The Securities and Exchange Board of India (Sebi) and the income-tax department are investigating the role of about 100 brokerages which they believe may have helped shell companies launder as much as Rs16,000 crore by compromising so-called know-your-customer (KYC) norms, said two people with direct knowledge of the matter.
This is part of an ongoing probe into shell companies by the ministry of corporate affairs, which has identified some 16,000 potentially bogus firms after drawing inputs from the Serious Fraud Investigation Office, Central Bureau of Investigation and Enforcement Directorate, these people said. The 331 firms that Sebi branded as suspected shell companies on 8 August were part of this list. Out of the 16,000 firms, some 10,000 were flagged by the income-tax department.
Sebi did not respond to emails seeking comment. A central board of direct taxes spokesperson did not respond to phone calls seeking comment.
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