Given the nature of the money stuck, investors are fast losing patience with the exchange.
Lack of consensus on 'how not to let Jignesh Shah get away' could become a huge embarrassment for the government.
FTIL stock on Thursday fell by over 60 per cent in early morning trade, while that of Multi Commodity Exchange plunged by 20 per cent following concerns about another group entity National Spot Exchange Ltd.
The NSEL crisis has wiped out hundreds of crores of many investors.
Jignesh Shah had to give up his MCX cash cow and his personal assets have been attached.
India's corporate sector sees big ticket deals in 2013.
MCX and MCX-SX are facing the worst crisis in their existence following the Rs 5,574 cr fiasco at the National Spot Exchange.
Financial Technologies India Ltd (FTIL) promoter Jignesh Shah, whose 'fit-and-proper' status to run an exchange has been under regulatory scrutiny following the Rs 5,600-crore payment fraud at NSEL, on Tuesday decided to continue as a director of group firm Multi Commodity Exchange (MCX).
In his order, SEBI member dealt with the "fit and proper" criteria of the exchange promoted by Financial Technologies (FT) and Multi Commodity Exchange (MCX) and their founder Jignesh Shah.
MCX Stock Exchange, set up by crisis-hit NSEL's promoters, on Friday appointed Saurabh Sarkar as CEO and announced plans for fresh capital infusion by its existing shareholders among measures to boost business.
NSEL is the latest example of how Jignesh Shah's grand plans are coming unstuck.
The cash segment turnover at MCX-SX sharply fell to Rs 624 crore (Rs 6.24 billion) in November from Rs 1,119 crore (Rs 11.19 billion) in October, 2013.
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The exchanges have observed significant price and volume movement in the scrips of MCX in the recent past.
It will be the first to go, in what has become an overcrowded segment since India first allowed futures trading in commodities in 2003.
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In most developed markets, there are reporting agencies for spot markets and generally deals took place on the over-the-counter market.
DEA officials to push for this at a meeting with FM Jaitley.
IT firm Nucleaus Software Exports on Tuesday said it has featured in the Deloitte Technology's ranking of the Fast 500 companies in Asia Pacific. \n
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.
A Delhi University alumnus with an MBA in finance and a doctorate, Vaish started his career as a banker in 1984, became an academician a few years later and joined the capital market in 1998.
A more informed electorate, rather than the Lokpal, can fight corruption better, argues Neeta Kolhatkar.
A special audit will look into any pricing anomalies in the transactions between the two, according to a source. FTIL had a contract for helping the exchange with its technology needs.
Shah wants to focus this time on a mentoring role and help youngsters with innovative ideas live their entrepreneurship dreams by providing them a platform for "institutionalisation, globalisation and scaling up" of their ventures.
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.
Economic Offences wing of Mumbai Police, which is probing the case, told the court that the investigating agency intended to file chargesheet against Shah and others on or before August 4.
A first information report has been registered against Bharatiya Janata Party Member of Parliament Kirit Somaiya for allegedly assaulting and threatening an inspector inside a police station in suburban Mulund, the police said on Monday.
Capital markets regulator Sebi Chairman U K Sinha advocated the listing of bourses and greater competition among exchanges.
His comments came in response to a query on whether Securities and Exchange Board of India would be initiating action against MCX-SX which rejigged its board yesterday amid continuing payment crisis at its group firm National Spot Exchange Ltd.
Making a weak opening, shares of FTIL further tanked 45 per cent to Rs 105.5 -- its fresh 52-week low on the BSE.
CBI sources said the shell companies were allegedly being used by the suspects to divert loan funds meant for specified purposes, creating fake invoices, and 'round-tripping' of funds to evade taxes and generate black money.
India Inc had few tough issues to deal with in 2014.
The FMC had warned MCX that it would not renew contracts, allow new contracts and eventually take away the licence to run the bourse if the commodity exchange does not comply with regulatory norms.
Reliance Capital, the financial services arm of Anil Ambani-led Reliance Group, has also listed several other concerns with regard to MXC deal.
The company's accounts were audited by CAG as its shareholders include public sector banks.
The RBI is considering permitting FII and commercial banks to trade on Indian commodity exchanges.
As economic policy making moves from pragmatism to populism, the bulls begin to make way for cautious optimists.
The board will have to take a decision that he cannot remain a permanent director and also have to decide to whether to amend the article of association of the exchange in this regard.
New FMC directives for MDs & CEOs; regulator also wants half the directors on commodity exchange boards to be independent.
These entities have facilitated illicit transactions worth thousands of crores of rupees over the past 2-3 years
Investors sought to book profits at attractive valuations after recent run up in last few trading sessions.
Besides Vodafone, several other major MNCs like Nokia and Shell were locked in tax dispute with the revenue department.
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