Reliance Industries Limited (RIL) has announced that the Securities Appellate Tribunal (SAT) has dismissed its appeal against the Securities and Exchange Board of India’s (SEBI) 2022 order, which imposed a penalty of ₹30 lakh for a disclosure lapse concerning the Jio-Facebook deal in 2020.
The penalty was imposed for an alleged violation of Principle 4 under Schedule A of the SEBI PIT Regulations (Prohibition of Insider Trading), linked with delayed disclosure of the Jio-Facebook transaction under Regulation 30 of the SEBI LODR Regulations.
In a statement to the exchanges on May 3, 2025, RIL confirmed that the SAT order was made available on May 2 at around 5:00 PM IST. The company said it would evaluate the order and decide on the next steps in consultation with legal counsel.
Reliance reiterated its position that it had complied with both the letter and spirit of SEBI’s disclosure regulations. The case concerns disclosures made during the landmark Jio Platforms-Facebook partnership in 2020.
The company has informed BSE, NSE, the Luxembourg Stock Exchange, and the Singapore Exchange about the development.
