A descript title for a nondescript bunch of financial hooligans called the Brokers. It’s a known fact this well-knit and extremely well connected community have been at the center of financial doomsdays this country has witnessed.
By a show of hands if you ask any corrupt politician, builder, gangster, bureaucrat or babu who has a broker ‘friend’ tucked away in his pocket of illicit gains, all of those hands would never go up. You know why? Because there is a broker tucking away at it in his/her pocket.
Hawala will not be hawala if it were not for the brokers. Let’s take the instance of the NSEL crisis; brokers are equally at fault for being in the thick of all the illegal action. SEBI has ordered a through probe into the ‘alleged’ role of 5 major brokers into the machinations of the crisis. Renowned and well established brokers such as Motilal Oswal, Anand Rathi, IIFL are among those that are on the regulatory radar.
These & some more brokers are known to have indulged in rampant client code modifications, benami transactions, investing illicit money on the exchange, duping gullible investors with false promises of returns, among others. These are just some of the allegations against these financial pigs rolling in the pig sty of financial calamities.
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