Finance minister Pranab Mukherjee said that Securities and Exchange Board of India (SEBI) has got complaints of insider trading by Reliance Petroleum (RPL) and 18 other companies during the last 3 years.

Without disclosing the companies’ names, Mr. Pranab said that the market regulator (SEBI) received complaints of alleged insider trading in the shares of nine companies.

In 2007, it was for six companies. For 2008, the complaints pertained to three companies and for the current fiscal up to end of January, SEBI had received against one company.

The case against Mukesh Ambani-controlled RPL was related to volatility noted in the company’s shares during November 2007, when its price hit an intraday life-time high of Rs 295 on the Bombay Stock Exchange (BSE).

Following volatility, SEBI had ordered the BSE and NSE to analyze the trading in the scrip of RPL in the cash as well as derivatives markets between November 1 and Nov. 29, 2007.

Shares of Reliance Petroleum, on Wednesday (Feb 18), fell 0.92% (Rs 0.75) to end at Rs 81.15. The total volume of shares traded was 6,308,440 at the Bombay Stock Exchange (BSE).