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In a major development, the Securities and Exchange Board of India (SEBI) has imposed a ₹1 crore fine on Jai Anmol Ambani, son of industrialist Anil Ambani, for alleged irregularities in Reliance Home Finance. The market regulator accused Jai Anmol of approving unsecured loans amounting to ₹40 crore without exercising proper due diligence.
According to SEBI, Jai Anmol played a role in approving two significant unsecured loans—₹20 crore to Visa Capital Partners and ₹20 crore to Accura Production Pvt Ltd. The regulator found that Jai Anmol failed to ensure reasonable oversight concerning the loans disbursed under general-purpose working capital lending (GPCL) to companies linked to the Reliance ADAG Group, including Reliance Capital.
SEBI’s investigation revealed that emails were sent to Jai Anmol seeking approval for these loans, to which he responded with “okay,” signaling his consent. The regulator rejected Jai Anmol’s claims that he was not involved in the day-to-day operations of Reliance Home Finance, stating, “It is clear that Noticee 1 (Jai Anmol Ambani) misrepresented with an intent to downplay his role in the entire episode.”
This development comes in the wake of a five-year ban imposed by SEBI on Anil Ambani from the securities market. The ban stemmed from allegations that Anil Ambani was involved in a fraudulent scheme that led to the diversion of funds from Reliance Home Finance five years ago. SEBI also levied a ₹25 crore penalty on Anil Ambani and barred him from holding any managerial or directorial roles in listed companies or market intermediaries for the same period.
The case highlights growing regulatory scrutiny of the Ambani family’s financial dealings, with SEBI aiming to hold individuals accountable for corporate governance failures and alleged fraudulent activities.
Sources By Agencies
