India’s SEBI Bars Ex-Billionaire Anil Ambani from Capital Market
India’s SEBI Bars Ex-Billionaire Anil Ambani from Capital Market
(Bloomberg) -- India’s capital market regulator restrained former billionaire Anil Ambani from dealing in securities for diverting funds from one of his companies’ to other group entities and repay debt.
Ambani, his company Reliance Home Finance Ltd. and three of its executives were barred from trading in securities, either directly or indirectly, until further orders, the Securities and Exchange Board of India said in an order late Friday.
A representative for the Reliance Group declined comment.
This is a fresh blow for Ambani after the Reserve Bank of India in November took control of shadow lender Reliance Capital Ltd. following a series of defaults. Ambani has been battling creditors both at home and abroad.
As part of the 100-page order, Ambani cannot associate himself with any listed company or act as a director or founder of any business which plans to raise money from the public, SEBI said.
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