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Anand Rathi’s involvement in NSEL Crisis
About Anand Rathi• AnandRathi is a leading full service financial services firm covering the entire gamut of investors.
• The firm, founded in 1994 by Mr. Anand Rathi, today has a pan India presence across 750 locations.
• They offer a full suite of products to serve our clients’ business lifecycle needs, geographic reach in an increasingly global market, and deep expertise in our core middle market sectors.
Overview on NSEL Crisis• Financial Technologies, in a joint venture with NAFED (a government agency engaged in food procurement/storage), set up the country’s first spot exchange, National Spot Exchange Ltd. (NSEL).
• The NSEL Crisis came to light more than a year ago when the present Defaulters of the Exchange failed to honor their pay-in obligations and Trading Members who traded on behalf of their clients could not receive their dues.
• After exhaustive investigations by multiple investigating agencies such as the EOW, CBI and ED, the 22 defaulters of the Exchange stand charged for perpetrating the crisis.
Anand Rathi’s Involvement in Crisis
According to EOW,
• There are around five to six big brokers who played a vital role in NSEL crisis, along with small brokers.
• Among them, Anand Rathi has an exposure of Rs 629 crore with NSEL, the highest among all domestic brokerages.
• According to market sources, as many as 200 brokers are alleged to have sold NSEL products as investment vehicles by promising an assured return.
Broker’s Trading Amount
According to Media Reports,
• Anand Rathi Commodities traded worth Rs 19,130.2 crore, which is around 16% of the overall turnout on the NSEL platform.
• While other brokers such as, India Infoline Commodities and Geojit Comtrade executed trades worth Rs 9,183.48 crore and Rs 5,526.66 crore respectively.
Action Taken on Anand Rathi• According to sources, The income-tax department raided domestic brokerage firm Anand Rathi on alleged suspicion of tax evasion on investments in the National Spot Exchange Ltd (NSEL), which is caught in a payment crisis.
Thank You
Source: Media Reports &
Images for representation purpose only