Sebi slaps Rs 5 crore fine on Mehul Choksi, Dhanesh Sheth & Gitanjali Gems

Mumbai: The Securities and Exchange Board of India (Sebi) on Thursday slapped a fine of Rs 5 crore on Gitanjali Gems, Mehul Choksi, and Dhanesh Sheth for violating various regulations, including listing norms.

Fugitive businessman Choksi is the promoter and managing director of Gitanjali Gems, while Sheth is the executive director of the company.

Choksi is the maternal uncle of diamond baron Nirav Modi, who has allegedly defrauded state-owned Punjab National Bank to the tune of Rs 14,000 crore is currently held in a London jail.


“In this case, the Noticees have committed repeated and serious defaults by not disclosing subsequent material events / information with regard to material events…,’ Sebi said in an order.

“The defaults by the Noticees are blameworthy and serious considering the degree of responsibility bestowed upon them by the statute,” the markets regulator said.