SEBI imposes Rs 1 crore fine on Anil Ambani’s son Jai Anmol Ambani in Reliance Home Finance case
Sebi threatened to fine Jai Anmol Ambani Rs 1 million for allegedly sanctioning Rs 40 crore in unsecured loans at Reliance Home Finance, among other violations.
PTC News Desk: The Securities and Exchange Board of India (SEBI) has imposed a Rs 1 crore penalty on Jai Anmol Ambani, son of business tycoon Anil Ambani, for his alleged involvement in irregularities related to Reliance Home Finance. SEBI alleged that Jai Anmol failed to exercise proper due diligence in relation to General Purpose Working Capital (GPCL) loans, which were later onward lent to other companies within the Reliance Anil Dhirubhai Ambani Group (ADAG), including Reliance Capital.
The markets regulator stated that Jai Anmol Ambani had approved unsecured loans of Rs 20 crore each to Visa Capital Partners and Accura Production Pvt Ltd without following appropriate procedures. SEBI’s investigation revealed that Ambani was actively involved in the day-to-day operations of the company and approved loans to promoter-related entities.
SEBI noted in its order, "It is clearly evident that Jai Anmol Ambani is misrepresenting his role in the matter with an intent to downplay his involvement. Emails were sent to him with the exact word ‘approval,’ to which he responded with the word ‘okay,’ granting his consent for the transactions."
SEBI dismissed Jai Anmol’s claim that he was not involved in the company's daily affairs, stating that his role in approving the GPCL loans indicated otherwise. The regulator emphasized that his actions contributed to the financial misconduct at Reliance Home Finance.
This ruling follows SEBI’s earlier action against Anil Ambani, who was barred from the securities market for five years for his alleged involvement in a "fraudulent scheme" that led to the diversion of funds from Reliance Home Finance. In addition, SEBI imposed a ₹25 crore fine on Anil Ambani and prohibited him from holding managerial or directorial positions in any listed company or market intermediary for five years.