The Supreme Court has dismissed the Securities and Exchange Board of India's (Sebi) appeal seeking to impose a ₹25 crore penalty on Mukesh Ambani in the Reliance Petroleum Limited (RPL) share manipulation case. This verdict arrives after years of litigation and marks a significant development in a case that dates back to November 2007, when Reliance Industries Ltd. (RIL) was alleged to have conducted manipulative trading in RPL shares through transactions in the cash and futures segments.
The controversy centers on allegations that RIL, under Mukesh Ambani’s leadership, engaged in deceptive trading to inflate RPL share prices, allegedly profiting by nearly ₹513 crore. Sebi accused RIL of trading in the futures market to hedge its exposure in the cash segment. According to Sebi, this volume of trading significantly influenced RPL’s share price, affecting market integrity and investor interests.
