Mutual Fund

ILFS Securities documents criminal body of evidence against Delhi Police’s Economic Offenses Wing

ILFS Securities Services Limited (IISL), an auxiliary of ILFS, has filed a criminal writ petition in the Delhi High Court against Delhi Police EOW (Economic Offenses Wing) guaranteeing they passed orders, confining the organization from selling determined securities, without use of psyche, on illegitimate presumption of intensity, without following fair treatment, without power of law and in a self-assertive and illicit way. The request likewise tested the request because EOW followed up based on an objection recorded by Dalmia Cements with no FIR and without having any arrangement under law approving it to issue such impugned request before starting examination under CrPC.

The case includes IISL, a clearing part; Allied Financials, a specialist; and its customers Dalmia Cements in an Options Contract. United Financials sold Options Contract on Nifty, in the F&O fragment of NSE, in December 2018. The agreements were to be settled in real money on expiry in March 2019 and June 2019. Unified Financials got Rs 380 crore for these agreements and offered MFs to IISL towards securities for these Options, which was exchanged to NSE Clearing Limited(NCL).

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