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FMC extends deadline for NSEL e-series audit by 2 weeks

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NSEL was offering spot as well as e-series contracts which were subsequently banned by the government following violation of certain norms by the bourse.
NSEL was offering spot as well as e-series contracts which were subsequently banned by the government following violation of certain norms by the bourse.

Commodity market regulator Forward Markets Commission has given two more weeks to Chokshi & Chokshi to submit its forensic audit report on the e-series contracts of the embattled National Spot Exchange which suspended trading abruptly on August 1.

The exchange is now struggling to settle outstanding trade worth Rs 5,600 crore.

Chokshi & Chokshi has to submit its report by January 17 instead of the earlier deadline of December 31, said a FMC press release on Monday.

The Mumbai-based Chokshi & Chokshi was appointed by FMC to do the forensic audit on November 24. Hearing a writ petition filed by the aggrieved investors, the Bombay High Court directed the regulator to appoint an auditor to conduct complete audit in the e-series contracts floated by the exchange.

Earlier this month, the Commission had declared Financial Technologies, promoter of NSEL and three directors including Jignesh Shah as not fit and proper to represent any commodity exchange based on a forensic audit conducted by the global consultancy and auditing firm Grant Thornton.

Financial Technologies and the three directors have challenged the FMC order in the Bombay High Court.

suresh.i@thehindu.co.in

(This article was published on December 30, 2013)
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