Anil Ambani, chairman of the Reliance Group, has challenged a Securities and Exchange Board of India (SEBI)'s order of imposing Rs 625 crore penalty on 26 individuals, including himself. In his plea filed with the Securities Appellate Tribunal (SAT),

Apart from Ambani, other accused in the case including Amit Bapna, Ravindra Sudhalkar, and Pinkesh R. Shah also face hefty fines between ₹21 crore and ₹27 crore. Several other companies involved in the scheme, such as Adhar Project Management and Consultancy Pvt. and Reliance Big Entertainment Pvt., have also been fined ₹25 crore each by SEBI.

SEBI had barred Ambani and the other implicated entities from from the securities market for five years due to allegations of fund diversion from Reliance Home Finance Ltd.

Anil Ambani's Reliance Power has faced significant losses in the past week, with its market capitalization decreasing by 4,057 crore. The company's share, which hit a 52-week high

Soon after the order was passed, Ambani’s spokesperson said he was reviewing the order and will take appropriate next steps as legally advised.

Sebi also added that it will determine the quantum of illegal gains made by the alleged fraudulent schemes, and further action may be initiated accordingly

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