Archive · 20 May 2025
Sebi Orders Mehul Choksi to Pay ₹2.1 Cr, Warns of Asset Attachment
Mehul Choksi, involved with Gitanjali Gems, is in trouble for insider trading.
He used secret information to trade stocks illegally.
The financial regulator, Sebi, wants him to pay ₹2.1 crore.
He didn't pay a fine from January 2022, so Sebi issued a new notice.
If he still doesn't pay, Sebi can take his assets and bank accounts.
Choksi also faces arrest.
He's accused of defrauding Punjab National Bank with his nephew, Nirav Modi, and left India after the scandal.
He was recently arrested in Belgium and faces extradition to India.
Sebi has demanded ₹2.1 crore from Mehul Choksi for insider trading violations.
The demand is a result of Choksi's failure to pay a fine from January 2022.
Sebi warned of potential attachment of assets and bank accounts.
Choksi faces extradition and is linked to the Punjab National Bank fraud.
The case involves Choksi's use of Unpublished Price Sensitive Information (UPSI).
- Who
- Mehul Choksi, former chairman of Gitanjali Gems, received a notice from Sebi.
- What
- Sebi issued a demand notice to Mehul Choksi for ₹2.1 crore due to insider trading violations.
- When
- The notice was issued recently after Choksi failed to pay a fine imposed in January 2022.
- Where
- The notice was issued by the Securities and Exchange Board of India (Sebi).
- Why
- Choksi violated insider trading rules and failed to pay the imposed fine.
- Amount Demanded
- ₹2.1 crore
- Reason for Notice
- Insider Trading
- Initial Fine Imposed
- January 2022
- Company Involved
- Gitanjali Gems
- Related Person
- Nirav Modi
- Related Case
- Punjab National Bank Scam
- Payment Deadline
- 15 days
