The RBI is considering permitting FII and commercial banks to trade on Indian commodity exchanges.
New FMC directives for MDs & CEOs; regulator also wants half the directors on commodity exchange boards to be independent.
'We were number one in commodity, currency, electricity, bonds, spot and everything. 'The purpose was to create an accident and then exploit it to eliminate the group. There were so many vested interests and therefore they did this," said Shah.
Shah is likely to be released later on Friday evening or Saturday after completing the formalities.
The finance ministry and several agencies under it such as the Securities and Exchange Board of India (Sebi) and the Enforcement Directorate (ED), which are investigating the affairs of Sahara India Parivar, are worried about its exposure to National Spot Exchange Ltd (NSEL) products.
Though they have more than one legal option to recover dues, till NSEL has funds, little can be done.
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.
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.
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.
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.
India Inc had few tough issues to deal with in 2014.
Exchange to reply to FMC's letter soon, CEO says buyers can't be declared defaulters where there is 'market disruption'.
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.
Sebi on April 4 gave the brokerages 60 days to have their books vetted by third-party auditors.
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.
Exchange used new investors' money to pay returns to old ones, finds FMC's forensic audit.
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Ledger entries in NSEL books show no record of T+2 leg of the paired trades with borrowers.
Billionaire Mukesh Ambani's Reliance Industries Ltd is the most valuable private company in the country, as per Hurun India's 2022 Burgundy Private Hurun India 500 list. The list, which was released on Tuesday, stated that with a value of Rs 16.4 lakh crore, Reliance is India's most valuable company, followed by Tata Consultancy Services (TCS) with Rs 11.8 lakh crore and HDFC Bank with Rs 9.4 lakh crore. Reliance is also the highest taxpayer with a payout of Rs 16,297 crore and the most profitable company with a bottomline of Rs 67,845 crore in 2022-23.
They induced HNIs to trade on spot market commodity exchange with promise of high returns.
Brokers have only kept guarantees for which they have open positions.
The prime accused deployed a modus operandi of claiming the investment in real estate purchased in the name of third party as unsecured loan
Jignesh Shah, the promoter of National Spot Exchange Ltd (NSEL), and its former CEO Anjani Sinha on Friday traded charges in connection with the multi-crore payment crisis at the crippled bourse which has affected over 13,000 investors.
Department seeks investor database on the suspicion of fictitious investors.
The FMC on Thursday barred the National Spot Exchange and group firms from auctions of commodities held by the bourse after a complaint that firms related to the former managing director took part in the bidding process.
ED lawyer Hiten Venegaonkar contended that huge amount of money was laundered and Shah's acts constituted a very serious economic offence
Case relates to alleged irregularities in '08 sanction to MCX-SX; Shah grilled in NSEL case.
Investor forum wants govt to take over exchange, raises doubts on claims of matching stocks; NSEL says default by brokers to be dealt with legally.
A more informed electorate, rather than the Lokpal, can fight corruption better, argues Neeta Kolhatkar.
National Spot Exchange data shows huge amount of wool going out of its warehouse, but a visit to the storage reveals a different picture.
The second-longest serving chairman introduced quite a few measures for the primary market and implemented a new corporate governance framework.
The main losers on the Sensex were Tata Steel, Hero Moto, BHEL, ONGC & Maruti Suzuki.
I-T dept investigating black money angle; FM hints against bailout for bourse's investors.
A much-vacant mall in a sleepy industrial park is all that's left of the amount allegedly owed by Mangla Shree Properties against 0.2-mt sugar deliveries
The currency market won't care for our moans, groans, cries and sighs. The rupee will find its own level, explains Tamal Bandyopadhyay.
Lack of consensus on 'how not to let Jignesh Shah get away' could become a huge embarrassment for the government.
Action against auditors, last of the 276 recommendations of a JPC probing Ketan Parekh scam, is still pending.
FTIL prepares to challenge the order in the Bombay high court
Depreciating the rupee against the dollar to boost economic growth has fiscal constraints and monetary limitations
Few top honchos of India Inc did very well in 2014.
DEA officials to push for this at a meeting with FM Jaitley.
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