Supreme Court of India upholds ruling exonerating Mukesh Ambani from 2007 trading penalties.

The Supreme Court of India has dismissed the Securities and Exchange Board of India's (SEBI) appeal against a Securities Appellate Tribunal (SAT) order. The SAT order exonerated Mukesh Ambani and other entities from penalties imposed by SEBI in a 2007 case involving alleged manipulative trading of Reliance Petroleum Limited (RPL) shares. The Supreme Court upheld SAT's ruling, finding no substantial legal issues in SEBI's appeal. SEBI had initially fined Ambani and others, but SAT found insufficient evidence of direct involvement by Ambani in the trades.

November 11, 2024
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