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FTIL group is in big trouble after over Rs 5,500 crore payment crisis surfaced at its subsidiary NSEL last year.
Indian business, on quite a different trajectory from its global counterpart, remains relatively insulated from any kind of backlash.
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.
The Income Tax department has declined to share details of probe being carried out in Rs 5,600 crore (Rs 56 billion) payment default by National Spot Exchange Limited (NSEL) saying it would "hamper the process of investigation or apprehension of offenders".
A total of 851 candidates are in the fray for 93 seats spread across 14 districts in north and central Gujarat, in the final phase of the polls, where 2.22 crore people are eligible to exercise their franchise.
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.
It was a high-stakes three-cornered fight between the BJP, Congress and Aam Aadmi Party.
Preliminary investigations conducted by capital markets regulator Securities and Exchange Board of India and inputs from other regulators and government departments suggest that some brokers were offering structured financial products to their HNI clients under some portfolio investments schemes for high returns of 10-20 per cent.
After defaulting for a consecutive time in paying its investors, National Spot Exchange Ltd (NSEL) got a Rs 177-crore (Rs 1.77 billion) lifeline from its main promoter, Jignesh Shah-run Financial Technologies.
The Bharatiya Janata Party was on Thursday poised for a landslide victory in Gujarat to retain power for a record seventh straight term but was behind the Congress in Himachal Pradesh which could go with the trend of alternative governments in the hill state.
'In Gujarat, for 22 years when the BJP was in power, they sold only dreams, but the delivery was zero.'
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.
While the BJP says it is confident Dalits will vote for it in the state assembly polls due this year-end, the Congress says it is paying attention to seats with 10 per cent or more Dalit population.
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Ledger entries in NSEL books show no record of T+2 leg of the paired trades with borrowers.
Under U K Sinha, Sebi became a pan-India organisation with local offices in 16 cities
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.
Department seeks investor database on the suspicion of fictitious investors.
In yet another setback to it, the National Spot Exchange Ltd on Monday saw non-executive chairman Shankarlal Guru and another director quit, blaming 'bad people' in the management team for the crisis at NSEL.
Few top honchos of India Inc did very well in 2014.
Hearing an appeal against the market regulator's denial of information sought through Right to Information Act, the Appellate Authority has ruled the process relating to grant of recognition of MCX-SX in 2008 has been completed.
Exchange used new investors' money to pay returns to old ones, finds FMC's forensic audit.
'But will there be matching action as far as tribals are concerned on the ground?'
Exchange to reply to FMC's letter soon, CEO says buyers can't be declared defaulters where there is 'market disruption'.
They induced HNIs to trade on spot market commodity exchange with promise of high returns.
Investors sought to book profits at attractive valuations after recent run up in last few trading sessions.
FTIL prepares to challenge the order in the Bombay high court
The party is set to rule the state for the sixth term.
'The BJP will be wiped out in rural Gujarat.' 'In urban areas, its tally may come down from 55 of the 60 urban seats it won in 2012 to 35 to 40 seats this time.'
Key events that rocked India Inc in 2014 and one of them is Vishal Sikka taking over reins at Infosys.
Though the election officials were yet to make formal announcement, Chief Minister Vijay Rupani informed the media about the victory.
While the Congress is elated to see the new caste dynamics coming to its rescue, the BJP still believes that no one is leaving its ship.
I-T dept investigating black money angle; FM hints against bailout for bourse's investors.
At a press conference, the Congress president-elect also said, "What Modiji has said about former PM Manmohan Singh is not acceptable."
Informal talks with people close to the Patidar leader are on to enlist the support of the Patel community, which comprises 20 per cent of the voters.
The Rahul-led campaign not only recorded its best assembly performance in the state since 1995, but also matched the BJP blow for blow in planning and execution.
'The BJP must realise that a resurgent Rahul Gandhi will take the battle straight into its camp.' 'He is not going to be held back by the misdeeds of UPA 1 and 2, so there is no point harping on them,' says Sanjeev Nayyar.
'Gujarat should have been a breeze. But the Patidar agitation and economic uncertainty queered the pitch.' 'Yes, the BJP won and its rank-and-file will take great comfort in the assembly victory. But the leadership is taking stock for a very tricky set of elections coming up in 2018.'
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