The court, later in the day, allowed his application.
.jpg)
MCX-SX was set up by FTIL and MCX, but they have been now classified as 'public shareholders' as against 'promoters' earlier, pursuant to a Sebi-ordered restructuring of its board and governance structure.
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.
Allegations of a particular market player being favoured over others were flying thick and fast in the early days of the scam.
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.
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.
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.
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.
Chidambaram said NSEL was not a registered or recognised association under the FMC but got exemption even before it started its business.
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.
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).
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).
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.
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.
The investigators have already served summons to Shah and others directing them to appear before them for questioning.
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.
Sebi's main contention against brokers is that the NSEL was offering paired contracts and they were forward contracts, which were "illegal".
The latest attachment order was issued by the central probe agency against Ms PD Agroprocessors Pvt Ltd, one the defaulters at the bourse.
In terms of value, this translates into more than Rs 300 crore (Rs 3 billion) of delivered quantity.
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.
.jpg)
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.
The prime accused deployed a modus operandi of claiming the investment in real estate purchased in the name of third party as unsecured loan
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.
.jpg)
Financial Technologies (India), has made a loan of Rs 225 crore to NSEL.
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.
The board of directors at its meeting held on October 22, approved the said appointments, the exchange said in a regulatory filing on Wednesday.
Currently, most crowdfunding platforms neither operate with proper authorisation nor are governed under any law.
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.
The crisis-hit NSEL is promoted by Jignesh Shah-led Financial Technologies (India) Ltd.
It will be the first to go, in what has become an overcrowded segment since India first allowed futures trading in commodities in 2003.
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.
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.
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.
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.
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.
NSEL had earlier suspended trading and merged the settlement cycles of all one-day forward contracts.
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.
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.
'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.
In the last three financial years and in the current financial year till November 15, SFIO was asked to investigate 167 cases.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances