EOW files case against 300 brokers in NSEL case on Sebi complaint

Sources say a case has been registered against these 300 NSEL trading members under local laws, not under Indian Penal Code

After receiving show cause notices from the Securities and Exchange Board of India (Sebi), 300 trading members of defunct National Spot Exchange who are brokers and intermediaries registered with the market regulator will now face the scrutiny and action from the Mumbai police’s Economic Offence Wing. 

Sebi has filed a complaint against them with EOW Mumbai, on the basis of which the latter has registered case under the Forward Contracts (Regulation) Act, 1952 (EOW Spl LAC No 10/2018).

Sources said that case has been registered against these 300 NSEL trading members under local laws, not under Indian Penal Code. The