Refex Industries shares surge 9% after I-T search clarification; SEBI fines promoter

• Refex Industries shares surged 9% after erasing earlier losses, following clarifications on an I-T search and SEBI action.
• Income Tax search operations on the company concluded on December 13, with Refex Industries stating no adverse findings have been communicated.
• SEBI imposed a ₹10 lakh penalty on Anil Jain, a promoter and non-executive director, for allegedly communicating unpublished price sensitive information.
• The company clarified that the SEBI penalty is on Jain individually and has no financial, operational, or monetary impact on Refex Industries.
• Anil Jain intends to vigorously contest the SEBI order.

Why It Matters: Clarifications on I-T search and SEBI penalty impact company stock.