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.
In the interview to Business Standard last week, Chary had stated that the government's proposal to merge was unwarranted and that FTIL shareholders did not benefit from higher dividends from NSEL.
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.
Jignesh Shah, the promoter of Financial Technologies India Ltd, on Wednesday resigned from the board of MCX Stock Exchange, amid continuing Rs 5,600 crore (Rs 56 billion) payment crisis at group company NSEL.
Crisis-ridden bourse NSEL defaulted for the 12th straight time today as it could pay only Rs 11 crore to investors against a scheduled payment amount of Rs 174.72 crore (Rs 1.74 billion).
Crisis-ridden bourse NSEL defaulted for the 11th straight time on Tuesday as it could pay only Rs 29 crore to investors against a scheduled payment amount of Rs 174.72 crore.
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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.
The Economic Offences Wing (EOW) of the Mumbai city police is expected to file a First Information Report (FIR) against Jignesh Shah, promoter of Financial Technologies and vice-chairman of National Spot Exchange (NSEL), and former senior management officials in connection with the current payment crisis.
'One of the aspects for transparency and fair governance is to give the industry being represented the chance of lobbying with the regulator.'
The latest attachment order was issued by the central probe agency against Ms PD Agroprocessors Pvt Ltd, one the defaulters at the bourse.
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.
A sojourn in Seoul, one of Asia's largest metropolises, where the ultra-modern coexists with the ancient -- temples and palaces with futuristic skyscrapers climbing to the stratosphere, K-pop with Buddhism, a village within city limits.
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.
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 Ministry's decision comes more than a year after the payment scam at NSEL came into light in July 2013.
'Curbs will again lead to the grey market developing, undoing all the work done over the last two-and-a-half years.'
Investigation to be over by weekend, Mumbai police EOW to lodge FIR thereafter.
'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.
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 Mumbai Police, probing the Rs 5,600-crore (Rs 56 billion) scam at the National Spot Exchange has initiated the process of attaching about 25 immovable assets of the borrowers and has shortlisted nearly 100 properties of all the accused in the case, a senior police official said.
'Why is the Congress not tendering an unconditional apology to the citizens of India?'
Hong Kong has regained its spot as the world's fourth-largest market following a broad market rout in Indian equities. Currently, the Chinese territory's market capitalisation stands at $4.9 trillion versus India's $4.75 trillion, according to data compiled by Bloomberg. In January, the domestic equity markets' market capitalisation had surpassed that of Hong Kong following a spectacular rally in the small- and midcap stocks.
India's tennis campaign at the Paris Olympics lasted just a day as Sumit Nagal and the men's doubles pair of Rohan Bopanna and N Sriram Balaji bowed out after losing their respective opening matches to French challengers in Paris Sunday.
Negotiations on with three brokers holding 5% of about Rs 5,500-crore (Rs 55 billion) overall dues
Slew of resignations at NSEL over past month in the wake of scrutiny; MCX gaps caused by new-age norms for commexes.
The agency's latest action, under Prevention of Money Laundering laws, had been taken against the borrower company and its two group companies, which owe the investors Rs 922 crore (Rs 9.22 billion), sources said.
Claiming innocence, former head of the National Spot Exchange Limited (NSEL) Anjani Sinha, held in the Rs 5,600 crore (Rs 56 billion) payment crisis, on said that he was acting under the board's pressure, sources said.
National Spot Exchange Limited, promoted by Jignesh Shah-led Financial Technologies, is facing payment crisis of Rs 5,600 crore (Rs 56 billion).
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The exchanges have observed significant price and volume movement in the scrips of MCX in the recent past.
Images from the athletics action at Stade de France, Saint-Denis, Paris, on Friday.
The licence of MCX-SX is coming up for renewal before Sebi later this month.
Indian men's team failed to defend its title after going down fighting 1-3 to China
Nitish Kumar's Janata Dal-United on Sunday exuded confidence that its national president, who was sworn in as Bihar CM for a record ninth time after forming a new government with the Bharatiya Janata Party, will win Monday's trust vote.
Jaish-e-Mohammed terrorist Shahid Latif, the mastermind of the 2016 attack on the Indian Air Force base in Pathankot, and his brother were gunned down by unidentified assailants outside a mosque in Pakistan's Sialkot district on Wednesday, officials said.
In the last three financial years and in the current financial year till November 15, SFIO was asked to investigate 167 cases.
In a severe indictment, commodity market regulator FMC has said Jignesh Shah and his firm FTIL are not 'fit and proper' to run any exchange in the country and charged him of being the "highest beneficiary" in the NSEL scam.
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.
Given the nature of the money stuck, investors are fast losing patience with the exchange.
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.
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Financial Technologies (India), has made a loan of Rs 225 crore to NSEL.
