Sebi told to act against defaulters

Sebi told to act against defaulters

Seeking to expedite recovery of money in the Rs 5,574-crore NSEL payment crisis, the government decided to take steps for auction of non-encumbered properties and also asked markets regulator the Sebi to initiate action against defaulting brokers.

The government also said that the CBI is enquiring into the conduct of government officials, including those from two public sector undertakings, to ascertain whether they were involved in abetting the payment crisis at the National Spot Exchange (NSEL).

The Rs 5,574-crore payment and settlement crisis at the exchange came to light in August-September 2013 and since then the matter has come under the scanner of multiple agencies as well as the Corporate Affairs Ministry.

At a meeting chaired by Economic Affairs Secretary Shaktikanta Das, the Maharashtra government has been asked to take action for auctioning the properties which do not have any encumbrance or have approval of the court.

Besides, the Maharashtra government would actively pursue with the MPID court to obtain early orders for auctioning of the remaining attached properties.

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