The Securities and Exchange Board of India (SEBI) imposed a fine of Rs 1 crore on Anil Ambani's son Jai Anmol Ambani for alleged irregularities in Reliance Home Finance. The market regulator alleged that Jai Anmol did not exercise reasonable due diligence about the entire GPCL (General Purpose Working Capital) loans and the subsequent loans by these GPCL entities to other Reliance ADAG group companies including Reliance Capital.

Sebi said Jai Anmol had sanctioned unsecured loans of Rs 20 crore to Visa Capital Partners and Rs 20 crore to Acura Production Pvt.
Sebi said it is clear that Notice 1 (Jai Anmol Ambani) misrepresented his role in the entire sector to downplay it. It is clear that the emails were sent to him with the correct word "approval", hence seeking approval, and that Notice 1 replied to both emails with the same word "OK", providing his approval."

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His submission that he was not involved in the day-to-day operations of the company was accepted, it said, adding that Jai Anmol was involved in the day-to-day operations of the company and was also approving GPCL loans to promoter-related entities.

This comes after Sebi barred Anil Ambani from the securities market for five years for his alleged involvement in a "fraudulent scheme" in which Reliance Home Finance funds were diverted five years ago. Sebi also imposed a penalty of Rs 25 crore on Anil Ambani and barred him from the role of key management or director of any listed company or market intermediary for five years.

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