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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.
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In September 2009, NSEL introduced the concept of paired contracts for trading, which allowed the buying and selling of the same commodity through two different contracts at two different prices on the exchange platform.
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All brokerages that facilitated the trade of NSEL's paired contracts have been under the scanner
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The brokerages’ registrations were cancelled through two separate orders issued by the Securities and Exchange Board of India through two separate orders on September 6.
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The order stated that the brokerage does not satisfy certain criteria under the Intermediary Regulations
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Operations of NSEL were suspended on August 6, 2013, after investigations found that the exchange had violated regulations in the sale of ‘paired contracts’
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Registrations of JV Commodity, Jyothi Commodities and Ashika Commodities and Derivatives have been suspended for three months or earlier, depending on the outcome of ongoing enquiries
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The Digital Blogger pointed out how the SOP that came into play after the shutdown places a much higher burden on the institutions
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The brokerage had also stated that the second showcause notice issued by Sebi had completely bypassed the two-step procedure under the Intermediaries Regulations
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The market regulator's order said that the broker's activities were detrimental to the securities market
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Sets aside the judgment of the Bombay High Court that had quashed the notifications by the state government against 63 Moons
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NSEL founder Shah, his family members, confidantes and associates have been accused of trying to lure brokers to the commodity exchange by promising high returns
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On Monday, Finance Minister Nirmala Sitharaman unveiled her policies for ‘Financial Capital’ with a big-bang announcement related to SEBI.
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The Central Bureau of Investigation, Serious Fraud Investigation Office and Enforcement Directorate have been investigating the NSEL scam.
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The matter is not of 'public interest', the apex court noted.
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The letter also spoke in support of Ramesh Abhishek - the former Chairman of FMC and current Secretary of DIPP – who took action against 63 Moons and its promoters.
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The February 23 order by the Securities and Exchange Board of India led to some uncertainty over its impact for the rest of the group companies.
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The Finance Ministry has proposed setting up a single gold spot exchange at a meeting with exchanges last week, all of which want to set up individual spot exchanges.
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A supplementary notice is issued by SEBI if any investigation suggests wrongdoing – as pointed in this case by the Serious Fraud Investigation Office (SFIO), that is investigating the Rs 5,600-crore NSEL scam.
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SEBI will apprise its board next week of the status on the NSEL matter and also seek approval for its proposed action against stock brokers.
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The designated authorities through an enquiry report had recommended that the application of Phillip Commodities submitted for registration as a commodity broker may not be considered in the interest of securities market and its application may be rejected.
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They said the raids, under the Prevention of Money Laundering Act (PMLA), are being conducted in Delhi, Chandigarh, Ahmedabad (Gujarat) , Mumbai (Maharashtra) and Bengaluru (Karnataka).
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While the amendment through Budget Speech look procedural and routine, the devil is in the detail. In my view, the Finance Bill, 2018 is going to have significant change in securities laws and might impact some of the pending cases as well.
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The capital and commodities market regulator, SEBI, has deferred hearings of five commodities brokers in the NSEL scam after an investor association, Indian Council of Investors raised concerns in a letter to the regulator.
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The agency said in an official statement that it has issued a provisional order for attachment of "ten immovable properties having market value of Rs 177.33 crore under the Prevention of Money Laundering Act in case of NSEL.
