Stock market regulator Securities and Exchange Board of India (SEBI) on Friday banned Reliance Anil Dhirubhai Ambani Group (ADAG) Chairman Anil Ambani from investing in stock market till December.
The SEBI imposed the ban after receiving information that ADAG is raising money through external commercial borrowings and/or foreign currency convertible bonds, and investing the amount in stock market.
According to reports, Ambani and four board members of Reliance Natural Resources Limited (RNRL)- are Satish Seth, Lalit Jalan, SC Gupta and JP Chalsani-have been barred from stock market investment till SEBI completes its investigations into the case.
SEBI also banned two of Ambani?s group companies-RNRL and Reliance Infrastructure from the secondary market for two years.