MUMBAI: Markets regulator Sebi has rejected a plea by Anil Ambani to settle charges related to investments in lender Yes Bank, potentially exposing him to at least a Rs 1,828 crore penalty. The case relates to Rs 2,150 crore invested by Ambani’s Reliance Mutual Fund between 2016-19 in Yes Bank’s additional tier-1 bonds, which were written-off when the bank was declared insolvent in 2020. Reliance Mutual Fund was sold to Nippon Life Insurance in 2019 and charges pre-date the sale.Sebi in its investigation said the investment was made in exchange for loans from Yes Bank to other Anil Ambani group companies. Rejecting Ambani’s pleas to settle the charges without admitting guilt, the regulator said on July 7 that the fund’s conduct caused a ‘market-wide impact’. (This is a Reuters copy)
