Sebi completes investigations in RIL-RPL merger case, final hearing likely next week

MUMBAI: The Securities and Exchange Board of India has completed investigations into the Reliance Industries-Reliance Petroleum merger case, sources told ET Now.

RIL is likely to be given a final hearing by SEBI next week in the eight-year old case pertaining to illegal trading gains ahead of the merger.

The regulator is expected to pass a final order under the Fraudulent and Unfair Trade Practices (FUTP) regulations.

RIL had booked Rs 513 crore profit by dealing in RPL shares ahead of the merger in 2007. The company sold about 20 crore shares of RPL in futures & cash segment.

The adjudicating officer can impose a penalty of Rs 25 crore or three times the profit earned by RIL.

SEBI had earlier rejected RIL's consent application in this case and later Securities Appellate Tribunal had dismissed RIL's appeal against SEBI.