Reliance Industries Limited has secured a favorable judgment from the Supreme Court, which ruled that the conglomerate did not commit fraud under the Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market Regulations, 2003 (PFUTP Regulations). The decision, dated May 29, 2026, overturns the earlier findings of the Securities Appellate Tribunal (SAT) and provides significant relief to the company regarding a long-standing regulatory matter.

The case originated from a SEBI order dated March 24, 2017, which alleged that Reliance Industries acted fraudulently while dealing in the scrip of Reliance Petroleum Limited (RPL). The Whole-time Member of SEBI had prohibited the company from dealing in equity derivatives for one year and directed the disgorgement of ₹447.27 crore along with 12% annual interest. The Securities Appellate Tribunal had dismissed the company's appeal by a 2:1 majority order on November 5, 2020, upholding the findings of fraud.

Supreme Court Verdict

In its recent judgment, the Supreme Court held that 'fraud' under the PFUTP Regulations was not established against Reliance Industries in the present matter. The court observed that the SAT committed an error in its majority judgment regarding the question of fraud under regulations 3 and 4 of the PFUTP Regulations. Consequently, the apex court set aside the impugned judgment and order of the SAT insofar as the finding on 'fraud' was concerned.

While clearing the company of fraud charges, the Supreme Court held that Reliance Industries violated disclosure requirements under the 2001 SEBI Circular regarding position limits. The court concurred with the SAT's observations regarding the penalty for this specific violation.

Financial Impact and Compliance

Following the Supreme Court's intervention in December 2020, Reliance Industries had deposited ₹250 crore in the Investors' Protection Fund, subject to the final result of the appeal. The court had stayed the recovery of the balance amount, inclusive of interest, pending the appeal. In a related development, an adjudicating officer of SEBI had imposed a penalty of ₹25 crore in January 2021 for manipulative transactions, which was deposited by the company and later upheld by the SAT in December 2023.

Reliance Industries executives participated in a one-on-one meeting with institutional investors at the Morgan Stanley India Investment Forum 2026 in Mumbai on June 2, 2026. The company confirmed that no unpublished price sensitive information was shared or discussed during the interaction. This meeting was organized by a third party, providing a platform for engagement with the investment community.

The disclosure follows a previous notice dated May 27, 2026, wherein the company indicated its participation in the forum. The meeting was held to update institutional investors on the company's operations and strategy. The interaction was strictly informational, adhering to regulatory guidelines regarding the disclosure of material information.

Meeting Details

The specific details of the institutional investors' meeting are outlined below:

Savithri Parekh, Company Secretary and Compliance Officer for Reliance Industries Limited, signed the disclosure. The filing was submitted to BSE Limited and National Stock Exchange of India Limited for information and record purposes. Copies of the disclosure were also forwarded to the Luxembourg Stock Exchange and Singapore Exchange Limited.