The Securities and Exchange Board of India (SEBI) has fined Jai Anmol Ambani INR10 million (USD119,153) for violation of his responsibilities as a board director. Jai Anmol Ambani, a non-executive director of Reliance Home Finance Limited, has been found in violation of securities law for approving general purpose corporate loans (GPCL) without following proper procedure. He is the son of Reliance Group chairman Anil Ambani, who in August 2024 was banned by the SEBI from the securities market for diverting funds.
Under the SEBI order, the GPCLs had multiple irregularities such as deviations from established process, lack of proper documents, disregard for due diligence, loan grants to entities with weak financials, etc. The order also said those granting the loans and the recipients had connections between them with common addresses, directors, email IDs, past/current employment and cross holdings.
The SEBI order said Ambani had approved the loans even when the board of directors had issued clear instructions not to do so.
Krishnan Gopalakrishnan, the chief revenue officer of Reliance Home Finance, has also been fined INR1.5 million by the SEBI over this matter.
The SEBI has allowed 45 days for online payment of the fines.
