Virtually all investigative agencies are focusing more on brokers In the Ltd case, several broker associations asked all members who were listed on the stock exchange before the 2013 default to contribute to a joint pool in order to challenge the charges against them by these agencies. The line of defense for brokers is that they have not received the proceeds of crime and that efforts must be made to recover money from defaultors who have borrowed from the government. They further claim that the money trail has been clearly established.

Late agencies like Sebi, the Economic Offenses (EOW) wing of and the (SFIO) targeted non-defaulting brokers, and the had even asked the police to consider seizing the properties of these brokers.

The BSE Brokers Forum and the Association of National Exchanges both asked the relevant brokers to deposit 5 Rs Lakh in a pooled account in order to continue the legal fight against the lawsuits.

Uttam Bagri, President, Brokers' Forum stated: "The brokers (not defaulting) never got the proceeds of the crime, they did not work in collusion with defaulters or It is NSEL that has been held as a financial institution under the MPID Act and the assets of the brokers therefore can not be attached. "

Sebi had sent a notice of justification to 300 brokers and filed complaints against the police, and asked EOW to review the home properties of all 632 NSEL brokers, of which 300 registered sebi.

In the case of NSEL's default of 5,600 crores, which affected 13,000 investors, the missing shares in stock-controlled warehouses are at the heart of the problem. Bagri said, "Efforts must be aimed at recovering money from the defaulters. Attached assets (defaulters) must be sold as quickly as possible and the proceeds distributed to investors. "

Hearing the petition of 63 Moons, promoter of NSEL, asked why the assets of the brokers were not seized. The brokers responded that they were not parties to the petition and therefore went to court. Their audience is February 8th.

NSEL also appealed to the court and asked EOW to finalize the indictments as soon as possible. This case will be heard on January 7th. Eow had filed the indictment against 63 entities last week.