SEBI Warns Punjab National Bank Against Delay In Fraud Disclosures

India's market regulator today directed fraud-hit Punjab National Bank to ensure that it complies with all applicable provisions of its Listed Obligations and Disclosure Requirements.

The lender was one to six days behind in disclosing details regarding a Rs 280 crore fraud seen in its financial statement for the quarter ended December 2017, the Securities and Exchange Bureau of India said in a letter to PNB which was filed with the exchanges.

The warning comes after the government-owned bank reported the highest ever quarterly loss in Indian banking history after being hit by the Rs 14,000-crore worth fraud involving jeweller Nirav Modi and his uncle Mehul Choksi.

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