Submit names of brokers involved in NSEL scam in sealed cover: HC to Sebi

Sebi had informed the Madras HC that action was being taken against 300 brokers involved in the NSEL scam and their names could not be made public as it would impact markets

The Madras High Court has asked the Securities and Exchange Board of India (Sebi) to submit the names of the 300 brokers against whom the regulator has taken action related to the alleged Rs 56-billion National Spot Exchange Ltd (NSEL) scam in a sealed cover.   

The direction was related to a petition filed by an individual, L Palpandi, seeking action against the brokers, according to senior counsel P Wilson, who appeared on behalf of the petitioner.

When the petition came up for hearing on Monday, the markets regulator informed the court that action was being taken against the 300 brokers who