SEBI's ban on India's Anil Ambani and his Reliance Group troubles

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.