Securities and Exchange Board of India (SEBI) has issued an administrative warning to Reliance Industries addressing its Company Secretary and Compliance Officer over violations of insider trading regulations by three connected persons during July 2024. The regulator found that two employees and one immediate relative traded in the company's scrip while in possession of unpublished price sensitive information (UPSI). The warning letter, dated June 24, 2026, cited failures in monitoring trades and administering the code of conduct effectively.

Regulatory Violations and Investigation Period

The investigation covered the period from June 1, 2024, to August 30, 2024. SEBI observed that the connected persons violated Regulation 4(1) of the PIT Regulations and Section 12A(d) and (e) of the SEBI Act. The company acknowledged that it took cognizance of the violations only after receiving communication from SEBI. The regulator noted that the Compliance Officer failed to monitor compliance with the PIT Regulations as mandated under Regulation 9(3) and 2(1)(c).

Trades of Connected Persons

The trades executed by the connected persons involved both buy and sell transactions across July 2024. Harsh Jain, an employee, bought 2 shares on July 5, 2024, for ₹6,385. Kamini Jain, an immediate relative of connected person Mahesh Goyal, sold 35 shares on July 10, 2024, for ₹1,09,695.25, and subsequently bought 25 shares on July 11, 2024, for ₹78,871.25. Hiral Umang Doshi, an employee, sold 15 shares on July 18, 2024, for ₹47,625. The following table summarises all trades flagged by SEBI during the investigation period:

Regulator's Stance and Company Response

SEBI stated that the violation is viewed seriously and advised the Compliance Officer to exercise greater caution and improve compliance standards to avoid recurrence. The regulator warned that appropriate action would be initiated if such violations persist. Reliance Industries confirmed that the warning letter is cautionary in nature and does not impose any financial or operational restrictions on the company. The company further stated it will take necessary steps to address the concerns mentioned in the SEBI letter.

Reliance Industries recorded a notable block trade on the National Stock Exchange (NSE), with approximately 9,11,945 shares changing hands at a price of ₹1301.20 per share. The total transaction value of the block trade stood at ₹118.66 crores, reflecting significant large-scale institutional activity in the counter.

Block Trade Details

The following table summarizes the key parameters of the block trade executed on the NSE:

Significance of Block Trades

Block trades involve the purchase or sale of a large number of shares in a single transaction, typically executed by institutional investors such as mutual funds, foreign portfolio investors, or other large financial entities. These trades are often negotiated off the open market to minimize price impact and are a common feature of activity in large-cap stocks. The execution of such a transaction in Reliance Industries underscores the continued interest of large market participants in one of India's most widely tracked companies.