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Sebi warns PNB for late disclosures regarding Nirav Modi scam

Press Trust of India  |  Mumbai 

Taking serious note of delay in making disclosures, markets regulator has warned PNB to promptly comply with mandatory norms on fraudulent transactions related to and of companies.

The PNB was defrauded of over USD 2 billion allegedly by and his associates by fraudulent use of Letters of Undertakings (LoUs) and Foreign Letters of Credit (LoC) in connivance with certain officials.

"The...non-compliances are viewed seriously and PNB is hereby warned and advised to be cautious in future to ensure compliance with all applicable provisions of the LODR (Listing Obligations and Disclosure Requirements) Regulations," said in a communication to the

The Sebi's warning letter has been posted by the on stock exchanges as part of regulatory filing.

Sebi observed that there were delays of 1-6 days by PNB in making disclosures to the stock exchanges pertaining to the filing of reports/complaints with Reserve Bank of and

Accordingly, PNB has not complied with various norms.

The Sebi's communication refers to various disclosures made by PNB to stock exchanges during February and March this year regarding certain fraudulent transactions with respect to group, and others and referring of the same to law enforcement agencies.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 17 2018. 14:40 IST
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