SEBI BANS ANIL AMBANI, 26 ENTITIES FOR TRADING IN STOCK MARKETS FOR 5 YEARS

The Securities and Exchange Board of India (SEBI) on Friday imposed a ban on businessman Anil Ambani, 3 key officials of his company and 23 companies associated with him, from trading in the stock market for a period of five years.

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This final order of the market regulator comes after a thorough investigation of allegations, which includes significant irregularities related to loan approvals, fund diversion, and non-compliance with regulations among the entities involved.

SEBI's investigation revealed a pattern of financial misconduct orchestrated by Anil Ambani and his associates. The regulatory body found that funds were being diverted under the pretext of loans to entities linked to Anil Ambani, leading to severe breaches of financial regulations. As part of the sanctions, SEBI has issued a comprehensive order stating, "Noticees are restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, for a period of 5 years, from the date of coming into force of this order."