Nsel Scam

Sebi cancels Way2Wealth Commodities registration in NSEL scam case

Capital markets regulator Sebi on Monday cancelled the registration of Way2Wealth Commodities for facilitating its clients to trade on the platform of the now defunct National Spot Exchange Ltd (NSEL) in illegal 'paired contracts. By providing such a facility of taking exposure to 'paired contracts', the broker exposed its clients to the risk involved in trading in a product that did not have regulatory approval, Sebi said in an order. "The noticee (Way2Wealth Commodities) provided a platform for 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. "In failing to dissociate itself from, and continuing to facilitate participation in the said paired contracts, the noticee failed to act with due diligence," Sebi said. Accordingly, Way2Wealth Commodities can no longer be called a "fit and proper person" for holding the certificate of registration as a broker in the ...

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Mumbai police arrests two former statutory auditors in NSEL scam

Sessions court sends them to police custody, to hear the case on Monday

Bombay HC summons Chidambaram, two IAS officers in 63 Moons defamation case

While Chidambaram is alleged to have framed policies supporting another commodity exchange, the two IAS officers are said to have helped create regulations beyond their jurisdiction to hurt FTIL

Sebi declares Phillip Commodities India 'not fit and proper' in NSEL case

Sebi has ordered clients of Phillip Commodities to withdraw their funds or securities within 45 days

NSEL case: P Chidambaram, 2 others to face Rs 10,000-crore lawsuits

The company has alleged three of them destroyed the exchange ecosystem to favour its competitors, resulting in huge losses for its shareholders

NSEL scam: Court sends ex-director Joseph Massey to 6-day judicial custody

Police tells court Massey was contacting other NSEL directors on WhatsApp during the financial crisis, it wants to check his mobile app in consultation with technical experts

Former director Joseph Massey summoned by police in Rs 5,600-cr NSEL scam

On Friday, Massey had moved court seeking anticipatory bail and his plea is to be heard next Tuesday

Ex-NSEL CFO Shashidhar Kotian arrested in Mumbai in Rs 5600-cr scam

As many as 13,000 investors have claimed losses after the trading platform faced a payment crisis, forcing the government to order its shuttering

Former CFO Shashidhar Kotian arrested in Rs 5,600-crore NSEL scam

The NSEL scam refers to the payment crisis driven by the physical absence of the commodities against the invested money

NSEL scam: Govt didn't recommend NCLT to declare brokers 'fit and proper'

Such powers to declare not fit and proper lies with the Sebi

Sebi issues another show-cause notice to NSEL brokers in 2013 scam probe

Motilal Oswal Financial Services, Anand Rathi Shares and Stockbrokers Ltd. and India Infoline among companies served notice

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

Mumbai Police seeks proof of trades from Sebi in Rs 55-bn NSEL scam probe

Hours after registering a First Information Report (FIR), the economic offences wing (EOW) of the city police here has written to the Securities and Exchange Board of India (Sebi), asking for proof of illegal trades in the Rs 56-billion National Spot Exchange (NSEL) scam.The FIR was registered on Saturday, against 300 brokers and trading members of the now-defunct NSEL, including some well-known names, for illegal trading in contracts on the spot exchange platform. "We registered it under the erstwhile Forward Contract Regulation Act (FCRA), which was repealed on September 29, 2015. It was a hurriedly filed FIR, due to expiration of the date. Under the law, we had to file the FIR within three years of the repealed FCRA. Since the date was expiring, we were in a hurry to file the FIR, which we did as per Sebi's complaint. We have written to Sebi to present proofs for the same," said a senior EOW official. The police has asked for the relevant material to be sent in four ...

Sebi to decide action against 116 brokers in the NSEL scam next week

Fair market access norms, changes to consent framework among likely announcement at board meeting next week

Reply to show cause notice in 3 weeks: Sebi to Motilal Oswal on NSEL scam

The investigation relates to the Rs 56 bn payment default which broke out at the spot commodity trading platform NSEL in 2013

NSEL scam: Sebi grants Motilal Oswal 3 weeks to reply to show cause notice

Motilal Oswal, Geofin Comtrade, Anand Rathi, India Infoline and Phillip Commodities had made applications to the Sebi for registration as commodity brokers

NSEL Scam: HC orders shifting of LOIL Group cases to Mumbai

The high court also slapped a fine on LOIL Group of Rs 1 lakh per petition filed by NSEL to be paid to the latter

NSEL scam: NCLT directs govt to put interim report on record

SFIO's report on FTIL, others to be submitted within 2 weeks

NSEL scam: Jignesh Shah denies violation of Sebi rules; alleges conspiracy

I stand tall, no agency has found anything against me, he said in the press conference