The Securities and Exchange Board of India (SEBI) has fined Anil Ambani’s son Jai Anmol Ambani Rs. 1 crore for alleged Reliance Home Finance-related infractions. The lawsuit primarily centers on his sanctioning of company loans for general purposes without carrying out due diligence. Reliance Housing Finance’s Chief Risk Officer, Gopal Krishnan, was also fined Rs. 15 lakh.

SEBI has instructed them to pay the penalty within 45 days. Prior to this, Anil Ambani was fined Rs. 25 crores by SEBI for embezzling the funds of Reliance Home Finance Ltd. and was barred, along with twenty-four other individuals, from the securities market for a five-year term.

General-purpose corporate loans (GPCLs) were approved by Reliance Home Finance board member Jai Anmol Ambani, in defiance of the company’s board of directors’ explicit warning to the contrary.

According to a notification from SEBI, non-executive director Anmol Ambani went above his power and deviated from the company’s course. This behavior raises the possibility of a conflict of interest and indicates that the business is not operating in the best interests of its shareholders. SEBI claims that Noticee 1 did not operate with due attention, care, or high ethical standards.