Thursday 20 March 2008

No insider trading on RPL - Reliance

Reliance Industries Ltd. (RIL) said the company and its other group companies have complied with all rules and regulations. The Mukesh Ambani-owned RIL was reacting to media reports that capital market regulator SEBI was probing alleged insider trading in Reliance Petroleum shares. RIL said it will cooperate and provide all the necessary information to the concerned authorities. SEBI is investigating trading in Reliance Petroleum shares, the Minister of State for Finance Pawan Kumar Bansal said in the Rajya Sabha. "SEBI has informed that it has initiated an examination in the matter," Bansal said.
The minister was responding to a question by SP leader Amar Singh on whether the Government has acted against the promoters or affiliates of RIL regarding insider trading activities in Reliance Petroleum. In November, RIL raised Rs40.23bn (US$1bn) by selling 4% stake in Reliance Petroleum. While actual date for the stake sale is not known, shares of Reliance Petroleum moved up sharply between late October and early November