India: Sebi suspects money laundering by brokers in NSEL scam
01 Sep 2016

The Securities and Exchange Board of India (Sebi) has come across fresh evidence indicating that as many as five brokers might have used the ‘exchange mechanism’ to launder money in the Rs 5,574-crore National Spot Exchange (NSEL) scam, according to the audit report submitted to it.

The third-party auditor appointed by Sebi has submitted its audit finding to the regulator, said a person with direct know of the matter.

The market regulator had on April 4 given brokerages 60 days’ time to have their books vetted by them.

Advance your CPD minutes for this content, by signing up and using the CPD Wallet

FREE CPD Wallet

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.