Sebi rejects Anil Ambani’s settlement plea over Yes Bank investments

Mumbai (Reuters) -INDIA’s market regulator, according to the documents examined by Reuters, rejected the allegation of solving the accusations against the investments made by the industrialist Anil Ambani and the lending of the debt, and potentially imposed at least 18.28 billion rupees ($ 208.4 million).

The case is related to 21.5 billion rupees ($ 245.3 million), which was invested by the Ambani ‘Reliance Investment Fund in addition to the additional level 1 bonds written when YES Bank is bankrupt in 2020 between 2016-2019.

The Reliance Investment Fund was sold to Nippon Life Insurance in 2019 and receives pre -sales fees.

According to the regulation notification, Indian Securities and Indian Stock Exchange (Sebı), investment yes bank other Anil Ambani group companies in exchange for credit, he said.

The regulator said that Ambani rejected his satisfaction to solve the charges without accepting guilty, that the behavior of the fund on July 7 caused the richness of investor, causing a loss of 18.28 billion rupees and ‘a wide impact of the market’.

Anil Ambani, the younger brother of the billionaire, is facing the renewal of the relations between the companies rescued by a group of lenders and yes bank in a plan approved by the Central Bank in 2020 and approved by the Central Bank.

Reuters sought India’s best offense agency, the group, as part of the Planning plan of siphoning with 30 billion rupees from Yes Bank.

Anil Ambani, his son Jai Anmol Ambani and the former yes Bank General Manager Rana Kapoor’un an offer was not accepted.

The documents reported that Sebi will pass the instructions that ask for investors to compensate for the Ambani and his son. The documents showed that additional actions may include monetary penalties.

Two sources with direct information on the subject, “Sebi also shared their findings with the Executive Directorate.” He said.

The rejection of Sebı, which shares the settlement, possible regulatory actions and findings with the Executive Directorate, has not been reported before.

E -mail queries sent to Sebi and Ambani on Monday were not answered. A message sent to Rana Kapoor’s latest known phone number was not answered.

In the Sebı investigations, he found that Ambani affected the investment decisions taken by the Reliance Investment Fund.

He said: “Anil Ambani and Jai Anmol Ambani, the Fund House and the Chief Investment Officer CEO Sundeep Sikka through the YES Bank’s additional level-1 bonds inFleunce and allegedly control the investment of the Trust Investment Fund.” Sebi said.

The notification refers to the meetings between Ambani and Fund House managers during the invitation. In addition, Kapoor’s investments in group assets as a ‘bilateral relationship agreement’ described the e -mails.

SEBI notifications also accused the fund house, the General Manager, the Officer and the former chief risk responsible for the alleged harm to investors.

This four made a separate settlement equal to 950 million rupees. Two sources, these are still taken into consideration, he said.

“There was delays and incompatibility in skipping the internal risk/ control framework when developing the specified domestic policy and procedure, as well as developing and investing and investing.” He said.

The e -mail sent to the Nippon Investment Fund spokesman was not answered.

(1 $ = 87.7190 Indian rupees)

(Reporting by Jayshree P Upadhyay; Editing by Kim Coghill)