The Supreme Court of India overturned a 2017 SEBI order against Reliance Industries Limited (RIL) regarding 2007 trading of Reliance Petroleum Ltd shares. This ruling quashes previous findings of fraud and market manipulation against the company.
The court set aside a directive for RIL to disgorge ₹447.27 crore plus interest. Consequently, the court ordered a refund of the ₹250 crore deposit the company had already provided.
The bench stated the Securities Appellate Tribunal committed an egregious error by previously upholding the SEBI ruling. However, the Supreme Court maintained a separate ₹25 crore penalty against RIL for violating disclosure rules regarding derivative position limits.