SEBI asks Choksi to pay Rs 2.10 cr for insider trading breach
Business Economy
Mumbai, May 19 (UNI) The Securities and Exchange Board of India (SEBI) has issued a notice to fugitive diamond trader Mehul Choksi, asking him to pay Rs 2.10 crore in fines and recovery costs. SEBI has warned that if he fails to pay within 15 days, strict action such as freezing his bank accounts, seizing his property, or even arrest may follow.
The recovery notice, issued on May 15, is based on a penalty of Rs 1.5 crore imposed on Choksi in January 2022 for violations related to Gitanjali Gems Limited. With interest and other expenses, the total amount now stands at Rs 2.10 crore.
Choksi, whose last known address is at Walkeshwar in South Mumbai, has been asked to make the payment through SEBI's online portal or via bank transfer.
SEBI also warned that if Choksi has transferred any assets to his family members after January 31, 2022, without fair payment, those assets will still be considered his and can be taken for recovery.
Mutual funds and share depositories across the country have been told to report any holdings or transactions linked to Choksi and to inform SEBI if he tries to sell or redeem any investments.
The notice was signed by SEBI Deputy General Manager and Recovery Officer Pankaj Yuvarajs Shinde.
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