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Sebi monitoring RIL developments: Bajpai
November 29, 2004 15:43 IST
The Securities and Exchange Board of India is closely monitoring all listed Reliance group entities in the wake of the ongoing tussle over the control of Rs 90,000 crore (Rs 900 billion) business empire and resignation of six directors of Reliance Energy Ltd.
As the investor base of Reliance group entities runs into millions, the developments in the group companies are of interest to the regulator and stock markets, Sebi chairman G N Bajpai told reporters on the sidelines of a mutual fund seminar in Mumbai on Monday.
The market regulator is taking care that there are no systemic problems, he said. He, however, did not elaborate on the future course of action that Sebi intends to take.
There is no need for investigations as of now, he said.
Sources in Sebi said the market regulator is in touch with stock exchanges to keep a close watch on trading activity in group entities.
On November 26, Sebi had held a meeting with officials of the stock exchanges to discuss developments, including resignation by six Reliance Energy directors, apart from corporate governance and disclosure practice of Reliance group companies.