Amar Singh seeks Sebi probe of RPL

Samajwadi Party leader Amar Singh has sought a probe by market regulator Security Exchange Board of India (Sebi) into alleged insider trading in shares of Mukesh Ambani group’s Reliance Petroleum (RPL) by people close to RIL management, but the company refuted the charge.
“RIL by itself or through the instrumentality of other entities has not at any stage indulged in any insider trading of RPL shares,” a spokesperson for Mukesh Ambani-led Reliance Industries (RIL) said. Singh had alleged that insiders have pocketed over Rs 1,000 crore at the cost of over two million shareholders. Earlier, Sebi chairman C B Bhave declined to comment. In its statement, RIL said, “We are not aware of the allegations in the letter Amar Singh is stated to have written to Sebi chairman.” Demanding a thorough probe into the issue, Singh has also sought punishment and disgorgement of the ill-gotten wealth.