Sebi probing allegations of fraud, irregularities at MSEI: Minister to LS

MSEI has engaged the services of forensic auditor for the purpose of examination, including on assessing the actual magnitude of fraud

Capital market regulator Securities and Exchange Board of India (Sebi) is probing allegations of fraud and irregularities at Metropolitan Stock Exchange of India (MSEI). 

The probe has been initiated after complaints from two whistleblowers who have highlighted issues relating to governance, mismanagement and the siphoning of funds at the exchange. 

The issue came to light after Minister of State for Finance P Radhakrishnan's written reply in the Lok Sabha. 

In their complaints, the whistleblowers have levelled allegations against officials of the exchange, including Udai Kumar, MD and CEO of the exchange.  Allegations have also been levelled against brokers.

"The complaints