On Friday, the Securities and Exchange Board of India (Sebi) has barred the Reliance Industries Ltd (RIL) and 12 other entities from dealing in equity derivatives futures and options segment for a period of one year, directly or indirectly, for allegedly indulging in fraudulent trades in Reliance Petroleum in 2007.

RIL has also been directed by the capital market regulator to disgorge Rs 447.27 crore along with 12% interest from November 29, 2007 onwards till the date of payment, within 45 days from the date of the order.

RIL and other entities have been allowed by Sebi to square off or close out their existing open positions.

Reliance, reacting to the decision, said that it plans to challenge the order in the Securities Appellate Tribunal.

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