SEBI Slaps Rs 2.1 Cr Demand Notice on Absconding Mehul Choksi for Insider Trading

SEBI has issued a Rs 2.1 crore demand notice to absconding diamantaire Mehul Choksi for insider trading in Gitanjali Gems shares. 

The penalty includes a Rs 1.5 crore fine and Rs 60 lakh interest. Choksi, accused of sharing unpublished price-sensitive info with Rakesh Gajera, violated PIT rules ahead of the 2018 PNB fraud exposure.

SEBI warned of property and bank account attachment if dues aren’t cleared in 15 days. Choksi, hiding in Antigua since 2018, was recently arrested in Belgium.

In 2023, SEBI also demanded Rs 5.35 crore in a separate fraudulent trading case. He remains barred from securities markets.