Supreme Court Rejects Reliance Industries Plea Over ₹30 Lakh Fine in Jio Facebook Disclosure Case

On December 2, 2025, the Supreme Court (SC) dismissed Reliance Industries Limited’s (RIL) appeal challenging the Securities Appellate Tribunal’s (SAT) decision to uphold a ₹30 lakh fine imposed by SEBI over delayed disclosure of the Jio-Facebook deal, as per news reports. 

SEBI’s Action and Supreme Court Verdict 

SEBI had fined RIL and its officials, Savithri Parekh and K Sethuraman, ₹30 lakh in June 2022 for failing to provide a timely clarification to the stock exchanges on reports surrounding Facebook’s investment in Jio Platforms.  

According to SEBI, the Jio-Facebook deal was selectively leaked but not publicly disclosed until 28 days later, violating insider trading and disclosure norms. 

The SAT had upheld this penalty on May 2, 2025. The Supreme Court, led by Chief Justice Surya Kant and Justice Joymalya Bagchi, declined to interfere with SAT’s ruling, stating there was no substantial question of law involved, and reiterated the regulatory obligations of large companies like RIL. 

Delayed Response to Key Market Information 

Media reports in March and April 2020 had already speculated about the Facebook investment. The official announcement only came on April 22, 2020, confirming ₹43,574 crore investment by Facebook for a 9.99% stake in Jio Platforms.  

SEBI noted that RIL neither denied nor confirmed these reports in a timely manner, a requirement under the LODR regulations for managing unpublished price-sensitive information (UPSI). 

Read More: Reliance Industries Share Price in Focus; Completes Merger of Star Television Productions with Jiostar India! 

Responsibilities Under Disclosure Norms 

SEBI held RIL and the 2 officials responsible under Principle 4 of the Prohibition of Insider Trading Regulations, 2015, which mandates prompt and general disclosure of UPSI when it is selectively shared or leaked.  

The court remarked that bigger corporations bear greater responsibility and must comply meticulously with disclosure regulations. 

Reliance Industries Share Price Performance  

As of December 3, 2025, at 9:26 AM, Reliance Industries share price on NSE was trading at ₹1,549.40 up by 0.20% from the previous closing price. 

Conclusion 

The Supreme Court verdict reinforces the regulatory framework for disclosure of sensitive information and its expectation from companies of RIL’s scale. The ₹30 lakh combined penalty stands as a reminder for strict compliance with UPSI-related norms. 

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