Brokers modified 3 lk client codes before NSEL scam: Jt MD

According to Prakash Chaturvedi, Joint MD, NSEL, these modifications amounted to Rs 2,200 crore, which is nearly half of the Rs 5,600-crore scam.

In a fresh twist to the NSEL scam, company's Joint MD Prakash Chaturvedi has made big accusation against top brokers. In an exclusive interview to CNBC-TV18's Prerna Baruah, Chaturvedi said the brokers modified over 3 lakh client codes just 4 months before the scam was exposed. He also claimed these modifications amounted to Rs 2,200 crore, which is nearly half of the Rs 5,600-crore scam.

Below is the transcript of Prakash Chaturvedi's interview with Prerna Baruah on CNBC-TV18.

Q: On the issue…

A: We are giving them all the data that they are asking for. You mentioned and reminded me rightly of this client code modification. I can tell you courtesy the so many modifications which have happened in the last four months April, May, June, July of 2013 after which the operation of the exchange was stopped. These modifications add up to changes or modifications in the about three lakh plus contracts amounting to in terms of value about Rs 2,230 crore.

Q: This is out of the total Rs 5,600-crore default?

A: Out of the Rs 5,600-crore default that we are talking about. Now, these numbers are quite shocking and one has to really go to the bottom of it. What was genuine? The client whose ID was used for trading or the client who's ID was modified.

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