Securities and Exchange Board of India (Sebi) is investigating alleged insider trading activities in the shares of Mukesh Ambani-promoted Reliance Petroleum, Rajya Sabha was informed today.
"Sebi has informed that it has initiated an examination in the matter," Minister of state for Finance P K Bansal said in a written reply.
Bansal was replying to a query by Amar Singh (SP) on whether the government had taken any action against the promoters/affiliates of Reliance Industries regarding the recent mammoth insider trading activities in the shares of Reliance Petroleum.
Reliance Industries had raised Rs 4,023 crore by divesting 4.01% stake in Reliance Petroleum, the company said on November 24.
While the actual date for the stake sale is not known, the shares of Reliance Petroleum had moved by a wide margin between late October and early November.
Meanwhile, Reliance Industries said in a statement that its group companies have complied with all rules and regulations, and will co-operate and provide all the necessary information to the concerned authorities.
RIL is India's largest private sector company on all major financial parameters with a turnover of Rs 1,18,354 crore, cash profit of Rs 17,678 crore, net profit of Rs 11,943 crore and net worth of Rs 63,967 crore as of March 31, 2007.
"Sebi has informed that it has initiated an examination in the matter," Minister of state for Finance P K Bansal said in a written reply.
Bansal was replying to a query by Amar Singh (SP) on whether the government had taken any action against the promoters/affiliates of Reliance Industries regarding the recent mammoth insider trading activities in the shares of Reliance Petroleum.
Reliance Industries had raised Rs 4,023 crore by divesting 4.01% stake in Reliance Petroleum, the company said on November 24.
While the actual date for the stake sale is not known, the shares of Reliance Petroleum had moved by a wide margin between late October and early November.
Meanwhile, Reliance Industries said in a statement that its group companies have complied with all rules and regulations, and will co-operate and provide all the necessary information to the concerned authorities.
RIL is India's largest private sector company on all major financial parameters with a turnover of Rs 1,18,354 crore, cash profit of Rs 17,678 crore, net profit of Rs 11,943 crore and net worth of Rs 63,967 crore as of March 31, 2007.
