RIL entity moves Tribunal against SEBI penalty

Reliance Petroinvestments, a Reliance Industries’ group entity, has approached the Securities Appellate Tribunal against the Rs.11-crore penalty imposed by the SEBI in a six-year-old insider trading case. The appeal, which would be heard by the Tribunal here on Wednesday, challenges a SEBI order passed on May 2 in a case of insider trading in the shares of IPCL, an erstwhile subsidiary of Reliance Industries. Pronouncing Reliance Petroinvestments guilty of violating insider trading regulations with regard to its dealings in shares of IPCL in early, 2007, SEBI had said that Reliance Petroinvestments made profits of over Rs.3.820000000. — PTI