SEBI imposes Rs 25 crore penalty on Ambanis

SEBI imposes Rs 25 crore penalty on Ambanis

SEBI(Securities and Exchange Board of India) has fined Mukesh Ambani, Anil Ambani, their wives Neeta and Tina Ambani for Rs 25 crores. SEBI took action in a case of  Reliance Industries' violation of takeover rules in the year 2000. Those who were RIL promoters haven't disclosed the details of the acquisition of the 5 per cent stake by secretly allying with some. SEBI which considered it as a violation has imposed the penalty on Ambanis. For this, other shareholders were denied the right/opportunity to leave the company and were fined.

Expansion of RTGS, NEFT services: 
RTGS and NEFT, the centralized payment systems managed by RBI, will be further expanded. RBI has proposed to extend these services, which are currently limited to banks, to prepaid payment instrument (PPI) issuers, card networks, white-label ATM operators and trade receivables discounting systems (TREDS).