Hours after registering a First Information Report (FIR), the economic offences wing (EOW) of the city police here has written to the Securities and Exchange Board of India (Sebi), asking for proof of illegal trades in the Rs 56-billion National Spot Exchange (NSEL) scam.The FIR was registered on Saturday, against 300 brokers and trading members of the now-defunct NSEL, including some well-known names, for illegal trading in contracts on the spot exchange platform. "We registered it under the erstwhile Forward Contract Regulation Act (FCRA), which was repealed on September 29, 2015. It was a hurriedly filed FIR, due to expiration of the date. Under the law, we had to file the FIR within three years of the repealed FCRA. Since the date was expiring, we were in a hurry to file the FIR, which we did as per Sebi's complaint. We have written to Sebi to present proofs for the same," said a senior EOW official. The police has asked for the relevant material to be sent in four ...
