A Joint Director-level officer has been deputed to leave for London Wednesday with necessary documents, they said. The 48-year old diamantaire is accused of swindling over 2 billion USD from state-run Punjab National Bank in collusion with his uncle Mehul Choksi.
The arrest of Nirav Modi by UK authorities officially heralds the beginning of extradition proceedings against the jeweller in London. He is likely to be released on bail after he is produced before the court.
Responding to Sebi's proposal, the Finance Ministry has opined any such powers should remain with the central government and a provision for that can be made by suitable amendments to the Sebi Act and the Securities Contracts Regulation Act (SCRA).
The Telegraph said it had tracked down Modi to an £8 million, three-bedroom apartment “occupying half of a floor of the landmark Centre Point tower block” in London’s West End, with views across the city.