The Securities and Exchange Board of India (SEBI) has issued an administrative warning to Reliance Industries’ company secretary and compliance officer after identifying insider trading violations involving two employees and an immediate relative of a connected person.
According to a warning letter dated 24 June, 2026, the regulator found that the individuals traded in Reliance Industries’ shares while in possession of unpublished price-sensitive information (UPSI) during July 2024. The investigation covered the period between 1 June and 30 August, 2024.
SEBI observed that the trades violated provisions of the SEBI (Prohibition of Insider Trading) Regulations and the SEBI Act. The regulator also held that the company’s compliance officer failed to adequately monitor employee compliance and effectively administer the organisation’s insider trading code of conduct.
The flagged transactions included the purchase of shares by one employee, the sale of shares by another employee, and the purchase and sale of shares by the immediate relative of a connected person during July 2024.
According to SEBI, Reliance Industries became aware of the violations only after receiving communication from the regulator. The market watchdog advised the company to strengthen its compliance-monitoring framework and ensure stricter oversight of employee trading activities to prevent similar incidents. It also cautioned that repeated lapses could invite further regulatory action.
The case highlights the importance of robust internal compliance mechanisms, particularly around employee awareness, monitoring of connected persons and enforcement of insider trading policies in listed companies.
Reliance Industries said the warning is administrative and cautionary in nature and does not have any financial, operational or business impact. The company added that it will take the necessary steps to address the concerns raised by SEBI.
