BackNSEL crisis: Anand Rathi’s Mumbai offices searched by I-T dept
The brokerage has been in focus owing to the firm’s exposure to the tune of around ₹641 crore to NSEL
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Mumbai: The Mumbai-based offices of Anand Rathi Financial Services Ltd were searched by the income tax department in connection with the National Spot Exchange Ltd (NSEL) payment crisis.
“The findings of the search will be compiled in a couple of days," a senior income tax department official, who did not wish to be identified said, confirming the development
Despite repeated attempts, the Anand Rathi spokesperson could not be reached for a comment. The brokerage has been in focus owing to the firm’s exposure to the tune of around ₹ 641 crore to NSEL.
On 31 July, fearing imminent government action, the National Spot Exchange suspended trading in all futures contracts, resulting in a settlement crisis. The exchange has since presented a payment plan, but has defaulted on that too.
Ami Shah contributed this story.
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