India fines Reliance for not promptly disclosing 2020 Facebook deal

India’s market regulator on Monday fined Reliance Industries NSE -0.01 % and two of its compliance officers for violating fair disclosure norms during Facebook’s $5.7 billion investment in its digital unit in 2020.

In April 2020, Meta’s Facebook invested $5.7 billion in Reliance’s Jio Platforms, aiming to allow WhatsApp to offer payments services to millions of small businesses. The deal helped billionaire Mukesh Ambani’s Reliance slash its heavy debt load.