New Delhi: The Securities and Exchange Board of India (SEBI) has banned Reliance Home Finance Ltd, industrialist Anil Ambani and three others from the securities market for their alleged fraudulent activities with the company. The other three include Amit Bapna, Ravindra Sudhakar and Pinkesh R Shah.
SEBI, in its interim order, said the entities are prohibited from associating themselves with any intermediary registered with SEBI, any listed public company or the acting directors/promoters of any public company who intend to raise capital. This ban will remain in force until further orders. Capital markets regulator SEBI has also slapped fines on the National Stock Exchange (NSE) and its former managing directors and CHIEF Executive Officers Chitra Ramakrishna and Ravi Narayan and others.
The penalty has been imposed for violation of security contract rules in the appointment of Anand Subramanian as the group's operating officer and advisor to the managing director (MD). Sebi has imposed a fine of Rs 3 crore on Ramakrishna, two crores each on the National Stock Exchange (NSE), Narayan and Subramanian and Rs 6 lakh on V R Narasimhan. With this, the regulator has barred NSE from offering any new product for up to six months.
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