Anil Ambani reviewing legal options against SEBI order: Statement

The spokesperson said in the statement that Anil Ambani is reviewing the August 22 order passed by the Indian market regulator in the Reliance Home Finance matter and will take appropriate steps as legally advised.

Reliance Home Finance is now a part of market operator Sanjay Dangi-owned company, Authum Investment and Infrastructure.

According to the legal redressal process, Anil Ambani can appeal against the SEBI order before the Securities Appellate Tribunal (SAT) — a statutory and autonomous body created to hear appeals against the orders of India's main financial regulators.

Anil Ambani's spokesperson added that the chairman of Reliance-Anil Ambani Group had resigned from the boards of Reliance Infrastructure and Reliance Power following SEBI's interim order dated February 11, 2022 in the Reliance Home Finance matter and has been complying with the directive for the last two and a half years.

Reliance Infrastructure and Reliance Power said that they are not parties to the market regulator's final order and hence the August 22 directive has no bearing on their businesses, as per reports.

Apart from barring Anil Ambani from accessing the securities market for five years, SEBI has asked him not to hold any key position in any listed entity, also for five years, reports said, adding that the market regulator has also imposed a fine of Rs 25 crore on the ex-billionaire, accusing him of being the mastermind behind the fraudulent scheme of siphoning off funds from Reliance Home Finance to borrowers, most of them linked to Ambani.