The Rs 5,600-crore National Spot Exchange Ltd (NSEL) payment scam came to light in 2013. Photo: ReutersNew Delhi: The government on Friday said it has not made any recommendation to the NCLAT for declaring brokers involved in the payment crisis at the NSEL as “not fit and proper”, as such power lies with markets regulator Sebi. The Rs 5,600-crore National Spot Exchange Ltd (NSEL) payment scam came to light in 2013. Such powers to declare not fit and proper lie with the Securities and Exchange Board of India (Sebi), he added. However, “SFIO in its report has not recommended the brokers to be declared unfit and improper, he added.

Source: Mint January 04, 2019 16:41 UTC