Nsel Case

ED files fresh chargesheet in NSEL money laundering probe, 19 firms named

The Enforcement Directorate Wednesday said it has filed a fresh chargesheet in the National Spot Exchange Limited (NSEL)-linked money laundering investigation. The prosecution complaint was filed on January 28 before a special Prevention of Money Laundering Act (PMLA) court in Mumbai against 19 broking entities and their directors for allegedly colluding with NSEL officials to "allure" investors to trade on this platform, the federal agency said in a statement. The court took cognisance of the chargesheet on February 3, it said. The agency earlier filed six chargesheets against 94 accused and attached assets worth Rs 3,288 crore as part of this probe. The probe found that broking companies, after getting registered with the NSEL, "misled" their clients by providing "false" assurances about the exchange and promoting "illegal" pairs trade contracts that were not allowed, the ED said. In "collusion with" broking companies, NSEL established a system that "bypassed" the collection of

Sebi cancels registration of 2 firms in NSEL paired contracts case

Capital markets regulator Sebi on Wednesday cancelled the registration of two brokerage firms -- Pinnacle Brocom and Padmakshi Commodities -- for facilitating its clients to trade in illegal paired contracts on the now defunct National Spot Exchange Ltd. The trading activities of the brokers in paired contracts for its clients on NSEL platform have serious ingredients jeopardising the reputation, belief in competence, fairness, honesty, integrity and character in the securities market, Sebi's Executive Director V S Sundaresan said in two separate orders. The regulator has asked the brokers to allow its existing clients to transfer their securities or funds held in its custody within 15 days. In case of failure of any clients to withdraw or transfer their securities or funds within this period, the brokers will transfer the funds and securities of such clients to another broker within a period of the next 15 days there from under advice to the clients. In September 2009, NSEL ...

Market regulator Sebi cancels registration of MMTC as broker in NSEL case

Capital markets regulator Sebi has cancelled the registration of MMTC Ltd as a stock broker for its involvement in illegal "paired contracts" in a case pertaining to now defunct National Spot Exchange Ltd (NSEL). While cancelling the licence, Sebi directed MMTC to allow its existing clients to withdraw or transfer their securities or funds held by it within 15 days. In case a client fails to do so, the broker will transfer the funds and securities of such clients to another registered broker in the next 15 days under advice to the said clients, Sebi said in its order on Wednesday. Going by the order, MMTC is a commodity derivatives broker registered with Sebi, from December 2015 and is currently a member of the Multi Commodity Exchange of India Ltd (MCX). The broker made an application in September 2019 for surrendering its membership of MCX. However, the surrender application of MMTC is still pending with MCX. In its order, Sebi said MMTC traded in "paired contracts", which did n

Sebi cancels Siddhi Vinayak Commodities' registration in NSEL case

Markets regulator Sebi on Tuesday cancelled the registration of Siddhi Vinayak Commodities for facilitating its clients to trade in illegal paired contracts on the National Spot Exchange Ltd (now defunct). The act of the noticee (Siddhi Vinayak Commodities) of executing trades in the 'paired contracts', which did not have requisite regulatory approval, raises doubts on the competence of the noticee to act as a registered securities market intermediary, Sebi said in the order. "I hold that the noticee does not satisfy the 'fit and proper person' criteria under the norms and therefore, the continuance of the noticee as a broker will be detrimental to the interest of the securities market," Sebi's Executive Director Anand R Baiwar said in the order. Sebi has asked the broker to allow its existing clients to withdraw or transfer their securities or funds held in its custody within 15 days. In case of failure of any clients to withdraw or transfer their securities or funds within this .

Sebi calls off Pragya Commodity Brokers' registration in NSEL case

Sebi on Friday cancelled the registration of Pragya Commodity Brokers for facilitating its clients to trade in illegal "paired contracts" on the National Spot Exchange Ltd (NSEL). By providing such a facility of taking exposure to 'paired contracts', the broker exposed its clients to the risk involved in trading in a trading product that did not have regulatory approval, Sebi said in the order. "The noticee (Pragya Commodity Brokers) provided a platform to its clients to access a product which raised serious questions on the ability of the noticee to conduct proper and effective due diligence regarding the product itself. "I hold that the Noticee does not satisfy the 'fit and proper person' criteria for holding the certificate of registration as a broker in the securities market and hence, the continuance of the Noticee as a broker will be detrimental to the interest of the securities markets," Sebi's Executive Director Pramod Rao said in the order. Sebi has asked the broker to all

NSEL scam: Sebi bans five major commodity brokers for six months

The brokers had appealed to the Securities Appellate Tribunal (SAT) against a previous order by Sebi issued in 2019

NSEL case: Sebi cancels registration of K R Choksey Commodity Brokers

Capital markets regulator Sebi on Friday cancelled registration of K R Choksey Commodity Brokers for facilitating its clients to trade on the platform of NSEL in the illegal 'paired contracts'.

NSEL case: SC admits EOW's appeal against 63 Moons Technologies order

The SC will hear the case on 27 November. However, the apex court has said that status quo will continue

I didn't flee, groundwork ready for refund to NSEL claimants: Jignesh Shah

He said the recovery group at NSEL has managed to establish full money trail of the entire amount of Rs 5,600 crore

63 Moons Tech freezes in 10% upper circuit as company wins MPID case

In April 2018, the Maharashtra government had issued several notifications and orders to attach property worth Rs 2,500 crore, including reserves of around Rs 1,800 crore in several bank accounts.

NSEL case: Bombay HC quashes EOW's move to attach 63moons' properties

Frees ODIN software and interest income accrued on investment

Sebi to meet leading commodity brokers next week over Rs 56-bn NSEL case

The Securities and Exchange Board of India (Sebi) has convened a meeting of leading commodity brokers on the coming Tuesday, to hear them on the alleged violation of various trading laws in the Rs 56-billion National Spot Exchange (NSEL) payment default case.Sebi is yet to pronounce the final order in the case. The meeting is being convened after the brokers lost their case at the high court (HC) here in this regard.To avoid Sebi's stick, companies had sought de-registration of defunct commodity broking companies on NSEL. Sebi had refused and the HC upheld the stand. The brokers include Anand Rathi Commodities, Motilal Oswal Commodities, India Infoline Commodities, Phillip Commodities and Geofin Comtrade, all prominent names.Sources say these firms do not want to exit commodity broking but wish to do so under a different company banner."The markets regulator wants to give a final opportunity to these brokers, found guilty of mis-selling of paired contracts on the NSEL platform, ...

Bombay High Court rejects NSEL brokers' plea on de-registration from Sebi

The high court (HC) here has rejected the plea of brokers at the now-defunct National Spot Exchange (NSEL) for de-registration from the markets regulator, the Securities and Exchange Board of India (Sebi).The two-judge bench of B R Gavai and M S Karnik said the brokers' intention was mala fide and in anticipation of stern action against them by Sebi. The regulator has already issued a showcause notice (SCN) to all brokers named in the Rs 56-billion NSEL scam; this was challenged at the HC. To avoid the Sebi action, leading brokerages that had been named in various complaints and chargesheets had applied for de-registration but Sebi rejected these requests.After merger of the Forward Markets Commission (FMC) into Sebi three years earlier, the latter had issued SCNs to leading brokerages such as Motilal Oswal Commodities, Anand Rathi Commodities and India Infoline Commodities, among others, asking why they should not be declared as meeting the 'not fit and proper' category for their ...

Sebi issues show-cause notices to 300 brokerages in NSEL case

The market regulator has asked these brokerages to file a reply, along with documentary evidence within 21 days of the notice

Sebi directs 13 people to disgorge Rs 124 crore in NSEL case

They sold shares of FTIL, MCX on insider info to avert losses, says regulator

ED summons India Infoline director in NSEL case

Chintan Modi would be present himself for the ED investigation on Monday