 "Borosil files complaint against broker in NSEL case")
The Economic Offences Wing (EOW) of the Mumbai police has seen the number of complaints increasing against brokers who had traded in a big way on the crisis-ridden National Spot Exchange Limited (NSEL).
The latest is by Borosil, a glass maker, against Anand Rathi Commodities.
The charge is the broker had traded in its name on behalf of others.
An Anand Rathi Commodities spokesperson said, "For operational purpose, some client-code modifications were done and client interests are not affected. However, we will clarify all such matters in due course."
NSEL had defaulted for Rs 5,574 crore last July. Some 13,000 investors lost their money. EOW is said to have probed 200 NSEL brokers.
Charges against brokers include falsely assuring the investors there was stock (collateral for investments) in warehouses, client-code modifications, not collecting warehouse receipts.
Sources said Anand Rathi's client-code modifications were 16 per cent of their total trade on NSEL. Many other brokers had done this for operational flexibility, in agreement with the exchange.
The latest is by Borosil, a glass maker, against Anand Rathi Commodities.
The charge is the broker had traded in its name on behalf of others.
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EOW has decided to club this complaint with a First Information Report it had filed in September in the NSEL case.
An Anand Rathi Commodities spokesperson said, "For operational purpose, some client-code modifications were done and client interests are not affected. However, we will clarify all such matters in due course."
NSEL had defaulted for Rs 5,574 crore last July. Some 13,000 investors lost their money. EOW is said to have probed 200 NSEL brokers.
Charges against brokers include falsely assuring the investors there was stock (collateral for investments) in warehouses, client-code modifications, not collecting warehouse receipts.
Sources said Anand Rathi's client-code modifications were 16 per cent of their total trade on NSEL. Many other brokers had done this for operational flexibility, in agreement with the exchange.
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