Mumbai: The Securities Appeal Tribunal upheld the Securities and Exchange Commission order of India to impose a Rs 30 million fine on Reliance Industries and two compliance officers, Savithri Parekh and K Sethuraman, for not quickly publicly sold shares in their subsidiary Jio Platforms in 2020. Sebi claimed in 2022 that during the investigation, it collected a lot of news streams around Facebook’s investment in Jio, which invested in Jio in March and April 2020 before it was released on April 22, 2020.
In 2020, RIL invested Rs 43,574 crore on the Jio platform in April and May, invested Rs 43,574 crore on the Jio platform in April and May, Silver Lake invested Rs 56,55 crore on the company, 1.15 crore on the company, and invested Vista Equity shares in 2.32% and invested Rs 11,367 crore on the price of Rs 11,367 crore. “It is observed that the first news about the upcoming Jio-Face Book deal was published in London's Financial Times (FT) on March 24, 2020, and since then, the above news reports of FT have been widely circulated in Indian media the same day and the next day,” Sebi said.
The regulator said news articles said Facebook is seeking to buy billions of dollars in Reliance Jio, which is about to sign a preliminary agreement on Jio to account for 10% of Jio, with Facebook, which will announce the end of the fiscal year with India in March. Sebi said the company's script price was published almost 15% after it was published on March 25, 2020.
In 2020, RIL invested Rs 43,574 crore on the Jio platform in April and May, invested Rs 43,574 crore on the Jio platform in April and May, Silver Lake invested Rs 56,55 crore on the company, 1.15 crore on the company, and invested Vista Equity shares in 2.32% and invested Rs 11,367 crore on the price of Rs 11,367 crore. “It is observed that the first news about the upcoming Jio-Face Book deal was published in London's Financial Times (FT) on March 24, 2020, and since then, the above news reports of FT have been widely circulated in Indian media the same day and the next day,” Sebi said.
The regulator said news articles said Facebook is seeking to buy billions of dollars in Reliance Jio, which is about to sign a preliminary agreement on Jio to account for 10% of Jio, with Facebook, which will announce the end of the fiscal year with India in March. Sebi said the company's script price was published almost 15% after it was published on March 25, 2020.
Regulators also said there were many other news articles in the media before the company announced its company announcement.
“…We believe that the rapid disclosure of such information selectively disclosed in certain media at unknown sources is the responsibility for rapid disclosure. The SAT bench was chaired by Justice PS Dinesh Kumar.
