Why did SEBI fine Mukesh Ambani?

On January 1st SEBI ordered billionaire Mukesh Ambani and his conglomerate Reliance Industries Ltd. to pay a combined penalty of Rs 40 crores for alleged manipulative and fraudulent trading in the month of November 2007. And if you’re wondering why the regulator imposed such a harsh penalty, here’s our simplified take on what happened during the fateful month.