Reliance: Reliance fined .. This is the reason! – sebi fines reliance industries for not promptly disclosing information on facebook deal

SEBI has imposed a fine of Rs 30 lakh on Reliance Industries.

In April 2020, Facebook invested $ 5.7 billion in Geo, owned by Reliance Industries. The purpose of this investment is to provide digital transaction services to small businesses in the watch processor.

It is noteworthy that the WhatsApp company is owned by the Facebook company. In April 2020, Facebook invested $ 5.7 billion in Geo. Although the investment was made in April, it was not until March that the news broke in the media.

Indian employees resign after pay hike
Reliance Industries’ share price soared when it was announced in March that Facebook would invest in Geo. However, Reliance did not provide any explanation.

SEBI yesterday fined Reliance Reliance for not giving any explanation on the leak of sensitive information that could have raised the share price. Accordingly, Reliance and two officials have been fined Rs 30 lakh.