MUMBAI: A securities tribunal upheld on Monday the Rs 11 crore ($1.83 million) penalty imposed on a unit of Reliance Industries by the Securities and Exchange Board of India (Sebi) for insider trading.
The ruling was made by the Securities Appellate Tribunal, an independent quasi-judicial body that rules on appeals against orders passed by the Sebi.
Its decisions are binding, but can be appealed to the Supreme Court.
Market regulator Sebi had fined Reliance Petroinvestments Rs 11 crore ($1.83 million) last year, accusing the unit and parent company Reliance Industries of insider trading in a transaction involving a separate company.
The case pertained to alleged trading of shares in Reliance Petroleum by RIL ahead of their merger with RIL.
The oil & gas major was accused of making profit on the back of price-sensitive information which was not made public.
