SEBI finds glitters of ₹15 lakh crore that aren’t gold
6/8/202627 min
In today's episode of The Daily Brief, we cover two major stories shaping the Indian economy and global markets:
00:04 Intro
00:39 What SEBI Found at Rajesh Exports
14:13 The Long Road to Profits in Space
25:04 Tidbits
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Transcript preview
First 90 secondsAkshara· Host0:04
In today's episode, we'll break down two important stories. First, we'll talk about SEBI finding glitters of rupees 15 lakh crore that aren't gold, and then we talk about space, part two, earning a living. Welcome back to The Daily Brief by Zerodha, where we cut through the noise to help you understand what's actually happening in the most important stories from business and markets. If you are listening to this on your commute, on a walk, or at the gym, you can also find The Daily Brief as an audio podcast on Spotify, Apple Podcasts, or wherever you listen to your podcasts. I am your host Akshara, and today is Monday, 8th June. Coming to the first story. On June 3rd, SEBI issued a 109-page interim order against Rajesh Exports Limited or REL, a gold retailer, and its promoter chairman, Rajesh Mehta. SEBI's primary allegation is this: between FY '20 to FY 2025, REL reported total consolidated revenues of rupees 15.45 lakh crore, 99.8 of which was flat out misrepresented. Now, to make sense of those numbers, REL's annual revenue in FY '25 was rupees 4.53 lakh crore. That's the same ballpark as a company like HPCL, which made over rupees 4.78 lakh crore in FY '26. So REL's stock peaked at rupees 1,028 in February 2023 but was trading at rupees 104 when the order dropped. It hit the lower circuit right after this order.