The Serious Fraud Investigation Office (SFIO) named 148 brokers in their investigation report related to the Rs 50,000 crore NSEL scam. The SFIO charged the brokers of misrepresentation and defrauding. The brokers, which included Anand Rathi, Geofin Comtrade, IIFL Commodities, Motilal Oswal, JM Financial and Phillip Commodities, represented 13,000 clients and together have an exposure of Rs 1,600 crore.

The SFIO further said that the brokers compromised a position of trust by making false promises to all their clients. The report added they have mis-sold products and promised refunds whenever a buy order is not honoured by the buyer on the other side. The SFIO also said the brokers made unlawful gains through brokerage fees.

Motilal Oswal said, "Auditors accepted our explanation and have not found anything adverse against us on almost all the issues raised by SEBI which includes the queries regarding client code modification, miss-selling."

The SFIO is expected to complete the probe and submit a report within six months.