The Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs. 624 crore on 27 individuals and entities, including Reliance Group Chairman Anil Ambani, his group firms, and their former directors, for allegedly siphoning funds from Reliance Home Finance (RHFL).

The Sebi has also barred Anil Ambani and 24 others from accessing the securities market.

Individual entities have also been barred from holding key positions in any listed firm or its associates for five years.

The penalty imposed on Ambani is Rs. 25 crore.