SEBI to further probe insider trading charges in RPL shares

SEBI to further probe insider trading charges in RPL shares Market regulator SEBI will further look into trading of shares of Reliance Petroleum for alleged insider trading during November 2007, the government has said Market regulator Securities and Exchange Board of India (SEBI) will further look into trading of shares of Reliance Petroleum Limited (RPL), which is now part of Reliance Industries Limited (RIL), for alleged insider trading during November 2007, the Parliament was informed on Friday. SEBI had initiated an investigation into trades carried out in RPL shares between 1st November and 29th November 2007 to identify possible violation under various regulations, including SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations 2003, minister of state for finance Namo Narain Meena informed the Lok Sabha. Besides, the regulator had also investigated the matter under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992, he said. "SEBI conducted an investigation in the trading pattern in the scrip of RPL for the period of 1st November to 29th November 2007 on completion of which quasi-judicial proceedings were initiated by SEBI against Reliance Industries (RIL) with issue of a show-cause notice under Section 11(1), 11B and 11(4) of the Regulation 11(1)", he said. Based on the reply furnished by RIL, a competent authority in SEBI has been directed to further investigate the matter, he said.