SAT: Securities Appellate Tribunal junks Sebi fine against Reliance Industries subsidiary

NEW DELHI: The Securities Appellate Tribunal (SAT) on Wednesday quashed a Sebi order imposing a penalty of Rs 7 lakh on Jio Financial Services in case of alleged manipulation in certain trades in long-dated Nifty options in 2017.
Earlier this year, Reliance Industries (RIL) demerged its financial services undertaking into Reliance Strategic Investments (RSIL) and renamed it as Jio Financial Services (JFSL) — formerly known as Reliance Strategic Investments.
The case pertains to certain trades in long-dated Nifty options between Reliance Strategic Investments and Morgan Stanley France done back in 2017.