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Time of India
4 days ago
- Business
- Time of India
Sebi rejects Anil Ambani's settlement plea
MUMBAI: Markets regulator Sebi has rejected a plea by Anil Ambani to settle charges related to investments in lender Yes Bank , potentially exposing him to at least a Rs 1,828 crore penalty. The case relates to Rs 2,150 crore invested by Ambani's Reliance Mutual Fund between 2016-19 in Yes Bank's additional tier-1 bonds, which were written-off when the bank was declared insolvent in 2020. Reliance Mutual Fund was sold to Nippon Life Insurance in 2019 and charges pre-date the sale. Sebi in its investigation said the investment was made in exchange for loans from Yes Bank to other Anil Ambani group companies. Rejecting Ambani's pleas to settle the charges without admitting guilt, the regulator said on July 7 that the fund's conduct caused a 'market-wide impact'. (This is a Reuters copy) Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
New Indian Express
5 days ago
- Business
- New Indian Express
Sebi turns down Anil Ambani's bid to settle Yes Bank investment charges
India's capital market regulator Sebi has reportedly turned down Reliance Group Chairman Anil Ambani's bid to settle charges related to Yes Bank investments. According to documents reviewed by news agency Reuters, this could leave Ambani facing penalties of no less than Rs 1,828 crore. The case stems from investments worth Rs 2,150 crore made by Reliance Mutual Fund, then owned by Ambani, in Yes Bank's additional tier-1 (AT-1) bonds between 2016 and 2019. These bonds were written off in 2020 when Yes Bank was declared insolvent. By then, Reliance Mutual Fund had already been sold to Nippon Life Insurance, but the charges date back to the period before the sale. Sebi in its investigation said the investment was made in exchange for loans from Yes Bank to other Anil Ambani group companies. The regulator said on July 7 that the fund's conduct caused a loss of investor wealth of Rs 1,828 crore and had a 'market wide impact'. According to the report, Ambani, his son Jai Anmol Ambani, and former Yes Bank CEO Rana Kapoor had proposed a settlement without admitting guilt, but Sebi turned it down on July 7. Sebi has now informed Ambani and his son that it will issue directions asking them to compensate affected investors. Monetary penalties and other actions could follow.
India Today
5 days ago
- Business
- India Today
Sebi rejects Anil Ambani's plea in Yes Bank case, ED probe continues: Report
Sebi has turned down industrialist Anil Ambani's bid to settle charges related to Yes Bank investments, reported Reuters, citing documents. This could leave him facing penalties of no less than Rs 18,280 case relates to investments worth Rs 21,500 crore made by Reliance Mutual Fund, then owned by Ambani, in Yes Bank's additional tier-1 (AT-1) bonds between 2016 and 2019. These bonds were written off in 2020 when Yes Bank was declared insolvent. By then, Reliance Mutual Fund had already been sold to Nippon Life Insurance, but the charges date back to the period before the investigation claims the investments were made in exchange for loans from Yes Bank to other companies in the Anil Ambani group. The regulator said the transactions caused huge losses for investors, amounting to Rs 18.28 billion and had a 'market-wide impact'.Ambani, his son Jai Anmol Ambani, and former Yes Bank CEO Rana Kapoor had proposed a settlement without admitting guilt, but Sebi turned it down on July 7. The regulator has now informed Ambani and his son that it will issue directions asking them to compensate affected investors. Monetary penalties and other actions could matter has also been referred to the Enforcement Directorate (ED), India's financial crime investigation agency, which is already looking into other dealings between Ambani's companies and Yes Bank. Just last month, the ED searched premises linked to the group as part of a probe into an alleged Rs 3,000 crore loan syphoning to Sebi's notices, Ambani and his son were directly involved in the investment decisions, using their influence over Reliance Mutual Fund through its then chief executive Sundeep Sikka and chief investment officer. The notices cite meetings between Ambani and fund executives during the investment period, as well as emails in which Kapoor described the deals as part of a 'bilateral relationship' between Yes Bank and Ambani's has also charged Reliance Mutual Fund, its senior executives, and its former chief risk officer for their role in the alleged losses. These individuals have filed a separate settlement application worth Rs 950 crore, which is still under The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- EndsMust Watch
Economic Times
5 days ago
- Business
- Economic Times
Sebi rejects Anil Ambani's settlement plea over Yes Bank investments, documents show
MUMBAI -India's market regulator has rejected a plea by industrialist Anil Ambani to settle charges related to investments in lender Yes Bank, potentially exposing him to at least a Rs 1,828 crore ($208.4 million) penalty, according to documents reviewed by Reuters . ADVERTISEMENT The case relates to Rs 2,150 crore ($245.3 million) invested by Ambani' Reliance Mutual Fund between 2016-2019 in Yes Bank's additional tier-1 bonds, which were written-off when the bank was declared insolvent in 2020. Reliance Mutual Fund was sold to Nippon Life Insurance in 2019 and charges pre-date the sale. The Securities and Exchange Board of India (SEBI) in its investigation said the investment was made in exchange for loans from Yes Bank to other Anil Ambani group companies, according to regulatory notice. Rejecting Ambani's pleas to settle the charges without admitting guilt, the regulator said on July 7 that the fund's conduct caused a loss of investor wealth of 18.28 billion rupees and had a 'market wide impact'. Anil Ambani - the younger brother of billionaire Mukesh Ambani - is facing renewed scrutiny of dealings between his firms and Yes Bank, which was declared insolvent in 2020 and rescued by a group of lenders in a plan approved by the central bank. ADVERTISEMENT Last month, India's top crime fighting agency searched locations linked to the group as part of a scheme to siphon off 30 billion rupees in loans from Yes Bank, Reuters reported. Unlock 500+ Stock Recos on App A proposal by Anil Ambani, his son Jai Anmol Ambani, and former Yes Bank chief executive Rana Kapoor to settle has not been accepted. ADVERTISEMENT SEBI has informed Ambani and his son that it will pass directions asking them to compensate the investors, documents showed. Additional action could include monetary penalties, documents showed. "SEBI has also shared its findings with Enforcement Directorate," two sources with direct knowledge of the matter said. ADVERTISEMENT The rejection of settlement, possible regulatory action and SEBI sharing its findings with Enforcement Directorate have not been previously reported. Email queries sent to SEBI and Ambani on Monday were not answered. A message sent to Rana Kapoor's last known phone number was not answered. ADVERTISEMENT SEBI in its investigations found Ambani influenced investment decisions made by Reliance Mutual Fund. "It is alleged that Anil Ambani and Jai Anmol Ambani had infleunce and control over Reliance Mutual Fund investment in Yes Bank's additional tier-1 bonds through Sundeep Sikka, chief executive of the fund house and chief investment officer." SEBI said. The notice cites meetings between Ambani and fund house executives at the time of the said invesments. It also cited emails where Kapoor characterised investments into Reliance Group entities as 'bilateral relationship deal'. The SEBI notices have also charged the fund house, its chief executive, chief invetsment officer and former chief risk officer for alleged losses to investors. These four have filed a separate settlement application equalling 950 million rupees. These are still under consideration, the two sources said. "There were lapses and non-compliance in adherence with the laid down internal policy and procedure and also bypassing the internal risk/ control framework while enhancing the sub-limit and making the investment," SEBI documents said. Email sent to a spokesperson for Nippon Mutual Fund was not answered (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
5 days ago
- Business
- Time of India
Sebi rejects Anil Ambani's settlement plea over Yes Bank investments, documents show
MUMBAI -India's market regulator has rejected a plea by industrialist Anil Ambani to settle charges related to investments in lender Yes Bank , potentially exposing him to at least a Rs 1,828 crore ($208.4 million) penalty, according to documents reviewed by Reuters . The case relates to Rs 2,150 crore ($245.3 million) invested by Ambani' Reliance Mutual Fund between 2016-2019 in Yes Bank's additional tier-1 bonds, which were written-off when the bank was declared insolvent in 2020. Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Reliance Mutual Fund was sold to Nippon Life Insurance in 2019 and charges pre-date the sale. The Securities and Exchange Board of India (SEBI) in its investigation said the investment was made in exchange for loans from Yes Bank to other Anil Ambani group companies, according to regulatory notice. Rejecting Ambani's pleas to settle the charges without admitting guilt, the regulator said on July 7 that the fund's conduct caused a loss of investor wealth of 18.28 billion rupees and had a 'market wide impact'. Live Events Anil Ambani - the younger brother of billionaire Mukesh Ambani - is facing renewed scrutiny of dealings between his firms and Yes Bank, which was declared insolvent in 2020 and rescued by a group of lenders in a plan approved by the central bank. Last month, India's top crime fighting agency searched locations linked to the group as part of a scheme to siphon off 30 billion rupees in loans from Yes Bank, Reuters reported. A proposal by Anil Ambani, his son Jai Anmol Ambani, and former Yes Bank chief executive Rana Kapoor to settle has not been accepted. SEBI has informed Ambani and his son that it will pass directions asking them to compensate the investors, documents showed. Additional action could include monetary penalties, documents showed. "SEBI has also shared its findings with Enforcement Directorate," two sources with direct knowledge of the matter said. The rejection of settlement, possible regulatory action and SEBI sharing its findings with Enforcement Directorate have not been previously reported. Email queries sent to SEBI and Ambani on Monday were not answered. A message sent to Rana Kapoor's last known phone number was not answered. SEBI in its investigations found Ambani influenced investment decisions made by Reliance Mutual Fund. "It is alleged that Anil Ambani and Jai Anmol Ambani had infleunce and control over Reliance Mutual Fund investment in Yes Bank's additional tier-1 bonds through Sundeep Sikka, chief executive of the fund house and chief investment officer." SEBI said. The notice cites meetings between Ambani and fund house executives at the time of the said invesments. It also cited emails where Kapoor characterised investments into Reliance Group entities as 'bilateral relationship deal'. The SEBI notices have also charged the fund house, its chief executive, chief invetsment officer and former chief risk officer for alleged losses to investors. These four have filed a separate settlement application equalling 950 million rupees. These are still under consideration, the two sources said. "There were lapses and non-compliance in adherence with the laid down internal policy and procedure and also bypassing the internal risk/ control framework while enhancing the sub-limit and making the investment," SEBI documents said. Email sent to a spokesperson for Nippon Mutual Fund was not answered
