The Securities and Exchange Board of India (SEBI) has levied a penalty of ₹1 crore on Jai Anmol Ambani, son of Anil Ambani, for alleged irregularities concerning Reliance Home Finance. SEBI alleges that Jai Anmol failed to exercise adequate due diligence regarding the lending practices of GPCL (General Purpose Working Capital) and the subsequent onward lending by GPCL entities to other Reliance ADAG group companies, including Reliance Capital.Unsecured loans approved by Jai Anmol AmbaniThe regulatory body further pointed out that Jai Anmol Ambani had approved unsecured loans of ₹20 crores each to Visa Capital Partners and Accura Production Pvt Ltd. These approvals were allegedly granted without the necessary scrutiny or compliance checks, raising concerns over the management of funds.SEBIs findings on Jai Anmols roleSEBIs investigation revealed significant misrepresentation on Jai Anmol Ambanis part. According to SEBI, emails were sent to Jai Anmol specifically seeking his approval for these transactions. The emails contained the exact word approval, and Jai Anmol allegedly responded with the word “okay,” thereby granting his consent. The markets regulator highlighted this as clear evidence of his direct involvement.Contrary to Jai Anmols claims of being uninvolved in the day-to-day operations of the company, SEBI noted his active role in approving loans to promoter-related entities. SEBI rejected his submission, stating that his involvement in the companys financial dealings was undeniable.SEBIs action against Anil AmbaniIn a related development, SEBI has barred Anil Ambani from participating in the securities market for five years. This decision comes after findings related to a fraudulent scheme involving Reliance Home Finance. Additionally, a penalty of ₹25 crore was imposed on Anil Ambani, and he has been prohibited from holding any managerial or directorial positions in listed companies for five years.
