Sebi levied a ₹1 crore penalty on Jai Anmol Ambani, son of Anil Ambani, for suspected violations in Reliance Home Finance. The markets regulator said that Jai Anmol failed to undertake reasonable due diligence on the entire GPCL (general purpose working capital) lending and forward lending by these GPCL corporations to other Reliance ADAG group companies, including Reliance Capital. According to Sebi, Jai Anmol approved an unsecured loan of ₹20 crore to Visa Capital Partners and ₹20 crore to Accura Production Pvt Ltd.
Sebi stated, "It is clear that Noticee 1 (Jai Anmol Ambani) is misrepresenting with the goal to minimize his role in the entire episode. It is apparent that the emails were sent to him with the exact term "approval", requesting approval, and Noticee 1 responded to both emails with the same word "okay", granting his approval."
Jai Anmol was involved in the day-to-day operations of the company and was also sanctioning GPCL loans to promoter-related entities, according to the statement, adding that "his submission that he was not involved in day-to-day affairs of the Company cannot be accepted."
This comes after Sebi prohibited Anil Ambani from the securities market for five years for allegedly participating in a 'fraudulent scheme' that resulted in the diversion of cash from Reliance Home Finance five years ago. Sebi levied a ₹25 crore penalty and prohibited Anil Ambani from holding key managerial or directorial roles in any listed business or market intermediary for five years.
