Regulator Sebi on Thursday slapped a total fine of Rs 5 crore on fugitive businessman Mehul Choksi, Gitanjali Gems and another individual for violating various regulations, including listing norms.

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Choksi, the maternal uncle of diamantaire Nirav Modi, is the promoter and managing director of Gitanjali Gems.

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Nirav Modi, who has allegedly defrauded state-run Punjab National Bank of over Rs 14,000 crore, is currently lodged in a British jail.

In an order, Sebi said it is imposing a fine totalling Rs 5 crore on Choksi, Gitanjali Gems and its Executive Director Dhanesh Sheth.

"... The default is grave and the gravity of this matter cannot be ignored," Sebi said.

"I am of the considered opinion that the deliberate defiance of the mandatory obligations and hiding the crucial and material information from investors, regulators and stock exchange, as found in this case should be dealt with sternly and the penalty in such cases should serve as effective deterrence," Sebi

Adjudicating Officer Santosh Shukla said in a 28-page order.