Markets regulator SEBI has imposed a ₹1 crore fine on Jai Anmol Ambani, the elder son of businessman Anil Ambani, for irregularities related to Reliance Home Finance (RHFL). Additionally, SEBI has penalized Krishnan Gopalakrishnan, RHFL’s Chief Risk Officer between November 2016 and 2018, with a ₹15 lakh fine for similar violations.
SEBI’s action against Jai Anmol Ambani is linked to his approval of two general-purpose loans, one to Accura Production Private and the other to Visa Capital Partners, during his tenure as a director at RHFL between April 2018 and May 2019.
The investigation report, however, clarified that there was no evidence in the show-cause notice indicating Jai Anmol’s direct involvement in decisions during RHFL meetings that would warrant regulatory action. It also noted that he did not have the authority to direct the CEO, who acted under the supervision of the RHFL board. SEBI highlighted that relying on generic organograms alone was insufficient grounds for penal action.
This ruling comes a month after Anil Ambani and 24 associated entities were fined ₹624 crore for diverting funds from RHFL. These entities were also banned from participating in the securities market or associating with any listed entity for five years.