The Securities Appellate Tribunal (SAT) will announce its verdict in the Sebi-Reliance Industries (RIL) alleged insider trading case on June 30. The RIL insider trading case has gone through several turns in the last seven years. Here's the timeline:
Feb 22 – Sebi initiates probe pertaining to the dealings in the shares of Reliance Group’s Indian Petrochemicals (IPCL).
Mar 8 – Sebi concludes investigation in the trading of the shares of IPCL.
Sebi begins probe into the Reliance Petroleum (RPL) insider trading case and investigates into trades carried out in the RPL scrip between Nov 1 – 29, 2007.
Mar 2 – RPL shareholders approve merger with RIL.
May – Sebi launches investigation into the RPL share dealings.
Sep 15 – RIL fixes Sept 29 as the record date for the RPL merger
Oct 8 – Sebi issues showcause notice to RIL, alleging the company with rigging share prices of its subsidiary RPL.
Dec 9 – RPL officially merged with parent RIL and delisted.
Mar 5 – The Parliament is told that Sebi will further look into the trading of the shares of RPL, the merged entity. To initiate quasi-judicial proceedings.
– RIL approaches SAT after Sebi refuses to settle the case through its consent settlement mechanism
Dec – SAT begins hearing in the Sebi-RIL case
May – Sebi strengthens consent norms, by excluding insider trading and other serious norms out of the settlement process.
Nov 8 – The Central Information Commission (CIC) directs Sebi to share the details of several entities that were involved in the RPL insider trading case in 2007. It also tells the regulator to share details of the investigation reports and proceedings on the consent application filed by RIL in this case.
Nov 21 – Sebi moves high court against the CIC order saying CIC cannot force the regulator to disclose details of investigations before the final order has been issued.
Dec 4 – The Bombay High Court makes RIL party to the case.
Dec – RIL tries to settle case through consent, but plea rejected for second time. RIL seeks time till Jan 14, 2013, to file a reply in the dispute between Sebi and CIC. The hearing moves to Jan 23, 2013.
Jan 3 – Sebi publishes a list of 149 consent pleas, including 16 from entities related to the RIL Group, which it had found unsuitable for settlement through a consent process.
May 2 – Sebi finds RIL guilty of violating the insider trading regulations in its dealings in the shares of IPCL, a subsidiary of RIL. Sebi passes order in the case of insider trading and imposes a penalty of R11 crore in the six-year-old insider trading case. Sebi says RPL made profits of over R3.82 crore through these trades. Sebi directs RIL to pay the penalty within 45 days.
Oct 29 – SAT rejects consent plea for the third time. SAT adjourns the Sebi-RIL case to Nov 11.
Jan 15 – Sebi’s new regulation for settling violations through the so-called ‘consent mechanism’ delays the SAT ruling on RIL’s appeal. The tribunal seeks clarifications from both Sebi and RIL on the implications of the new consent norms on the appeal.
Jun 18 – RIL gives update on the case in its annual report for the fiscal 2013-14. Says that Sebi has issued showcause notices during last three years in connection with three issues. These have been listed as “sale of shares of erstwhile RPL; the allotment of the company’s equity shares to certain companies against detachable warrants attached to privately placed debentures issued by the company and disclosure of earnings per share (EPS) and diluted EPS in the filing with stock exchanges in respect of shares against warrants issued in April, 2007”.
Jun 26 – SAT says it will announce verdict in the Sebi-RIL alleged insider trading case on Jun 30.