Trading space at a market in Delhi, India, on June 4, 2017.
(Credit: PTI) Trading space, where traders sell stocks on the open market, has been one of the key trading platforms in the country.
The Trading Space of the Delhi Stock Exchange, which is operated by Trading Space Trading Co. Limited (TSTC), was raided by the Income Tax Department on Wednesday.
According to reports, the raids came on the heels of an FIR lodged against Trading Space on Monday by the Delhi Police on charges of cheating.
The Enforcement Directorate, in its notification, said that Trading Space is registered under the Foreign Exchange (Prevention) Act, 2000 and was established in 1999.
The Enforcement Directorate said that it has registered the trading space in the name of Trading Space India Limited.
The agency said it has also lodged an FIR against Trading Spaces for allegedly conspiring to defraud the government of a tax benefit.TSTC did not immediately respond to an email seeking comment.
Earlier this month, the Enforcement Directorate had sought a list of stock market traders and their associates, along with their names and addresses, from the firm and filed a complaint.
The Department of Industrial Policy and Promotion, under the Ministry of Finance, also issued notices to the trading platforms, demanding to know their addresses.
Shares in the Trading Space closed at Rs3,200 on Monday.