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BENGALURU, Aug 26 (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 SBI.NS 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.

August 23, 2024: SEBI bans Anil Ambani from the securities market for five years on charges of diversion of funds.

Source: regulatory filings, media reports

(Reporting by Varun Hebbalalu and Indranil Sarkar in Bengaluru, Editing by William Maclean)

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RPT of story published August 23, 20242:27 PM GMT+8

MUMBAI/BENGALURU, Aug 23 (Reuters) - India's markets regulator late on Thursday banned Anil Ambani and 24 others from the securities market for five years on charges of diversion of funds.

The Securities and Exchange Board of India (SEBI) also imposed a fine of 250 million rupees (about $3 million) on Ambani, saying he orchestrated a scheme to "siphon off" funds from Reliance Home Finance Ltd RLIC.NS.

The regulator said the "fraudulent" scheme was to "siphon off" funds from Reliance Home by structuring them as 'loans' to credit-unworthy borrowers.

Most of these borrowers were linked to large shareholders with the ability to influence company decisions, the SEBI added.

An email to Anil Ambani-led Reliance group spokesperson were not answered immediately. A spokesperson for Reliance Capital, the holding company, declined to immediately comment.

The Reliance Group was created in July 2006 following a demerger from Reliance Industries Ltd RELI.NS, which is led by Anil's brother Mukesh Ambani.

Reliance Home Finance's shares fell 5% after the news.

($1 = 83.8620 Indian rupees)

(Reporting by Jayshree P Upadhyay in Mumbai and Hritam Mukherjee in Bengaluru; Editing by Nivedita Bhattacharjee and Savio D'Souza)

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Jan 26 (Reuters) - Reliance Home Finance Ltd RLIC.NS:

• RBI APPROVED CO'S APPLICATION FOR SURRENDER OF CERTIFICATE OF REGISTRATION

Source text for Eikon: ID:nBSEbJshP8

Further company coverage: RLIC.NS

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Jan 11 (Reuters) - Reliance Home Finance Ltd RLIC.NS:

• PRASHANT UTREJA CEASED TO BE CHIEF EXECUTIVE OFFICER

Source text for Eikon: ID:nBSE8scdmw

Further company coverage: RLIC.NS

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June 28 (Reuters) - Reliance Home Finance Ltd RLIC.NS:

• RELIANCE CAPITAL CUTS STAKE IN CO BY 2.01% TO 45.90%

Source text for Eikon: ID:nBSE27vB6W

Further company coverage: RLIC.NS

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