Olympic bronze-medallists India wasted chances galore to lose 0-2 to world champions Germany in the first hockey Test of the two-match series in New Delhi on Wednesday.
Making a weak opening, shares of FTIL further tanked 45 per cent to Rs 105.5 -- its fresh 52-week low on the BSE.
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The National Spot Exchange Ltd, promoted by Jignesh Shah-led Financial Technologies, is facing a Rs 5,600-crore (Rs 56-billion) settlement crisis.
The Corporate Affairs Ministry's latest move comes in the backdrop of instances of private entities using the word 'National' in their names, including the case of National Spot Exchange Ltd, which is embroiled in a major payment crisis.
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.
The order says he was the 'highest beneficiary' of NSEL fraud and has proven unfit to handle affairs of any exchange.
The bourse had proposed to settle all dues amounting to Rs 5,574.31 crore (Rs 55.74 billion) in 30 weeks, according to a settlement schedule issued by NSEL on August 16.
Jignesh Shah had to give up his MCX cash cow and his personal assets have been attached.
The showcause notice by the Forwards Market Commission to promoters of National Spot Exchange Limited on Friday, including Jignesh Shah, is the culmination of a series of steps by the authorities to tighten the noose around Shah.
Only time will tell, if the 'Shah' of exchanges will walk out of this battlefield unscathed.
Financial Technologies hogged the limelight after the stock plunged 65% today.
This article reviews what happened at NSEL, according to information available in the public domain, and reiterates what could be done to reduce the risk of similar scams.
This is the second such notice to the spot commodity exchange promoted by Financial Technologies India Ltd. A similar notice had been issued to the NSEL by the Consumer Affairs Ministry in 2012.
Visits made by Business Standard to several borrowers in Ludhiana, Panchkula, Delhi, Mumbai, Ahmedabad and Hyderabad found that several borrowing entities have links to real estate.
Visits made by Business Standard to several borrowers in Ludhiana, Panchkula, Delhi, Mumbai, Ahmedabad and Hyderabad found that several borrowing entities have links to real estate.
The broader markets were battered heavily. BSE Mid-caps and Small-caps indices fell between 1-2% on the BSE.
If at all it was some great strategy, the delay has only helped the person they eventually arrested.
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.
e-Gold, a product launched by National Spot Exchange Limited has the ideal combination of both the forms -- physical and electronic gold. Here are some enticing reasons why you must buy e-Gold.
These commodities must be purchased in units, where a single unit may be equal to a gram (gold), 100 grams (silver) or a kilogram for the other three commodities. For trading, you must open a separate demat account with a broker registered with NSE.
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.
He also said the Forward Contracts (Regulation) Act would be amended to strengthen the regulatory framework of the commodity derivatives market.
India's corporate sector sees big ticket deals in 2013.
The Economic Offences Wing of Mumbai Police on arrested former managing director and chief executive of the beleaguered National Spot Exchange (NSEL) Anjani Sinha.
Crisis-ridden National Spot Exchange on Tuesday sacked its Managing Director and CEO Anjani Sinha and six other top executives on a day it failed to meet the first scheduled repayment to investors.
In a fresh development in NSEL's Rs 5,600 crore scam, the Enforcement Directorate (ED) on Monday registered a preliminary inquiry into the payment crisis, suspecting large-scale money laundering in the beleaguered spot exchange, a senior official said.
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.
NSEL, has up to Rs 500 crore (Rs 5 billion) daily turnover in e-golds.
Uzbekistan lives comfortably in several centuries but is also a forward-looking nation, Deepa Gahlot discovers on a visit to this Central Asian country.
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.
Images that should keep you grinning for days on end.
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.
There is definitely much more to the mythical king than his ten heads and his abduction of Sita.
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.
Images from the Euro 2024 Group D match between Austria and Poland at Berlin Olympiastadion, in Berlin, on Friday.
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