RPT-India's tribunal upholds insider trading penalty on Reliance unit

06/30/2014

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MUMBAI, June 30 (Reuters) - An Indian securities tribunal upheld on Monday the 110 million rupees ($1.83 million) penalty imposed on a unit of Reliance Industries Ltd by India's market regulator for insider trading.

The ruling was made by the Securities Appellate Tribunal, an independent quasi-judicial body that rules on appeals against orders passed by the Securities Exchange Board of India (SEBI). Its decision are binding, but can be appealed to the Supreme Court.

SEBI had fined Reliance Petroinvestments Ltd 110 million rupees ($1.83 million) last year, accusing the unit and parent company Reliance Industries of insider trading in a transaction involving a separate company. ($1 = 60.0600 Indian Rupees) (Reporting by Himank Sharma; Editing by Miral Fahmy)



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