Besides, the board will consider a proposal to relax norms for the purchase of distressed assets. It also plans to ease the rules for direct registration of foreign investors and also fast-track the listing process for firms, including startups, as part of efforts to make the Indian stock market more attractive for domestic and overseas investments.
While the agency has prosecuted these companies on charges of cheating and corruption, it will also share its findings with specialised agencies like SFIO, Income Tax and Enforcement Directorate among others.
India's largest commodity bourse, Multi Commodity Exchange (MCX) is planning to open up its old, buried cases. The board - led by new chairman Saurabh Chandra - is mulling opening cases where its employees were involved and named in the forscenic audit report.
CNBC-TV18 learns from sources privy to the matter that SFIO has sought information from investors and active trading entities on various aspects of transactions through an exhaustive list of questions.
The Serious Fraud Investigation Office (SFIO) has sought specific details from trading clients of the NSEL in the nearly Rs 5,600 crore scam at the now defunct spot exchange.
The Enforcement Directorate has provisionally attached properties worth Rs 415 crore of Laxmi Group companies in an on-going money laundering case, connected with the NSEL scam.
â€œA new government is coming, if he continues to remain a free man, he sure will open a Pandora‘s Box and seal our fate. We could be in trouble,â€ the official sounded worried. â€œSo what do we do?â€ he asked in the same breath. There was a deathly silence, probably the person on the other end was plotting. And then the person answered.
There is no spot market for commodities at present following the implosion of the National Spot Exchange Limited (NSEL) over the payment default in 2013.
The Serious Fraud Investigations Office (SFIO) has written to Kotak Mahindra Bank seeking documents related to the bank‘s acquisition of 15 percent stake in Multi Commodity Exchange in July 2014, sources told Moneycontrol.
A string of initial public offerings and increased demand for mutual funds attracted 2.4 million new investors to financial assets, according to a report in Livemint.
The Serious fraud Investigation office (SFIO) has shot off notices to all broking firms whose clients traded in commodity pair contracts on the National Spot Exchange. The brokers have been asked to furnish their books of accounts, a source told Moneycontrol.
The agency's zonal office here issued provisional orders under the Prevention of Money Laundering Act (PMLA) against Financial Technologies Limited (FTIL), now known as Ms 63 Moons Technologies Limited.
Jignesh Shah-led Financial Technologies (India) Ltd has changed its name to 63 Moons Technologies.
Crisis-hit 63 Moons Technologies today reported a sharp increase in net profit to Rs 28.43 crore for the quarter ended September 30, 2016.
Besides, Sebi has forwarded the findings to Economic Offence Wing, Department of Revenue, RBI, Department of Consumer Affairs and Directorate of Enforcement for taking necessary action, Minister of State for Finance Arjun Ram Meghwal said in a written reply to Lok Sabha.
Besides, the Serious Fraud Investigation Office (SFIO) would look into the role of 20 defaulting entities as well as their nexus with brokers who were responsible for the payment crisis at the now-defunct National Spot Exchange Ltd (NSEL).
The initial probe in the case had revealed that some brokers involved in the NSEL‘s Rs 5,574 crore payments crisis had mis-sold products. The investigations have concluded last month and the case has been referred to a bench under Section 11 (B) of SEBI, which protects the interest of market, says a Livemint report.
Crisis-hit Financial Technologies India (FTIL) today said the Enforcement Directorate has directed HDFC Bank to secure Rs 30.27 crore and then allow normal debit-credit operations in the current account.
Stepping up action in the Rs 5,600-crore NSEL money laundering case, the Enforcement Directorate had on September 30, 2016, attached assets worth Rs 1,170 crore of FTIL.
The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA), attaching bonds and securities worth Rs 1,065 crore (Rs 1,140 crore market value) and Rs 30 crore balance kept in a private bank in Mumbai of FTIL, now known as Ms 63 Moons Technologies Limited.
"... as informed by HDFC Bank to us, the Directorate of Enforcement, Mumbai, has requested HDFC Bank to provide the bank account statement of a current account of the company and requested the bank to provisionally freeze the said current account," FTIL said in a filing to the BSE.
Kailash Agarwal, Director of Ludhiana-based ARK Imports, was arrested under the provisions of the Prevention of Money Laundering Act (PMLA) for allegedly not cooperating in the investigations in the case.
Quoting sources, Yash Jain of CNBC-TV18 reports that the investors forum seeks judicial custody of Jignesh Shah alleging that he was aware of NSEL transactions.
CNBC-TV18's Yash Jain -- who has a copy of the letter -- reports that NSEL has alleged that FTIL only disclosed payable expense and did not mention inward cash flows.
The Centre has requested the Maharashtra government to expedite auction of properties attached in the Rs 5,600 crore NSEL payment crisis matter and also deploy full time "competent authorities" for dealing with work related to the defunct exchange.