SEBI launches probe in PNB Scam

New Delhi Feb 17: A Bigger scam has been identified in recent days and the Massive default of loan of Rs 11400 Cr by Jeweler Nirav Modi to Punjab National bank has shaken the nation. Currently, many agencies are investigating the case.

Market regulator SEBI has said that "Sebi accords utmost importance to market conduct and integrity. Anyone found violating the securities laws will be dealt with firmly".

Officials have said that "The Securities and Exchange Board of India (Sebi) and stock exchanges have begun analysing the stock market trade details of all entities associated with Modi including Choksi, who has already been under the scanner for various cases including a brokerage default incident."

The regulator and the exchanges added that "they 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."