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Reliance Industries Receives SEBI Warning Over Employee Trades During UPSI Period

Published July 6, 2026 at 2:55 PM UTC

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Reliance Industries Limited (RIL) has been issued an administrative warning by the Securities and Exchange Board of India (SEBI) regarding trades carried out by two employees and an immediate relative during a period when they had unpublished price-sensitive information (UPSI). The warning, dated June 24, 2026, was received by RIL on July 6, 2026, and quickly disclosed to the stock exchanges. SEBI's letter highlighted compliance deficiencies but did not impose any financial or operational restrictions on the company.

The investigation covered trading activity from June 1, 2024, to August 30, 2024. SEBI found that Harsh Jain, Kamini Jain, and Hirai Umang Doshi conducted transactions involving RIL shares while in possession of UPSI. Harsh Jain bought two shares on July 5, 2024, for ₹6,385. Kamini Jain sold 35 shares on July 10, 2024, for ₹109,695.25 and purchased 25 shares on July 11, 2024, for ₹78,871.25. Hirai Umang Doshi sold 15 shares on July 18, 2024, for ₹47,625.

These actions violated Regulation 4(1) of the SEBI (Prohibition of Insider Trading) Regulations, 2015, and Sections 12A(d) and 12A(e) of the SEBI Act. SEBI noted that RIL became aware of these trades only after receiving communication from the regulator. The warning letter cautioned the compliance officer for non-compliance with regulatory provisions and advised stricter compliance standards to prevent future violations. Failure to comply could lead to further action under the SEBI Act and related regulations.

In response, RIL stated it would take necessary steps to address the concerns raised in SEBI's letter. The company did not disclose any further action against the employees or related persons named. This incident underscores the importance of strict monitoring and compliance measures within listed companies, especially during periods when UPSI exists. It also highlights the need for robust pre-clearance systems and trade monitoring to detect and prevent violations before regulatory intervention.

This development adds to the ongoing scrutiny of trading activities by employees and connected persons in large listed companies. The case serves as a reminder of the critical role compliance officers and internal monitoring systems play in maintaining market integrity and protecting investor interests.