January 17th, 2011 
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Billionaire Anil Ambani will not be able to invest in publicly-listed securities until the end of this year, as per an announcement by the Securities and Exchange Board of India (SEBI).
SEBI also barred two of Anil Ambani’s companies from such investments until the end of 2012.
From in.finance.yahoo.com:
SEBI said Reliance Infrastructure and Reliance Natural Resources, which has since been merged into Reliance Power, had used money raised through overseas borrowing and foreign bonds to invest in the stock market.
The regulator said its investigations found Ambani’s Reliance Infra and Reliance Natural Resources were “responsible for misrepresenting the nature of investments in ‘yield management certificates/deposits’ and the profits and losses thereof,” in their annual reports for the years ending in March 2007, 2008 and 2009.
The regulator said it had issued “show cause” notices to the companies and the executives in June 2010.
Reliance Infra said in a statement it had voluntarily settled the matter with the regulator, with no admission or denial of guilt. It said its directors had paid the entire settlement fee of 250 million rupees ($5.5 million).
Anil Ambani, one of the formerly feuding billionaire brothers and one of the most influential businessman in India, leads the Anil Dhirubhai Ambani Group conglomerate, some of whose companies are burdened with heavy debt loads.
Four other directors in Reliance Infrastructure were also barred from stock investments until December, according to SEBI.
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