The Securities Exchange Board of India (Sebi) on Thursday, 2 May 2013, imposed a penalty of Rs 11 crore on Reliance Petroinvestments (RPIL), a subsidiary of Reliance Industries (RIL), for insider trading in IPCL shares in 2007. According to the Sebi order, RPIL made profit of about Rs 3.82 crore through these trades. IPCL, which Reliance bought in 2002 under a government disinvestment programme, was a separately listed firm before being merged with RIL.
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