SC upholds SEBI’s Rs 30 lakh penalty on Reliance Industries

The Supreme Court of India has upheld a penalty of Rs 30 lakh imposed by the Securities and Exchange Board of India (SEBI) on Reliance Industries and two of its officials.

The penalty was for not quickly telling the stock exchange about a big deal between Jio and Facebook.

The court said that big companies have a big responsibility to follow the rules.

SEBI and the Securities Appellate Tribunal (SAT) had earlier said that Reliance Industries did not share important information about the deal quickly enough.

The company argued that it followed the rules and that there was no wrongdoing, but the court agreed with SEBI and SAT.

The deal was about Facebook investing a lot of money in Jio Platforms.