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Reliance Power asks Sebi to ban Edelweiss from trading for ‘market abuse’

Reliance Power has asked the Securities and Exchange Board of India (Sebi) to prohibit the Mumbai-based Edelweiss financial services group from trading in the securities market. The strongly worded letter is dated February 6. It asks the regulator to issue a “cease and desist” instruction from engaging in “market abuse”, which allegedly led to its share price plunging 57 per cent in two days.

It asks Sebi to investigate this disruption of Reliance group (Anil Ambani’s) shares, “which include examination of the dealing room records, including records of phone calls and SMS of all persons at the broking firms where the bulk of the sale transactions took place, and the relevant fund flows”.

Shares of the Anil Ambani group companies fell after news that it had deferred a restructuring plan, which included selling its telecom arm, RCom, after there was no consensus on a deal between the various banks in the committee of creditors.

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