Rajesh Exports news: 'As a matter of principle...' - What SEBI Chairman Tuhin Kanta Pandey said

Shares of Rajesh Exports Ltd fell 5 per cent to hit its lower circuit limit on Monday amid a PTI report suggesting the Ministry of Heavy Industries (MHI) will soon decide on removing the gold refiner and jewellery exporter from the list of beneficiaries under the production-linked incentive (PLI) scheme for advanced chemistry cell (ACC) battery storage. The decision came be taken in coming days, the report suggested.

The stock was locked at its lower circuit limit at Rs 93.80. This was the third straight session of circuit break, and the sixth session of fall for the stock in the past seven sessions. This PTI report comes after the SEBI passed an interim order last week, alleging massive financial fraud by the Bengaluru-based firm, PTI reported.

On asked about Rajesh Exports, SEBI Chairman Tuhin Kanta Pandey on the sidelines of ICICI Securities India Investor Conference today said SEBI does not comment on individual cases, as a matter of principle.

"It is a judicial process in which orders are issued, and they have to be accordingly comply with it through a manner which is going to be as per the law," he said on Rajesh Exports.

Rajesh Exports reportedly said it had submitted 300-400 GB of documents to market regulator SEBI, but believed the watchdog had been unable to locate the relevant files.

Rajesh Mehta told PTI that SEBI's interim order dated June 3, which alleged revenue inflation of Rs 15.15 lakh crore during FY21-FY25, was based on a fundamental accounting error. According to him, the regulator had treated the company's Ebitda figures as revenue.

"We had given them 300-400 GB documents, running into lakhs of pages. I think they have not been able to find the correct documents. The whole confusion has happened there," Mehta said.

Meanwhile, Pandey at the ICICI conference shared his vision for India's capital markets, highlighting efforts to reduce FPI registration timelines through coordination between SEBI, RBI and custodian banks, making India a more attractive destination for global investors. He also discussed the impact of recent tax exemptions on government securities, which are expected to support foreign debt inflows. He said SEBI's proposed framework for intraday borrowing by mutual funds aims to improve operational efficiency for fund houses. Here's full video:-