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ā¢ The Securities Appellate Tribunal has set aside the penalty imposed by Sebi on Reliance Industries Ltd.'s Chairman Mukesh Ambani and two other entities in a case related to alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd.
ā¢ The tribunal quashed Sebi's order and directed the regulator to return the fine amount in case it has been deposited by the entities.
ā¢ The case pertains to sale and purchase of RPL shares in the cash and the futures segments in November 2007, and Sebi had alleged that RIL violated PFUTP rules by entering into a well-planned operation with its appointed agents to earn undue profits.