL was Reliance Capital Ltd (RCL), with a shareholding of 47.91%. Ambani was the promoter and non-executive and non-independent director of RCL during FY2018-19.