NSEL crisis: Over 30 brokers under scanner

These brokers were apparently working as Carrying and Forward agents for NSEL.

Written by Press Trust Of India | New Delhi | Published: December 5, 2013 1:10 am

The role of at least 32 brokerage firms has come under the scanner for allegedly charging high transaction charges and providing portfolio management and margin funding services to their clients in violation of regulations. These brokers were apparently working as Carrying and Forward agents as well for NSEL without checking the veracity of commodities lying in the warehouses,and kept investors in the dark about non-availability of commodities on which their clients were taking positions.

According to sources,regulators including Sebi and FMC are looking into the role of the brokers.

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