Securities Appellate Tribunal junks Sebi fine against Reliance Industries subsidiary

New Delhi, Dec 14, 2023

The Securities Appellate Tribunal (SAT) on Wednesday quashed a Sebi order imposing a penalty of Rs 7 lakh on Jio Financial Services in case of alleged manipulation in certain trades in long-dated Nifty options in 2017.

Earlier this year, Reliance Industries (RIL) demerged its financial services undertaking into Reliance Strategic Investments (RSIL) and renamed it as Jio Financial Services (JFSL) -- formerly known as Reliance Strategic Investments.

The case pertains to certain trades in long-dated Nifty options between Reliance Strategic Investments and Morgan Stanley France done back in 2017.

[The Times of India]