Anil Ambani is reviewing the Securities and Exchange Board of India (Sebi) order that barred him from the securities market for five years in an alleged fund diversion case and will take appropriate next steps as advised by his lawyers, his spokesperson said in a statement on Sunday.

This is the first remarks by the industrialist after the market regulator’s order which had also levied a penalty of ₹25 crore on him.

The spokesperson added that Ambani had resigned from the board of Reliance Infrastructure Ltd and Reliance Power Ltd after Sebi’s interim order dated February 11, 2022, in the matter pertaining to Reliance Home Finance Ltd.

He “is in compliance with the said interim order (of February 11, 2022) for the last two- -and-half years,” the statement said.

“Mr Ambani is reviewing the final order dated August 22, 2024 passed by Sebi in the said matter, and will take appropriate next steps as legally advised,” the spokesperson said.

In a separate statement, Reliance Infrastructure Ltd said it “was not a noticee or party to the proceedings before Sebi in which the order is passed. No directions are given in the order against Reliance Infrastructure Ltd”.

“Mr Ambani had resigned from the board of directors of Reliance Infrastructure Ltd pursuant to the interim order dated February 11, 2022 passed by Sebi in the same proceedings. Therefore, the order dated August 22, 2024 passed by Sebi has no bearing whatsoever on the business and affairs of Reliance Infrastructure Ltd.”

A similar statement was issued by Reliance Power, another listed company from the Anil Ambani-group. It said the industrialist had resigned in 2022 and that the latest Sebi order has no bearing on it.

In its order, Sebi restrained Ambani from serving as a director or Key Managerial Personnel (KMP) in any listed company, associate firm of a listed company or any Sebi registered entity for five years.

RFHL has been barred from accessing the securities market for six months and
levied a penalty of ₹6 lakh.
The regulator had also imposed a fine of ₹25-27 crore on 24 other entities.

This came after Sebi received multiple complaints alleging diversion or siphoning of funds at RHFL.

Sebi had conducted a probe for 2018-19 in RHFL. Reliance Capital was the major promoter of RHFL, holding 47.91 per cent.

Sebi said it discovered a fraudulent scheme, orchestrated by Ambani and administered by KMPs of RHFL, to siphon off funds from RHFL by structuring them as ‘loans’ to credit unworthy conduit borrowers, and in turn, to onward borrowers, all of whom have been found to be ‘promoter linked entities’ — entities associated or linked with Ambani.