Sebi probing alleged nexus between Nirav Modi firms and stockbrokers

The banking regulator is conducting a supervisory assessment of Punjab National Bank, while all banks have beefed up their vigil on all clients linked to diamond and jewellery trade

Diamonds may have been long known as a girl's best friend, but fraudsters seem to be the new paramours of this glitzy substance and multiple regulators are probing this nexus after a state-run bank got defrauded of $1.8 billion by designer jeweller Nirav Modi.
 

Capital markets watchdog Sebi is looking into the trade details and various suspected violations by Modi-linked entities, including another jewellery major Gitanjali Gems of Mehul Choksi. Also under the scanner is a suspected nexus between the diamond traders and stock market brokers, a senior official said.
 

The banking regulator is conducting a supervisory assessment of Punjab