Summary: The Supreme Court recently ruled[1] on SEBI’s case of fraud against Reliance Industries Ltd. (“RIL”) and twelve of its agents for trades in respect of Reliance Petroleum Ltd. (“RPL”) in 2007. Its emphasis on establishing intent when determining the elements of fraud in Regulation 2 (1) (c) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (“PFUTP Regulations”), has implications for SEBI’s anti-fraud enforcement. This blog examines the fallout of the judgement.