Mumbai – Reliance Infrastructure Ltd (RInfra), an Anil Ambani-led company, has submitted a formal representation to the Securities and Exchange Board of India (SEBI), National Stock Exchange (NSE), and Bombay Stock Exchange (BSE). The company seeks a comprehensive review of the Additional Surveillance Measure (ASM) framework and associated trading restrictions applied to its shares.
Impact on Public Shareholders
RInfra emphasized that the current ASM framework, which limits trading to once a week within a narrow ±5% price band, disproportionately affects its more than 7 lakh public shareholders. The company argues that these restrictions lead to mechanical and predictable price movements, failing to reflect actual business fundamentals, operational performance, or long-term value creation potential.
During lower-circuit phases, shareholders often find themselves unable to exit their investments at a reasonable market price, leading to a near-fixed erosion of their holdings' value each week. Reliance Infra contends that such anomalous restrictions are counterproductive to investor interests and undermine efficient market functioning, despite its shares being actively and widely traded.
Insolvency Status and Board Management
The company highlighted that the ASM framework was triggered even though the National Company Law Appellate Tribunal (NCLAT) had stayed both the insolvency admission order and the Corporate Insolvency Resolution Process (CIRP) against it. Reliance Infrastructure affirmed that no Resolution Professional has taken control, and its affairs continue to be managed by its duly constituted Board of Directors in the normal course of business.
Recent Trading and Other Developments
On Friday, 16.67 lakh Reliance Infra shares were traded, totaling Rs 13.62 crore, with the scrip closing 5 percent higher at Rs 81.76. Separately, RInfra confirmed a lien in its bank accounts for Rs 77.86 crore, stating its intention to file an appeal challenging the order.
As of March 31, 2026, the promoter group, including Anil Ambani, Kokila D Ambani, Tina A Ambani, Jai Anmol Ambani, Jai Anshul Ambani, Reliance Project Ventures, and RISEE Infinity Private Ltd, held 7,78,63,424 Reliance Infra shares, representing a 19.05 percent stake.