Sebi warns PNB for late disclosures

The market regulator said that PNB has not made any provision or disclosure with respect to the fraud of Rs 280 crore in the financial statements for the quarter ended December 2017 and thereby not complied with a necessary clause.

By: ENS Economic Bureau | Mumbai | Updated: May 18, 2018 1:20:45 am
Sebi warns PNB for late disclosures “There are delays of 1-6 days by PNB in making disclosures to the stock exchanges pertaining to filing of the reports or complaints with RBI (Reserve Bank of India) and CBI (Central Bureau of Investigation),” said Sebi. (Reuters)

Sebi has warned state-owned lender Punjab National Bank (PNB) to promptly comply with mandatory norms in over Rs 13,400 crore fraudulent transactions related to fugitive diamond jeweller Nirav Modi and Gitanjali Group of companies.

“There are delays of 1-6 days by PNB in making disclosures to the stock exchanges pertaining to filing of the reports or complaints with RBI (Reserve Bank of India) and CBI (Central Bureau of Investigation),” said Sebi.

Read | PNB posts biggest ever quarterly loss of Rs 13,417 crore in Q4

The market regulator said that PNB has not made any provision or disclosure with respect to the fraud of Rs 280 crore in the financial statements for the quarter ended December 2017 and thereby not complied with a necessary clause.

These 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 Sebi (Listing Obligations and Disclosure Requirements) Regulations, the regulator said.

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