Oct 26, 2018
The Securities and Exchange Board of India (SEBI) has granted Motilal Oswal Commodities Broker three weeks to reply to a show-cause notice in the NSEL matter. SEBI also dismissed questions over its ju
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The Securities and Exchange Board of India (SEBI) has granted Motilal Oswal Commodities Broker three weeks to reply to a show-cause notice in the NSEL matter. SEBI also dismissed questions over its ju
Sebi issues show-cause notices to 300 brokerages in NSEL case
The Securities and Exchange Board of India (Sebi) has issued a show-cause notice to 300 brokerages whose clients lost significant money in the infamous Rs 56-billion National Spot Exchange (NSEL) scam.
Sebi’s notice alleged that these brokerages no longer meet the “fit and proper person” criteria and hence should not be allowed to continue as intermediaries.
The regulator asked these brokerages to explain why the action recommended should not be taken against them under the prescribed provisions of Sebi (intermediaries) and Sebi (stock-brokers and sub-brokers) regulations.
Sebi’s fit and proper criteria define basic conditions that intermediaries need to fulfil in order to perform their duties and responsibilities. Among key conditions are integrity, absence of any conviction and not being a willful defaulter.
The regulator said that it has initiated adjudication proceeding and appointed designated authority on September 21 to inquire into the alleged violation of the fit and proper norms.
Business Standard
CBI unearths Rs 2,900 crore scam: How shell companies diverted loan funds abroad
CBI unearths Rs 2,900 crore scam: How shell companies diverted loan funds abroad
Jignesh Shah
The CBI had registered two cases against Jignesh Shah and Anjani Sinha of National Stock Exchange Limited, also known as “NSEL scam”, in which funds of Rs 342 crore were allegedly swindled.
The Central Bureau of Investigation has unearthed a major scam in which 393 shell companies allegedly diverted funds to the tune of Rs 2,900 crore. The CBI learnt that shell companies were being…
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NSEL scam: 2 top business men arrested
NSEL scam: 2 top business men arrested
The Economic Offences Wing (EOW) of the city police, on Tuesday, arrested two top businessman from defaulting companies, which collectively owe over Rs 1,000 crore to the crisis-hit National Spot Exchange Limited (NSEL).
The arrested are Gagan Suri, one of the directors of Yathuri Associates, and Ranjeev Agarwal, promoter of PD Agro Processors. While Suri was apprehended from Chandigarh, Agarwal…
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Bombay high court grants bail to NSEL's Jignesh Shah
Bombay high court grants bail to NSEL’s Jignesh Shah
The Bombay high court on Friday granted cash bail to Jignesh Shah, the prime accused in the National Spot Exchange Limited (NSEL) scam worth around Rs5,600 crore.
Justice Abhay Thipsay, taking into consideration the deteriorating condition of Shah who has been in custody since his arrest on May 7, allowed him to be released on a bail of Rs5 lakh, and directed him to appear before the Economic…
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