The government today said that the Securities and Exchange Board of India, or Sebi has started investigation into charges of alleged insider trading in the shares of Reliance Petroleum, reports CNBC-TV18.
The Minister of State for Finance Pawan Kumar Bansal in a written reply to a query in Rajya Sabha said "Sebi has informed that it has initiated an examination in the matter".
Last year, Reliance Petroleum shares rose 75% between October 22 and November 1 to touch an all-time high of Rs 294.95, after which, the shares fell on the news of the Sebi probe.
In reply, Reliance Industries said group companies have complied with all rules and regulations. “We will cooperate and provide all necessary information to the concerned authorities,” it added.
Source : MoneyControl
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