Comments
The Central Bureau of Investigation on Tuesday conducted a raid at the premises of scam-ridden National Spot Exchange, FTIL, its promoter Jignesh Shah, besides the residences of group employees Joseph Massey, Sreekanth Javalgekar, and the offices of group’s erstwhile subsidiaries MCX and MCX-SX (now known as Metropolitan Stock Exchange).
Raids are being conducted at nine different locations, including corporate headquarters of companies and individual residences of top employees, said CBI sources.
In a statement, MCX and 63 moons (formerly FTIL) said the Central Bureau of Investigation and Economic Offences Wing, Mumbai are conducting the search in connection with the recognition granted by SEBI to MCX-SX (now Metropolitan Stock Exchange of India).
CBI had already conducted a raid in March 2014 and filed a preliminary enquiry report against Jignesh Shah-founded FTIL and MCX, former SEBI Chairman CB Bhave, and ex-member KM Abraham, among others.
The preliminary report was registered on alleged irregularities in granting sanction to the MCX Stock Exchange by SEBI in 2008 and renewing the recognition in 2009 and 2010.
MCX-SX was set up by FTIL and its commodity exchange arm MCX. It had started operations as a full-fledged stock exchange in 2013, after a prolonged battle with SEBI.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.