India, Dec. 31 -- A special CBI court in Mumbai has granted bail to Sanjeev Kundanlal Bhasin, a Chandigarh-based businessman arraigned in the Rs.5,600-crore National Spot Exchange Limited (NSEL) scam case, holding that there was no material to show his direct role in the management or policy decisions of the alleged financial establishments and that the principle of parity applied in his favour.

Special Judge VP Desai, while allowing Bhasin's bail application, noted that the prosecution arises from allegations that around 13,000 investors were duped of approximately Rs.5,600 crore in the NSEL scam. At the same time, the court recorded that Bhasin was "not the director or officer of any Financial Establishment declared by the State Govern...