BENGALURU (Reuters) - Anil Ambani, one of India's best-known businessmen and chairman of Reliance Group, was banned from the securities market for five years and fined about $3 million by the country's markets regulator last week on charges of diversion of funds.

Anil Ambani said he was reviewing the order and will take appropriate next steps as legally advised.

Once ranked sixth-richest person in the world in 2008, Anil Ambani has faced numerous legal and financial hurdles, leading him to announce bankruptcy in a UK court in 2020.

Here is timeline of events that led to the latest blow to his crumbling empire:

2005: The Ambani family reaches settlement to split the Reliance group between Mukesh Ambani, now Asia's richest person, and his brother Anil Ambani.

Anil Ambani starts leading a group which included Reliance Communication and Reliance Infrastructure, while Mukesh Ambani leads Reliance Industries with major businesses in oil and gas.

2014-17: Within 10 years, Anil Ambani's power and infrastructure firms start accumulating significant debt.

Soon afterwards, one of his other firms - Reliance Naval and Engineering - faces insolvency proceedings.

2017-19: Reliance Communications takes a loan from Dena Bank of 2.50 billion rupees, which remained unpaid for several years, leading to the initiating of a sale of telecom assets worth 240 billion rupees to reduce debt.

Anil Ambani faces several legal challenges, which included the possibility of imprisonment for failing to pay Ericsson AB while also being sued by Chinese banks over defaults.

Meanwhile, auditor PwC withdraws from the audit of a group company - Reliance Capital -- after not receiving a "satisfactory response" to its queries on certain observations in its assessment of its fiscal 2019 accounts.

Reliance Communications also goes to bankruptcy court to resolve its debt burden.

August, 2020: The Delhi High Court halts insolvency proceedings against Anil Ambani in a matter pertaining to a roughly 12 billion rupee-personal guarantee he had given to State Bank of India for loans to his companies.

November, 2021: India's central bank says it will initiate bankruptcy proceedings against Reliance Capital.

February, 2022: In an interim order, SEBI bars Anil Ambani and other company management from associating with any listed entity, acting as their directors and from associating with any market intermediary till further orders on charges of alleged diversion of funds.

March, 2022: Anil Ambani steps down from the boards of Reliance Infrastructure and Reliance Power.