In a major crackdown, capital markets regulator SEBI has banned industrialist Anil Ambani and 24 other entities, including former top officials of Reliance Home Finance, from the securities market for five years.
The action comes in response to the alleged misdirection of company funds.
SEBI has slapped a hefty 25 crore rupees penalty on Anil Ambani and restrained him from taking on roles as a director or Key Managerial Personnel in any listed company or registered intermediary for the next five years.
Additionally, Reliance Home Finance has been banned from the securities market for six months, with a fine of 6 lakh rupees.
ADAG stocks including Reliance Power saw deep cuts on the back of this development.