The Securities and Exchange Board of India (Sebi) has imposed Rs 1 crore fine on Jai Anmol Ambani, son of Anil Ambani, for alleged irregularities involving Reliance Home Finance.
Sebi claims that Jai Anmol failed to exercise reasonable due diligence regarding the entire general purpose working capital (GPCL) lending and the subsequent lending by GPCL entities to other Reliance Anil Dhirubhai Ambani Group (ADAG) companies, including Reliance Capital.
Additionally, Krishnan Gopalakrishnan, the former chief risk officer of Reliance Home Finance, has been fined Rs 15 lakh for his involvement in the approval process.
Sebi stated that as a non-executive director, Jai Anmol took the company in his own direction, exceeding his role. The regulator further noted that his actions indicated a lack of motivation in the interest of shareholders and that he had not maintained high ethical standards or acted with due care and diligence.
Both Jai Anmol and Gopalakrishnan have been directed to pay their penalties within 45 days.
This action follows a separate penalty imposed on 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 five years ago. Sebi also fined Anil Ambani ₹25 crore and prohibited him from holding key managerial or directorial positions in any listed company or market intermediary for five years.
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