Sebi fines Reliance Commercial Finance

Mumbai: India's capital-markets regulator has fined Anil Ambani-promoted Reliance Commercial Finance (RCFL) for violation of disclosure norms. The Securities and Exchange Board of India (Sebi) said it received four letters from debenture trustee Vistra ITCL providing information regarding various defaults by RCFL in the repayment of interest and principal amounts to debenture holders.

The first such default by the company was committed on October 13, 2019, Sebi said. The period of examination was from April 1, 2019 to March 31, 2020.

"I note that the noticee (RCFL) was required to submit to the stock exchange on a half-yearly basis along with the half-yearly financial results, a statement indicating material deviations, if any, in the use of proceeds of issue of debt securities and non-convertible redeemable preference shares from the objects stated in the offer document," Sebi's adjudicating officer G Ramar said in his order.