India’s market regulator ordered billionaire Mukesh Ambani and his conglomerate Reliance Industries to pay a combined penalty of 400 million rupees (US$5.5 million) for allegedly violating share-trading rules about 13 years ago.In its order dated January 1, the Securities and Exchange Board of India (Sebi) said Reliance and its agents operated to allegedly earn undue profits from the sale of shares in Reliance Petroleum, a former unit, in both the cash and futures markets. Reliance Industries…
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