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Reliance Fined by India Regulator for Late Meta Deal Disclosure

  • Company and two officials violated the fair disclosure norms
  • Meta Platforms, Silver Lake invested in Reliance Jio in 2020
Mobile sim card packets for Jio Platforms Ltd., the mobile network of Reliance Industries Ltd., in Mumbai, India.

Mobile sim card packets for Jio Platforms Ltd., the mobile network of Reliance Industries Ltd., in Mumbai, India.

Photographer: Dhiraj Singh/Bloomberg

India’s market regulator imposed a combined penalty of 3 million rupees ($38,444) on Reliance Industries Ltd. and two company officials for failing to disclose information promptly about stake sale in one of its units to Meta Platforms Inc., Silver Lake Partners and Vista Equity Partners in 2020.

The Securities & Exchange Board of India initiated proceedings against billionaire Mukesh Ambani’s oil-to-retail conglomerate and its compliance officers, Savithri Parekh and K. Sethuraman, for alleged non-adherence to the fair disclosure principles around unpublished price-sensitive information, it said in a order on its website late Monday evening.