The Securities and Exchange Board of India, SEBI has imposed a penalty of 13 crore rupees on Reliance Industries Limited for alleged irregularities in issuance of warrants by the company to its promoters. The case related to 2007 earnings and the company's repeatedly failed to disclose the key earnings ratio. SEBI began adjudication proceedings to probe the violation of relevant clauses under the Listing Agreement and the Securities Contracts (Regulation) Act for not disclosing the Diluted Earnings per Share. As per the terms of the Listing Agreement, the companies have to disclose these earnings in their quarterly statements filed with the stock exchanges. Noting that a specific quantum of any direct or indirect unfair gain made by RIL and the loss caused to the investors were not available on records, SEBI said it cannot ignore the fact that millions of shareholders/investors were deprived of correct disclosures. This penalty comes a year after SEBI had imposed another fine of 11 crore rupees on Reliance Petroinvestments, a subsidiary of RIL, in an insider trading case.