Trading Clients of top Indian brokerages who traded on
NSEL’s platform are staring at large outstanding in NSEL. Clients of Anand
Rathi Commodities stand exposed to over Rs600 crores while those of Indian
Infoline stand to lose over Rs300 crore
NSEL was merely a platform for borrowing and lending finance.
The brokers were collecting a juicy 5%-6% as brokerage, fees and commission. Brokers
misguided their clients by laying assured
return scheme on them , clients didn’t do enough of due diligence and therefore, to
their carelessness, found to be trapped
in brokers nest who aggressively sold
NSEL products to them.
Apart from misguiding their clients, brokers were also
involved in ‘benami transactions’. The NSEL defaulters now owe as much as Rs5,380.53
crores in unsettled dues. But which defaulting brokers were on the other side
of the racket, that is, which of the brokers were most aggressive in channeling
the money? The main was Anand Rathi Commodities Pvt Ltd. promoted by Amit Rathi.
India Infoline
Commodities, Motilal Oswal Financial Service and Geojit Comtrade are few among those
defaulting brokerage firms alleged in ‘Benami Transactions’. While the names of
defaulting brokers who have defaulted
are known, the list of defaulting brokers who involved in ‘Benami Transactions’
are
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