Reliance Fined For Not Promptly Disclosing 2020 Facebook Deal: SEBI
NDTV
Market regulator fined Reliance Industries and two of its compliance officers for violating fair disclosure norms during Facebook's $5.7 billion deal.
India's market regulator on Monday fined Reliance Industries and two of its compliance officers for violating fair disclosure norms during Facebook's $5.7 billion investment in its digital unit in 2020.
In April 2020, Meta's Facebook invested $5.7 billion in Reliance's Jio Platforms, aiming to allow WhatsApp to offer payments services to millions of small businesses. The deal helped billionaire Mukesh Ambani's Reliance slash its heavy debt load.
The Securities and Exchange Board of India (SEBI) said Reliance did not disclose the deal even after newspaper reports in March 2020 published price-sensitive details about the imminent investment that led to a spike in its shares.
Reliance did not immediately respond to requests for comment outside regular business hours.
