Sebi probes disclosure, trading lapses

NEW DELHI: Sebi has launched a probe into trading- and disclosure-related issues in the matter of PNB and Gitanjali Gems.

“Sebi accords utmost importance to market conduct and integrity. Anyone found violating the securities laws will be dealt with firmly,” an official said.

Incidentally, in July 2013, NSE in consultation with Sebi had debarred Gitanjali Gems chief and main promoter Mehul Choksi, among others, from trading, for securities market violations relating to trading in his company.


Sebi and stock exchanges have begun analysing the stockmarket trade details of all entities associated with Nirav Modi including Choksi, who has already been under the scanner for various cases, including a brokerage default incident.

The regulator and exchanges are also probing Choksi and his listed entity Gitanjali Gems for disclosure lapses, including for postponement of a board meeting earlier this week without disclosing sufficient reasons.