Reliance Infrastructure has received confirmation of a ₹77.86 crore bank lien on its accounts over alleged Foreign Exchange Management Act violations. According to the latest regulatory filing, the company received the order from the Office of the Commissioner Customs (Appeals) through orders dated June 6, 2026. The lien confirms a provisional order dated December 9, 2025, under which the restriction was initially placed on Reliance Infrastructure's bank accounts. As per the filing, the lien has been applicable from December 9, 2025, restricting the use of the specified amount until the matter is resolved or further orders are passed. The company has disclosed that the communication relates to alleged non-compliances under FEMA, with no separate monetary penalty mentioned apart from the confirmation of the bank lien.
Despite the bank lien, Reliance Infrastructure has formally approached SEBI, NSE, and BSE to request a review of the surveillance framework associated with the Insolvency and Bankruptcy Code (IBC). According to the latest regulatory filing submitted to the National Stock Exchange of India (NSE), the company is advocating for changes in the Additional Surveillance Measure (ASM) framework, highlighting the adverse effects of current trading restrictions on its over 7 lakh public shareholders. The company cited concerns over the framework's impact on liquidity, price discovery, and more than 7 lakh retail shareholders. The current ASM framework permits trading only once a week within a narrow ±5 per cent price band, resulting in mechanical and predictable price movements that don't adequately reflect business fundamentals. As per Business Standard, the company emphasised that such restrictions may not adequately reflect prevailing business fundamentals, operational performance or long-term value creation potential.
The bank lien stems from an Enforcement Directorate (ED) investigation launched in December 2025, where authorities seized more than a dozen bank accounts of Reliance Infrastructure as part of a hawala-linked FEMA investigation. The ED alleged that Reliance Infrastructure Ltd (R-Infra), through its special purpose vehicles (SPVs), siphoned public funds from highway construction projects awarded by the National Highways Authority of India (NHAI) and sent them to the UAE illegally. The investigation specifically pertains to a 2010 tender that was awarded to the company as an EPC (engineering, procurement and construction) contract to build the JR Toll Road (Jaipur-Reengus highway). The company has announced its intention to challenge the order before the appropriate appellate authority, stating that it will file an appeal challenging the above order.
The company highlighted that the continued trading restrictions are adversely affecting shareholder value and undermining investor confidence despite the stock being otherwise actively traded in the market. As reported in the latest regulatory filing, the impact falls disproportionately on public shareholders, especially during lower-circuit phases when investors are unable to exit holdings at reasonable market prices while the value of investments declines by a near-fixed percentage every week. The company emphasises that its shares are otherwise actively traded, indicating sustained investor participation and liquidity, making the current restrictions particularly problematic for public shareholders. According to the company, such conditions may not serve the interests of more than 7 lakh retail and small shareholders and could affect the efficient functioning of the market. As per Business Standard, the continuation of such anomalous and artificial trading restrictions is counterproductive to the interests of 7 lakh retail and small public shareholders and undermines the efficient functioning of the market.
Reliance Infrastructure has sought a review of the once-a-week trading restriction and proposed a calibrated approach that retains essential risk-mitigation measures while enabling more effective price discovery. According to the company's representation, alternatives include a periodic call-auction mechanism or a wider and graded price band to facilitate genuine two-sided trading. The company has called for balanced regulatory safeguards that align market surveillance objectives with investor protection and shareholder interests. The proposed framework would retain safeguards such as gross settlement, 100 per cent margin requirements, Additional Surveillance Deposit (ASD), and price-band protections while better reflecting business fundamentals and operational performance. As part of its proposal, Reliance Infrastructure suggested retaining key safeguards such as gross settlement, 100% margin requirements, Additional Surveillance Deposit (ASD) and existing price-band protections while exploring alternatives that could allow genuine two-way trading while continuing to address market risks.
Reliance Infrastructure remains committed to working constructively with regulators and market institutions in the interest of all stakeholders while focusing on long-term value creation for its shareholders. According to the latest regulatory filing, this approach reflects the company's commitment to addressing the current trading restrictions while maintaining transparency and compliance with regulatory requirements, emphasising its dedication to serving all stakeholders through balanced regulatory frameworks that align with market surveillance objectives and shareholder interests. The company maintained that any review of the current framework should seek to protect investors while also ensuring efficient market functioning and fair price discovery, with the company continuing to engage constructively with regulators and market institutions while remaining focused on creating long-term value for shareholders. As per Business Standard, Reliance Infrastructure is engaged in developing projects through various special purpose vehicles in several high-growth sectors, including power, roads and metro rail.
