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Tribunal rejects Reliance Industries plea in illegal trading case - Business Standard

Sunday, 29 Jun 2014 08:00pm EDT 

Reliance Industries Ltd:The company had moved the tribunal after its application to settle charges of illegal trading gains through the consent mechanism was rejected by SEBI - Business Standard.Regulator had declined to settle charges against the company through monetary settlement, under the so-called consent mechanism, following an investigation into its activities dating back to 2007.Reliance can now choose to move the Supreme Court, while SEBI can continue with its adjudication proceedings in the case, according to experts.Under the Fraudulent and Unfair Trade Practices regulations, SEBI can charge ~25 crore or up to three times the illegal gains as penalty, if the proceedings go against the firm.This potentially works out to a penalty in excess of ~1,500 crore.