New Delhi: Securities and Exchanges Board of India (SEBI) has initiated investigation proceedings into Reliance debentures subscribed by the Unit Trust of India (UTI), Rajya Sabha was informed on March 4.

"SEBI has sent a report about these debenture issues of Reliance Industries Limited subscribed by the erstwhile UTI, suggesting appropriate action including referring the matter to CBI for investigation," Finance Minister Jaswant Singh said in a written reply.

"SEBI has also initiated investigation proceedings with respect to the validity of the debenture issues. The loss, if any, would be known only after the investigation is completed," he said.

PTI