Supreme Court quashes SEBI ruling on Reliance Petroleum stake sale
Business
Big news: The Supreme Court has thrown out SEBI's 2020 ruling that accused Reliance Industries of market fraud during its 2007 sale of a 5% stake in Reliance Petroleum.
SEBI claimed Reliance manipulated trading by making short bets, but the court said there wasn't enough proof.
Court orders SEBI to return ₹250cr
The court made it clear that hedging, basically protecting yourself from risk, is totally allowed, and you don't need a perfect match for every trade.
It also ordered SEBI to return ₹250 crore (about $26.32 million) to Reliance, saying breaking trading limits isn't the same as committing fraud.