This is further to the Company s disclosure dated June 21, 2022 regarding order passed by theadjudicating officer of SEBI on June 20, 2022 finding the Company to have violated Principle no. 4 under Schedule A - Principles of Fair Disclosure for purposes of Code of Practices and Procedures for Fair Disclosure of UPSI read with Regulation 8(1) of the SEBI (Prohibition of Insider Trading) Regulations, 2015 ("SEBI PIT Regulations") read with Regulation 30(11) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR Regulations") and imposing a penalty of Rs. 30 lakhs in the matter of disclosure of the Jio-Facebook Deal to the Stock Exchanges in the year 2020.The Hon ble SAT on May 2, 2025 dismissed the Company s appeal against the above SEBI order. The Company will examine the order passed by the Hon ble SAT and take appropriate action under legal advice. The order was uploaded on the website of Securities Appellate Tribunal on May 2, 2025 at around 5:00 p.m. (IST).The Company has complied with the letter and spirit of SEBI PIT Regulations and SEBI LODRRegulations with respect to the disclosure of the Jio-Facebook Deal.
RELIANCE · price
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Reliance Industries is updating the stock exchanges about the Securities Appellate Tribunal (SAT) dismissing its appeal against a 2022 SEBI order. SEBI's adjudicating officer had found the company in violation of fair disclosure principles (Principle 4 under Schedule A) related to how the Jio-Facebook deal was disclosed to the stock exchanges in 2020, and had imposed a penalty of Rs. 30 lakhs. SAT upheld the SEBI order on May 2, 2025. Reliance said it will study the SAT order and take appropriate legal action, while maintaining that it has complied with the letter and spirit of SEBI's insider trading and listing regulations on the Jio-Facebook deal disclosure.
The penalty of Rs. 30 lakhs is financially negligible for Reliance, so there is no material impact on the stock or shareholders. However, the loss at SAT means the original SEBI ruling now stands, and Reliance may consider further legal options such as appealing to the Supreme Court.