Anil Ambani resigns as director as per SEBI order
Reliance Group Chairman Anil Ambani has resigned as the director of Reliance Power Ltd. and Reliance Infrastructure Ltd., following market regulator Securities and Exchange Board of India order restraining him from associating with any listed company.
SEBI in February 2022, barred Reliance Home Finance Ltd., industrialist Anil Ambani and three other individuals from the securities market for allegedly siphoning off funds from the company.
Anil Ambani was accused of using Reliance Home Finance ltd fund to pay off his own loans .
The regulator also restrained Ambani and three others from "associating themselves with any intermediary registered with SEBI, any listed public company or acting directors/promoters of any public company which intends to raise money from the public till further orders."
A company which has its securities (shares, bonds, debentures, warrants etc) listed on a recognised stock exchange is called as listed companies . It means an investor can buy the company's shares, bonds ,debentures ,warrants etc from the stock exchange where the company is listed .
Intermediaries registered with SEBI :
They are Stock brokers,Merchant Bankers , Mutual Funds etc. registered with SEBI.
Siphoning of funds . It means that the funds which were borrowed by the company from any banks or financial institutions were used by the company for purposes unrelated to the business of the company, which could lead to serious loss to the company and the lenders.
SEBI (Securities Exchange Board of India )
Securities Exchange Board of India(SEBI) was set up on 12 April 1988 and it was given statutory status by the SEBI Act 1992 on 30 January 1992.
It comes under the Ministry of Finance , Government of India.
It is the regulator of the Capital market and Commodities market in India.
Capital markets include securities markets and Secondary markets like stock exchanges.
Chairman of SEBI :Madhuri Buch
Headquarters of SEBI: Mumbai
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