Mumbai Police seeks proof of trades from Sebi in Rs 55-bn NSEL scam probe

According to sources, around 550 cases have been filed in the scam since 2013

Hours after registering a First Information Report (FIR) in the Rs 56-billion National Spot Exchange (NSEL) scam, the economic offences wing (EOW) of the Mumbai Police wrote to the Securities and Exchange Board of India (Sebi) asking for proof of illegal trades.

The FIR was registered on Saturday, against 300 brokers and trading members of the now-defunct NSEL, including some well-known names, for illegal trading in contracts on the spot exchange platform. "We registered it under the erstwhile Forward Contract Regulation Act (FCRA), which was repealed on 29 September 2015. Under the law, we had to file the FIR within