Indian market regulator Securities and Exchange Board of India (SEBI) has fined Jai Anmol Ambani, elder son of industrialist Anil Ambani, Rs 1 crore for irregularities in Reliance Home Finance (RHFL). SEBI has also penalised chief risk officer at RHFL, Krishnan Gopalakrishnan, for Rs 15 lakh between November 2016 and 2018 for the violations in company.
SEBI's penalty on Jain Anmol Ambani was for his approval of two general purpose loans, one each to Accura Production Private and Visa Capital Partners, the markets regulators said, reported by TOI. Anmol Ambani was the director of RHFL between April 2018 and May 2019.
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According to the investigation, it is mentioned that there was no observation in the show-cause notice which could point out anything that transpired in some meetings at RHFL that cluld "bring (Jai Anmol) under the purview of regulatory intervention. There is no observation which demonstrates that he enjoyed any power to direct company's CEO to act in a particular manner on any matter. (RHFL's CEO) worked under the overall superintendence and direction of the board of directors of RHFL, which had given him powers as CEO," the report said.