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IT Dept search broking firms in Mumbai
Mumbai, Aug 03: Income Tax Department has completed its survey and searches of two city-based leading broking firms and merchant banking entities in a bid to trace the source of the monetary transactions.
Mumbai, Aug 03: Income Tax Department has completed its survey and searches of two city-based leading broking firms and merchant banking entities in a bid to trace the source of the monetary transactions.
"We have seized many documents, including the back-up from computers and are now trying to follow the monetary trail of the transactions and trace it to the source", a top it official told a news agency here today.
"Aspects such as client data, including identification and off the exchange cash transactions are being looked into by the department", he said.
"The preliminary investigations are expected to take atleast another 10 days", he added.
The IT Department had yesterday carried out its survey and searches at 15 locations, including five residential premises in the city of the two share broking and merchant banking entities, including that of Motilal Oswal Securities Ltd. Admitting the scrutiny, Motilal Oswal senior vice-president (corporate planning and HRD) Rajiv Phadke had said that it officials were looking into financial and transactional records of the firm.
The IT official said Securities and Exchange Board of India (SEBI) has been apprised and both departments are co-ordinating with each other and exchanging data.
Bureau Report
"Aspects such as client data, including identification and off the exchange cash transactions are being looked into by the department", he said.
"The preliminary investigations are expected to take atleast another 10 days", he added.
The IT Department had yesterday carried out its survey and searches at 15 locations, including five residential premises in the city of the two share broking and merchant banking entities, including that of Motilal Oswal Securities Ltd. Admitting the scrutiny, Motilal Oswal senior vice-president (corporate planning and HRD) Rajiv Phadke had said that it officials were looking into financial and transactional records of the firm.
The IT official said Securities and Exchange Board of India (SEBI) has been apprised and both departments are co-ordinating with each other and exchanging data.
Bureau Report