SEBI has chosen to let Reliance Home Finance off with a light fine, when it should have initiated a forensic audit based on lapses.
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The five-year ban from the securities market over alleged diversion of funds is only the latest in a series of financial and legal setbacks the younger Ambani has faced over the years.
Six years in, the audit regulator has settled into a pattern—stiff penalties for small firms and little more than strong words for their larger peers—that questions its very existence.
In just a couple of years, the little-known, loss-making company has transformed itself into a profitable business under the leadership of MD Nikhil Merchant. Can it sustain the growth momentum?