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 days of spot prices of gold differing from one city to another will soon be over.
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.
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.
Investors will get the money directly in their demat accounts or through their brokers. They won't get physical delivery any more.
Crisis-hit National Spot Exchange Ltd (NSEL) on Tuesday failed to pay investors any of the Rs 174.72 crore (Rs 1.74 billion) installment due to them, defaulting for the 13th straight time.
The National Spot Exchange Ltd has urged the government's Food Corporation of India to reduce the permitted price if it wishes wheat to be auctioned under the government's Open Market Sales Scheme.
NSEL had earlier suspended trading and merged the settlement cycles of all one-day forward contracts.
This is the case even though the benchmark index is only 5 per cent below its all-time high. The list of stocks trading at a discount primarily consists companies in the automotive, banking, oil and gas, insurance, healthcare, and metal sectors.
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The government asked the NSEL to become a responsible guarantor to the Rs 5,600-crore (Rs 56-billion) dues to investors and meet its commitments.
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.
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.
The court, later in the day, allowed his application.
The NSEL scam, involving Rs 5,600 crore, came to light after the now defunct exchange, promoted by Financial Technologies, failed to pay its investors.
Sebi filed a criminal complaint against the brokers with the economic offences wing, which on Friday registered a case under the Forward Contract Regulation Act 1952.
The crisis-hit NSEL is promoted by Jignesh Shah-led Financial Technologies (India) Ltd.
Both Corporate Affairs and Finance Ministries are studying the feasibility of implementing the FMC's proposals.
According to an ED order, the agency has seized movable and immovable properties of the firm -- Ms N K Proteins -- in Mumbai, Noida, Ahmedabad and Palanpur in Gujarat under the criminal provisions of the Prevention of Money Laundering Act.
Uzbekistan lives comfortably in several centuries but is also a forward-looking nation, Deepa Gahlot discovers on a visit to this Central Asian country.
Around 200 brokers are said to be involved in the scam; they have been summoned for questioning. Major brokerages questioned by the EoW so far include Anand Rathi, Motilal Oswal, India Infoline and Geojit Comtrade.
The Border Security Forces troops on Sunday foiled a pre-dawn infiltration bid by suspected militants in Ramgarh in Samba district on the Indo-Pak border in Jammu and Kashmir after a heavy exchange of fire with the ultras, prompting India to lodge a protest with the neighbouring nation over the incident.
The investigators have already served summons to Shah and others directing them to appear before them for questioning.
Exchange-traded currency derivatives volumes are likely to drop in view of new Reserve Bank of India (RBI) rules, casting a cloud over further participation of retail investors and proprietary traders. There are concerns that existing positions without any underlying exposure will need to be liquidated. Also, weighed down by dollar demand from local oil companies and weakness in its Asian peers, the rupee on Wednesday (April 3) ended at a new closing low of 83.44 versus the US currency.
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.
Images from the Euro 2024 Group D match between Austria and Poland at Berlin Olympiastadion, in Berlin, on Friday.
Leading stock exchanges BSE and NSE have barred three entities from trading on their platform after they defaulted on dues in connection with Rs 5,600 crore (Rs 56 billion) payment crisis at National Spot Exchange Ltd (NSEL).
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There is definitely much more to the mythical king than his ten heads and his abduction of Sita.
NSEL, promoted by Jignesh Shah-led Financial Technologies (India) Ltd, is facing the problem of settling Rs 5,500 crore.
NSEL scam: Brokers of IIFL, Anand Rathi, Geojit arrested.
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In a first for India, bullion derivatives contracts will be settled on a blockchain platform. This will help in global acceptance of gold refined by Indian bullion refineries, giving a fillip to the local industry, exports, as well as investments. From November 1, the National Stock Exchange (NSE) will accept gold delivery only on the blockchain platform.
BSE proposes two models for making gold trading and investment transparent
Allegations of a particular market player being favoured over others were flying thick and fast in the early days of the scam.
The NSEL chief said the exchange is also seeking the help of the Delhi government.
In terms of value, this translates into more than Rs 300 crore (Rs 3 billion) of delivered quantity.
Substitute Roman Yaremchuk kept Ukraine in Euro 2024 contention with a goal 10 minutes from time to beat a shell-shocked Slovakia 2-1 on Friday
Chidambaram said NSEL was not a registered or recognised association under the FMC but got exemption even before it started its business.
The board of directors at its meeting held on October 22, approved the said appointments, the exchange said in a regulatory filing on Wednesday.
Chokshi and Chokshi, which was given December-end deadline to complete the audit of e-series contracts at NSEL, had sought extension to finish the work.
