The Securities and Exchange Board of India (Sebi) has withdrawn all charges against the National Securities Depository (NSDL) in a case relating to the opening of fictitious demat accounts used to corner shares meant for retail investors.
The investigation revealed that certain individuals opened a large number of benami/fictitious demat accounts and used them to apply for shares under the retail category. Based on the findings, Sebi issued various directions against 82 financiers, 24 key operators, 12 depository participants (DPs) and two depositories.
The current Sebi chairman C B Bhave was the head of NSDL at that time.
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