Financial disclosures of India’s Rajesh ​Exports over the years were correct, ‌its chairman told Reuters on Thursday, ​a day after the ⁠country’s markets regulator alleged the jeweller inflated the scale of its revenue through unverified ‌overseas entities.The regulator’s observations stemmed from differences in revenue calculations ‌and did not consider ‌the ⁠company’s consolidated revenue, Chairman Rajesh Mehta ⁠said.The Securities and Exchange Board of India (SEBI) said on Wednesday 97–99 per cent of Rajesh Exports’ ​revenue came ‌from overseas subsidiaries, mainly Switzerland-based Valcambi SA, but the jeweller did not disclose their financials.The Switzerland unit, one ‌of the leading gold refiners ​in the world, was presented as the key operating entity ⁠but reported negligible standalone revenue. As a result, Rajesh Exports misrepresented about ‌₹15.15 lakh crore ($158.17 billion), or 99.8 per cent of subsidiary revenues, between fiscal 2021 and 2025, according to SEBI.Mehta said that as the world’s largest gold refiner, Valcambi refined 3,000 ‌ton of gold over fiscal 2021-2025, “so naturally” its ​revenue would be over ₹15 lakh crore.“The biggest SEBI ⁠observation is on difference in revenue which ⁠is large because SEBI did not consider consolidated revenue but ‌only standalone,” Mehta said.($1 = 95.7850 Indian rupees)Published on June 4, 2026