In the Right Direction ~ SEBI announces that Insider Trading and Front Running and Fraudulent Practices will not be allowed in applications for Consent Orders…Well Done SEBI ~ Clean Up our Markets so that Promoters no longer Can! http://www.financialexpress.com/news/insider-trading-out-of-sebi-norms/953932/
Does this mean No Consent Order for Reliance Industries gigantic Rs 1000 crs + Insider Trading gains in November 2007 !?
Wednesday, August 6th, 2008
SEBI has thus far rejected Consent Order Overtures from RIL for the above because the Penalty proposed by RIL was too low..Rs 5 crs at first and raised some more later…It was expected that the Penalty would be running into Hundreds of Crores…and to think it would even finance SEBI’s Delhi Standalone Building that they are looking for !
Update on Morning of Monday,May 28,2012
Reliance Industries has moved the Bombay High Court on SEBI’s new Consent Rules….it has urged the High Court to allow it to settle the Insider Trading Issue as above with SEBI on the old Consent Terms Guidelines and Rules
In January 2011,Anil Ambani and Two of his Companies got away with a Consent Order Fine of Rs 50 crs aggregate for misuse of ECB Funds to the tune of US $ 500 Million
Anil Ambani must breathe a sigh of relief as SEBI passes a consent order for RNRL,Reliance Infra and it’s Directors in a probe involving misuse of ECB funds