Market regulator Securities and Exchange Board of India is investigating the alleged insider trading activities in the shares of Mukesh Ambani-run Reliance Petroleum, Rajya Sabha was informed on Tuesday.
"Sebi has informed that it has initiated an examination in the matter," Minister of state for Finance P K Bansal saidin a written reply.
Bansal was replying to a query by Amar Singh (Samajwadi Party) on whether the government had taken any action against thepromoters/affiliates of Reliance Industries Ltd regarding the recent mammoth insider trading activities in the shares of Reliance Petroleum Ltd.
Reliance Industries Ltd had raised Rs 4,023 crore (Rs 40.23 billion) by divesting 4.01 per cent of its stake in Reliance Petroleum Ltd, the company said on November 24.
While actual date for the stake sale is not known, the shares of Reliance Petroleum had moved by a wide margin between late October and early November.