 "Sebi action against brokers in NSEL case likely soon")
The Securities and Exchange Board of India (Sebi) will soon decide action against five brokerages, whose clients lost significant amounts of money in the Rs 5,574-crore National Spot Exchange Ltd (NSEL) scam.
The brokerages include Anand Rathi Commodities, Motilal Oswal Commodities, India Infoline Commodities, Geofin Comtrade and Phillip Commodities.
However, regulator has ruled out action against the NSEL under collective investment scheme (CIS) regulation. It said that spot exchange trading model should not be equated as any illegal ponzi or CIS scheme. Market regulator has apprised its board member of its stand in February 11 board meeting held in New Delhi.
According to
