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The Central Bureau of Investigation (CBI) is likely to seek from the state governments records relating to licences given to National Spot Exchange Ltd (NSEL) as part of its inquiry focussing on licensing norms allegedly violated by the bourse.
Agency sources said licensing issues of NSEL had come under the scanner of CBI, carrying out an inquiry into alleged violations by the bourse, facing multiple probes into financial irregularities. They said records would be called from the state governments, as they gave licences to NSEL to operate.
The sources alleged there were a number of violations by NSEL being looked into by CBI and if any evidence is detected, the agency could file an FIR.
The agency was contemplating closing the inquiry because of an ongoing probe by the economic offences wing of the Mumbai Police but during the course of its investigation; found some leads which prompted it to dig deeper into the licensing issue, they said. The issues under EOW probe and CBI are completely different, they said.
The sources said the inquiry was still at a preliminary stage and CBI was trying to unravel all the angles of a potential conspiracy. The exchange has been facing problems in settling Rs 5,600 crore dues of 148 members and brokers, representing 13,000 investor-clients, after it suspended trade on July 31, last year
on the government's direction.
Finance Minister P Chidambaram had said NSEL had violated rules from day one and the matter was being looked into by the
ministry, CBI and Forward Markets Commission (FMC), the commodity markets regulator, among others.
