After the turbulent crisis of NSEL, the Economic Offences Wing (EOW) of the Mumbai police has shifted its focus on Jignesh Shah, the founder of Exchanges charging him of forgery on illegitimate grounds. An investigation is being carried out for preparing a supplementary charge sheet by the Enforcement Directorate (ED). Talking about the matter, Shah […]
NSEL-FTIL merger will spell doom for corporate India
The matter of NSEL and FTIL keeps taking intriguing turns and undergoes a new phase with each passing day. It has the hopes of a number of people who have been deceived by the brokers of NSEL at stake. Well, looking at the FTIL and NSEL’s merger case, calling it an utter chaos is appropriate […]
NSEL crisis : Unveiling the suspects
Talking about NSEL (National Spot Exchange Ltd ) crisis, new twist was given to the case as as the investigators found fresh evidences in the case, which are indicating towards associated companies brokers being the real culprit, who routed the black money. The source of funds, of these believed accused ones, i.e. brokers and various […]
NSEL Row: HC orders defaulting firms to deposit Rs 157.5 crore
In the National Spot Exchange Ltd (NSEL) case, the Bombay High Court on Wednesday (February 3) ordered the defaulting companies to deposit a sum of Rs 157.5 crore within a month. The order has come as a relief for NSEL. Based on admissions of liability made by defaulting trading members a division bench directed them […]
NSEL recovers Rs 1233 crore from 23 traders
National Spot Exchange(NSEL) has recently secured recoveries worth Rs 1,233.02 crore by way of decree on admission against 5 defaulters and through injunctions from a total of 18 defaulters with outstanding of Rs 4,515.93 crore as of December 31, 2015. NSEL has moved another step in the right direction with this and will look forward […]
NSEL and FTIL subjected to unfair treatment
From July 2013 to September 2013 the Board at NSEL was trying to come to grips with the problem and understand the problem caused by the defaulters. By August 2013, NSEL filed its complaint against defaulters with the Economic Offences Wing (EOW). Later, the EOW registered the complaint of the trading clients. On December 13, […]
Injustice to Financial Technologies
It is surprising to note that Forward Markets Commission (FMC) never let NSEL management handle recovery and never partnered NSEL’s recovery effort. In fact, the FMC kept taking decisions to destabilize recovery and keep defaulters away from being the focal point. If the Department of Consumer Affairs (DCA) had accepted NSEL’s suggestion of orderly closure […]
Law Ministry Rejects MCA’s proposal to control FTIL
A proposal from the Ministry of Corporate Affairs (MCA)to summon legitimate procurements to take control of Financial Technologies India Ltd (FTIL) for ‘Deliberate bungling’ in National Spot Exchange Ltd (NSEL), has been rejected by the Ministry of Law and Justice. NSEL is an auxiliary unit of FTIL, which is under the investigation for Rs 5,500 crore […]