A CTION A GAINST NSEL B ROKERS. A GENDA Deceitful Brokers Economic offences wing (EOW) Investigation SEBI’s actions towards Brokers FMC’s action against.

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Presentation transcript:

A CTION A GAINST NSEL B ROKERS

A GENDA Deceitful Brokers Economic offences wing (EOW) Investigation SEBI’s actions towards Brokers FMC’s action against NSEL Defaulters

D ECEITFUL B ROKERS Engaged in mis-selling contracts of NSEL Suspected to have sold NSEL contract as investment vehicles Around 200 brokers are alleged to have sold NSEL products Some brokers also promised an assured return to trading clients

EOW I NVESTIGATION Economic Offences Wing (EOW) has been continuously investigating the role of brokers in NSEL crisis Three brokerage officials were previously arrested Amit Rathi (MD of Anand Rathi Service) C.P.Krishnan (Director of Geofin Comtrade ltd) Chintan Modi (VP of Indian Infoline Comodities) Brokerage executives were arrested on charges of cheating, forgery, criminal conspiracy & misappropriation

SEBI’ S ACTIONS TOWARDS B ROKERS SEBI needs additional evidence to initiate actions against brokers May either need to conduct a forensic investigation Seek reports from EOW & CBI Seek a copy of the audit conducted by EOW on these brokers After procuring a report SEBI will examine whether brokers violated regulations ‘Fit & proper’ criteria of brokers ply their trade will be determined accordingly

FMC’ S ACTION AGAINST NSEL D EFAULTERS NSEL declared 22 trading members as defaulters that failed to pay their dues Forward market commission(FMC) was given the power to recover fund Settlement of all outstanding one-day forward contracts at NSEL shall be done under supervision of FMC FMC is authorized to take such measures, as it deems fit

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