Securities and Exchange Board of India (Sebi) is investigating the alleged insider trading activities in the shares of Mukesh Ambani-run Reliance Petroleum, Minister of State for Finance P K Bansal said in a written reply in Rajya Sabha on Tuesday.

“Sebi has informed that it has initiated an examination in the matter,” replied Mr Bansal to a query on whether the government had taken any action against the promoters/affiliates of Reliance Industries Ltd regarding the recent mammoth insider trading activities in the shares of Reliance Petroleum Ltd. Reliance Industries Ltd had raised Rs 4,023 crore by divesting 4.01 per cent of its stake in Reliance Petroleum Ltd, the company said on November 24.

While actual date for the stake sale is not known, the shares of Reliance Petroleum had moved by a wide margin between late October and early November.

In its reaction to the news of Sebi probe, Reliance Industries said in a statement, “Reliance Industries Limited and its group companies have complied with all rules and regulations and will cooperate and provide all the necessary information to the concerned authorities.”