MUMBAI, May 3 (Reuters) - India's stock market regulator has
fined a unit of energy conglomerate Reliance Industries Ltd
110 million rupees ($2 million) over a 2007 insider
The company, Reliance Petroinvestments Ltd, has 45 days to
pay the fine, the Securities Exchange Board of India said in its
ruling published late on Thursday.
The regulator said Reliance Petroinvestments made a profit
of 38.3 million rupees through several trades between February
and March 2007 that were based on inside information.
The trades preceded a major announcement about a dividend
declaration and the merger of a group company.
The deals were financed through an interest-free loan by a
wholly-owned unit of Reliance Industries, according to the order
on the regulator's website (http://r.reuters.com/pex77t).
A Reliance Industries spokesman did not respond to telephone
($1 = 53.8550 Indian rupees)
(Reporting by Swati Pandey; Additional reporting by Prashant
Mehra; Editing by Stephen Coates)