Anil Ambani says his company is not barred from trading in capital market

MUMBAI - Reliance Anil Dhirubhai Ambani Group Chairman Anil Ambani on Sunday said that the Securities and Exchange Board of India (SEBI) had not banned him or his companies from trading in capital markets.

Ambani’s comment comes after it was reported that the SEBI had debarred him from investing in public-listed securities until the end of this year, and barred two of his companies from such investments until the end of 2012.

“The SEBI has not banned or debarred Reliance Infrastructure, Reliance Natural Resources or me or any other director from the capital market, it is further than truth. The fact two, the SEBI has not banned or debarred Reliance Infrastructure, Reliance Natural Resources, me or any other director from the stock market,” Ambani said.

“I urge each one of you; I request each one of you, please read SEBI consent order which is on the website,” he added.

Earlier, the SEBI had said that Reliance Infrastructure and Reliance Natural Resources, which have since been merged into Reliance Power, had used money raised through overseas borrowing and foreign bonds to invest in the stock market.

The regulator said its investigations found Ambani’s Reliance Infra and Reliance Natural Resources were responsible for misrepresenting the nature of investments in the ‘yield management certificates/deposits’ and the profits and losses thereof, in their annual reports for the years ending in March 2007, 2008 and 2009.

The regulator had also said that it had issued ’show cause’ notices to the companies and the executives in June 2010. (ANI)