New Delhi, August 20: Market regulator SEBI is believed to have turned down any out-of-court like settlement sought by Reliance Industries in the ongoing probe relating to alleged insider trading in shares of erstwhile group firm RPL.
Sources said that a final order could be made soon in this case by SEBI, which has rejected twice RIL’s request for settling the case by paying a consent fee — an out-of-court settlement like resolution reached through negotiations between the two parties.
When contacted, an RIL spokesperson declined to comment on whether its requests have been rejected by SEBI for settling the matter through payment of consent fees.
The investigation into Mukesh Ambani-led RIL relates to alleged violation of insider trading norms way back in 2007 in the dealings of shares of now-delisted subsidiary Reliance Petroleum (RPL).
–Agencies