Reliance Group Chairman Anil Ambani on Friday resigned as director of Reliance Power (RPower) and Reliance Infrastructure (RInfra), following markets regulator SEBI’s order restraining him from associating with any listed company. 

“Anil D Ambani, a non-executive director, steps down from the board of Reliance Power in compliance of SEBI (Securities and Exchange Board of India) interim order,” RPower said in a BSE filing on Friday. 

In a separate filing to the stock exchange, RInfr said that Anil Ambani had stepped down from its board “in compliance of SEBI interim order”. 

The SEBI in February had barred Reliance Home Finance, industrialist Anil Ambani and three other individuals from the securities market for allegedly siphoning off funds from the company. 

The regulator had also restrained Mr Ambani and three others from “associating themselves with any intermediary registered with the SEBI, any listed public company or acting directors/ promoters of any public company which intends to raise money from the public till further orders”. 

The two Reliance Group companies said that Rahul Sarin had been appointed as an additional director in the capacity of independent director for a term of five years on Friday on the boards of RPower and RInfra, subject to approval of members at the general meeting.