The Supreme Court overturned SEBI's 2017 order that found Reliance Industries guilty of fraud in trading Reliance Petroleum futures in 2007. This case highlights the judicial scrutiny of market regulator decisions and sets a precedent for interpreting 'fraud' under SEBI's PFUTP Regulations, crucial for understanding securities market regulation.
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- ›Disgorgement Amount: ₹447.27 crore
- ›Penalty Upheld: ₹25 crore
- ›Target this Data: ₹447.27 crore (disgorgement set aside) and ₹25 crore (penalty upheld).
- ›Target this Nodal Body: Securities and Exchange Board of India (SEBI) and Securities Appellate Tribunal (SAT).
- ›Target this Legal Point: SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (PFUTP Regulations).
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