The fine needs to be paid within 45 days, according to a Sebi order. “I find that the news pertaining to the Jio-Facebook deal came out on March 24 and 25, 2020, and the information to stock exchanges about the media release titled ‘Facebook to invest Rs 43,574 crore in Jio Platforms for a 9. 99% stake’ was made on April 22, that is, after 28 days, and this calls for an appropriate penalty,” Sebi adjudicating officer Barnali Mukherjee said in the order.
The regulator said RIL had the obligation to have enveloped the unpublished price-sensitive information (UPSI). However, having come to know about the selective availability of the information, it was incumbent upon the company to provide due clarification on its own. Thus, Parekh and Sethuraman should have clarified to exchanges on the news item.
It was observed that RIL, Parekh and Sethuraman did not comply with the provision of principles of fair disclosure of UPSI, which states that there should be prompt dissemination of such information that gets disclosed selectively, inadvertently or otherwise to make it generally available. Additionally, they did not issue any clarification on the same as required under Listing Obligations and Disclosure Requirements (LODR) regulations.