Tuesday, 18 March, 2008

Sebi probing RPL insider trading: Bansal

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.