The Securities and Exchange Board of India (Sebi) has imposed Rs 1 crore fine on Jai Anmol Ambani, son of Anil Ambani, for alleged irregularities involving Reliance Home Finance.
Sebi claims that Jai Anmol failed to exercise reasonable due diligence regarding the entire general purpose working capital (GPCL) lending and the subsequent lending by GPCL entities to other Reliance Anil Dhirubhai Ambani Group (ADAG) companies, including Reliance Capital.
Additionally, Krishnan Gopalakrishnan, the former chief risk officer of Reliance Home Finance, has been fined Rs 15 lakh for his involvement in the approval process.