Madras HC tells Sebi to take action against alleged scam in NSEL

Sebi has issued show cause notice to five big brokers and Mumbai Police's economic offence wing

The Madurai Bench of the Madras High Court has directed the ministry of finance, ministry of corporate affairs, and the Securities and Exchange Board of India (Sebi) to consider a complaint against the delinquent brokers of National Spot Exchange Ltd (NSEL) in connection with the Rs 56 billion payment crisis scam where the government is taking action.

In an order issued on Tuesday, Justice CT Selvam and Justice AM Basheer Ahamed said, “We consider it appropriate to place on record our concern given the magnitude of the wrong-doing detected to the tune of Rs 56 billion and