100 brokerages being probed for helping shell companies
Markets regulator SEBI and Income Tax department are reportedly investigating the role of about 100 brokerages that may have helped shell companies launder around â¹16,000 crore. The brokerages allegedly compromised Know Your Customer (KYC) norms. This is part of an ongoing probe into shell companies by the Ministry of Corporate Affairs, which has identified around 16,000 potentially bogus firms.