“Kerbside trading was a well evolved mechanism for accommodation,” recalls a former CSE official from the surveillance department, who asked not to be named. The transactions concluded in the kerbside market would be formalized on the official platform the morning after. Two brokers would connect on phone and match order placement on the official platform with a countdown: 1-2-3. Not surprisingly, around 145 of the 331 companies declared shell by the securities market regulator on Monday are registered in Kolkata. Once an investigation led to an old lady in a slum, who sat on the boards of several companies as director, said the tax official.

Source: Mint August 09, 2017 23:03 UTC