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India's Sebi imposes one-year ban on Reliance Industries from equity derivatives market

( March 27, 2017, 07:20 GMT | Insight) -- The Securities and Exchange Board of India, or Sebi, has banned Reliance Industries, or RIL, from the equity derivatives market for a year and asked the company to release profits gained from selling its stake in Reliance Petroleum in violation of fair trade practices, Live Mint reports. RIL's penalty amounts to 13 billion rupees ($198.6 million) based on its initial "unlawful" profit of 5.13 billion rupees, which Sebi said was gained through a manipulative strategy, plus 12 percent annual interest dating back to November 2007. RIL said it will challenge the order at the Securities Appellate Tribunal. ...

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