SEBI Issues Administrative Warning to Reliance CS for Insider Trading Violations

Reliance Industries Limited (RELIANCE) has disclosed receipt of an administrative warning letter from the Securities and Exchange Board of India (SEBI), dated June 24, 2026, which was forwarded by the National Stock Exchange (NSE) on July 6, 2026. The warning is directed at the Company Secretary and Compliance Officer of RELIANCE concerning dealings in the company's scrip by certain employees and their immediate relatives in July 2024.

SEBI's investigation revealed that three connected persons or their immediate relatives, including those connected to employee Mahesh Goyal, traded in RELIANCE shares while in possession of Unpublished Price Sensitive Information (UPSI). This action was found to be in violation of Regulation 4(1) of the SEBI (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations), and Sections 12A(d) and (e) of the SEBI Act. The specific trades involved were executed between July 5, 2024, and July 18, 2024.

The letter highlights that the Compliance Officer failed to monitor trades and ensure compliance with PIT Regulations as required by Regulation 9(3) and 2(1)(c) of the PIT Regulations. SEBI has viewed this violation seriously and issued a warning, advising the Compliance Officer to improve compliance standards to prevent future recurrences. The letter states that failure to do so may result in further action. RELIANCE has indicated that it will take necessary steps to address the concerns raised by SEBI. Importantly, the SEBI letter is cautionary and does not impose any financial or operational restrictions on the Company. The company received the letter from NSE around 12:15 p.m. on July 6, 2026.