SEBI rejects Anil Ambani's settlement proposal in Yes Bank case
SEBI has turned down Anil Ambani's proposal to settle charges over Reliance Mutual Fund's ₹2,150 crore investment in Yes Bank bonds, which became worthless after the bank was declared insolvent and the bonds were written off in 2020.
If things go SEBI's way, Ambani could face a hefty penalty of about ₹1,828 crore.
SEBI wants Ambani to pay back investors
SEBI found that these investments were tied to loans from Yes Bank to Ambani's companies, leading to big investor losses.
Now, SEBI wants both Ambani and his son Jai Anmol to pay back affected investors—and more penalties could follow.
Previous attempts by Ambani and ex-Yes Bank CEO Rana Kapoor to settle didn't work out either.
The investigation is still ongoing and has even been passed on to the Enforcement Directorate for a deeper look.