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Jio-Facebook deal: SAT nixes RIL plea against Sebi penalty
Business Standard
|May 03, 2025
The Securities Appellate Tribunal (SAT) on Friday dismissed Reliance Industries' (RIL) appeal against a Securities and Exchange Board of India (Sebi) order imposing a ₹30 lakh penalty for violating Prohibition of Insider Trading (PIT) Regulations.
In its June 2022 adjudicating order, Sebi found RIL in breach of PIT Regulations for failing to disclose details of a potential investment deal with Facebook in Jio Platforms promptly.
"We find the appellants in violation of Principle 4, Schedule A of the PIT Regulations and uphold the Sebi order," said the SAT bench, presided over by Justice PS Dinesh Kumar.
The case relates to a confidentiality and non-disclosure agreement signed between RIL and Facebook in September 2019, followed by a non-binding term sheet on March 4, 2020, for Facebook's investment in Jio Platforms.
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