The stock market watchdog had said any adverse findings by other regulators might have a bearing on the exchange.
The order says he was the 'highest beneficiary' of NSEL fraud and has proven unfit to handle affairs of any exchange.
Crisis-ridden bourse NSEL paid about Rs 9 crore (Rs 90 million) against the scheduled payment amount of Rs 174.72 crore (Rs 1.74 billion), defaulting for the 17th straight time.
The decision to quiz Sinha, as also former Sebi Chairman M Damodaran, was taken after examination of another former Sebi chief C B Bhave earlier this month, during which the agency sleuths were told that public interest was involved in grant of licence to MCX-SX to trade in currency derivatives.
Shah came under scanner last year, when his group company NSEL faced a payment crisis and nearly 18,000 investors allegedly lost millions in late July.
Market regulator, the Securities and Exchange Board of India, on Monday said one person named Jignesh Shah was found involved in price manipulation in stock markets and has imposed a fine of Rs 2.5 lakh (Rs 250,000) on him.
Earlier this month, the CBI registered a Preliminary Enquiry against former Sebi Chairman C B Bhave and ex-member K M Abraham, as also against Jignesh Shah-founded FTIL and MCX, among others.
Case relates to alleged irregularities in '08 sanction to MCX-SX; Shah grilled in NSEL case.
Indian Energy Exchange has joined world's leading power exchanges like Powernext (France), EEX (Germany, Northern Europe), PJM (USA), JEPX (Japan and Norway's Nordpool which is the largest power exchange in the world). IEX, India's first power exchange got its approval from CERC on August 31, 2007. It is promoted by Financial Technologies Ltd & PTC financial services, a wholly owned subsidiary of PTC India Ltd. Joseph Massey, Deputy MD of MCX, is in charge of the exchange.
ED lawyer Hiten Venegaonkar contended that huge amount of money was laundered and Shah's acts constituted a very serious economic offence
The company's accounts were audited by CAG as its shareholders include public sector banks.
The court, later in the day, allowed his application.
MCX and MCX-SX are facing the worst crisis in their existence following the Rs 5,574 cr fiasco at the National Spot Exchange.
MCX-SX on Friday said the rights issue would now close on April 17.
Manoj Vaish on Saturday took charge as Managing Director and CEO of the country's leading commodity exchange MCX that is under the regulatory glare following troubles at the promoter group.
Allegations of a particular market player being favoured over others were flying thick and fast in the early days of the scam.
The exchange has always seen huge volumes in gold trading. But due to a fall in prices, volumes took a hit.
The sessions court on Thursday extended the police custody of the Financial Technologies and Multi Commodities Exchange (MCX) promoter Jignesh Shah and former managing director and chief executive of the commodity exchange Shreekant Javalgekar till May 19.
MCX has been struggling to raise funds with a rights issue, ending on Thursday.
The RBI view comes within a fortnight of the sectoral regulator FMC in a report stating that the promoter Shah and promoter company Financial Technologies are not eligible to run the crippled exchange, an order challenged by the group in the Bombay High Court.
Laxity in enforcing KYC and allied norms suspected; money laundering gaps also on probe panel's mind
If at all it was some great strategy, the delay has only helped the person they eventually arrested.
The investigators have already served summons to Shah and others directing them to appear before them for questioning.
The Central Bureau of Investigation (CBI) will soon quiz Securities and Exchange Board of India (SEBI) Chairman U K Sinha as well as former head of the regulatory body M Damodaran in connection with a Preliminary Enquiry (PE) to probe granting sanction to Jignesh Shah-founded Financial Technologies (India) and MCX-SX.
The Enforcement Directorate on Friday arrested the CEO of a defaulting firm on money laundering charge in connection with its probe in the National Spot Exchange Limited scam case.
The Enforcement Directorate on Tuesday arrested Financial Technologies India Limited founder Jignesh Shah in connection with its probe into the Rs 5,600-crore National Spot Exchange Limited money laundering scam.
The board of directors at its meeting held on October 22, approved the said appointments, the exchange said in a regulatory filing on Wednesday.
Crisis-ridden NSEL on Wednesday declared ten more entities as defaulters after they failed to pay their dues on the second-pay out, taking the number of members who are to pay dues at 19.
MCX said it has no exposure to crisis-hit NSEL, which has to settle dues worth Rs 5,600 crore to investors after it suspended trading.
They induced HNIs to trade on spot market commodity exchange with promise of high returns.
The resignation came hours ahead of a scheduled board meeting of MCX-SX, where former LIC Chairman Thomas Mathew T has taken over as new Chairman.
Chary also says some government officials have played an important role in favouring organisations that MCX competes with.
Two days after Mumbai Police attached his properties, Jignesh Shah, director of the beleaguered National Spot Exchange Ltd, on Thursday told investigators that he was making "relentless" efforts to recover money from defaulters.
Crisis-ridden National Spot Exchange Ltd (NSEL) on Wednesday said its Delhi-based member Mohan India Ltd has agreed to pay to the exchange about Rs 771 crore (Rs 7.71 billion) in final settlement over the next one year.
The Ministry of Corporate Affairs ordered the inspection of the books of accounts of NSEL and Financial Technologies India Ltd to ascertain if any rules under the Companies Act were violated, a senior official said.
The government on Tuesday said it is keeping a close watch on the developments in the crisis-ridden NSEL and will take action once reports of the two committees looking into the problems of the exchange are received.
Shah is likely to be released later on Friday evening or Saturday after completing the formalities.
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The exchanges have observed significant price and volume movement in the scrips of MCX in the recent past.
Commodity futures market's dream run came to a halt in 2013 as a Rs 5,600 crore scam in Jignesh Shah-led spot exchange NSEL and imposition of transaction tax on non-farm items hampered the growth of business, with turnover estimated to dip by 30 per cent to Rs 125 lakh crore.
The NSEL chief said the exchange is also seeking the help of the Delhi government.
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