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Sebi to decide action against 116 brokers in the NSEL scam next week

Fair market access norms, changes to consent framework among likely announcement at board meeting next week

Sebi. (Photo: Kamlesh Pednekar)
Sebi. (Photo: Kamlesh Pednekar)

Market regulator Securities and Exchange Board of India (Sebi) will next week decide on the action to be taken against 116 brokers involved in the Rs 40-billion investor default. While the total default amount to investors is Rs 54 billion and involves 147 brokers, action will be taken against only those brokers who are registered with the Sebi. The remaining 31 don’t fall under Sebi's purview. The matter will be deliberated by the Sebi board during its board meeting scheduled for September 18. The move follows an investigative report prepared by the Economic Offence ...