Reliance Industries Limited Acquitted of Fraud Charges by Supreme Court
Supreme Court ruled Reliance Industries Limited (RIL) did not commit fraud in RPL scrip dealings. The court set aside the SAT's order but confirmed RIL violated position limit disclosures, liable for penalties. The judgment follows earlier SEBI and SAT orders dating back to 2017.
While the company is cleared of major fraud allegations, the confirmation of a violation and potential penalty means there is still a financial or regulatory consequence, albeit less severe than initially feared.
The company has been exonerated of fraud charges by the highest court, which is a significant positive development, despite a minor violation related to disclosure requirements.
Reliance Industries Limited (RIL) has received a significant judgment from the Hon'ble Supreme Court concerning its past dealings in the RPL scrip. The court, in its order dated May 29, 2026, has held that RIL did not engage in fraudulent practices under the PFUTP Regulations as previously determined.
This ruling overturns the majority judgment of the Securities Appellate Tribunal (SAT) dated November 5, 2020, which had found RIL to have acted fraudulently and ordered the disgorgement of ₹447.27 crore along with interest. The Supreme Court stated that the SAT committed an egregious error in its finding on 'fraud'.
However, the Supreme Court did find that RIL had violated disclosure requirements under a 2001 SEBI Circular concerning position limits. Consequently, RIL remains liable for penalties related to this specific violation, as per the 2001 SEBI and NSE Circulars, a finding consistent with SAT's observations on the penalty levied for this matter.
This update follows previous orders, including one from SEBI on March 24, 2017, which initially prohibited RIL from dealing in equity derivatives for one year and imposed the disgorgement. RIL had appealed these decisions, leading to the Supreme Court's final judgment.
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Reliance Industries Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Reliance Industries Limited. Read the original for the full detail.