New Delhi: The Securities and Exchange Board of India (Sebi) has launched a probe into trading and disclosure related issues in the matter of Punjab National Bank (PNB) and Gitanjali Gems Ltd in connection with the Rs11,400 crore bank fraud allegedly perpetrated by the absconding Nirav Modi.
“Sebi accords utmost importance to market conduct and integrity. Anyone found violating the securities laws will be dealt with firmly," a regulatory official said.
The markets regulator and stock exchanges have begun analysing the trade details of all entities associated with Modi, including Choksi. Sebi is also investigating Choksi and his listed entity Gitanjali Gems for disclosure lapses, including for postponement of a board meeting earlier this week without disclosing sufficient reasons. Choksi was not immediately available for comments and his phone was switched off.
The stock market dealings of Nirav Modi and Choksi came under Sebi scanner following PNB’s declaration of the Rs11,400 crore fraud. They are also being probed by the Central Bureau of Investigation (CBI) and the Enforcement Directorate, among other agencies, in the matter.