SEBI alleges Rajesh Exports inflated revenue by Rs 15.15 lakh crore; LIC stake quintupled as MFs stayed away

SEBI's interim order accuses gold-jewellery exporter Rajesh Exports of inflating revenues by Rs 15.15 lakh crore over FY21-25 and bars promoter Mehta from securities dealings pending forensic audit. Mutual funds held just 0.5% since March 2016, but LIC's stake rose from 1.99% to 11.22%, with FPIs at 14.2%.

— Source publishedThu, 4 Jun, 2026, 21:25 IST·First seen Thu, 4 Jun, 2026, 21:33 IST·Source Indian Express · Business

What happened

SEBI's interim order alleges Rajesh Exports inflated revenues by Rs 15.15 lakh crore over FY21-25; mutual funds avoided the gold-jewellery exporter for a decade

Key facts

  • Rs 15.15 lakh crore
  • 0.5% MF stake March 2016
  • LIC 1.99% to 11.22%
  • LIC 10.8% March 2026
  • FPI 14.2%
  • Bridge India Fund 8.46%
  • $400 million Valcambi

Why this matters

A SEBI forensic audit and promoter trading ban make Rajesh Exports untouchable for any partnership, supply, or M&A conversation until the order is resolved.

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