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The Forward Markets Commission has asked the National Spot Exchange Ltd, its parent Financial Technologies and group firm Indian Bullion Market Association to produce the minutes of their annual meetings from 2007.
“We have asked them to provide the minutes and we are examining them,” said Ramesh Abhishek, Chairman of the Commission. “We have issued them show-cause notices on a few issues and have got their replies. We have again sought some clarification,” he told reporters on the sidelines of a global vegetable oil event here. To a question on probe by the Central Bureau of Investigation and Serious Fraud Office, he said the Government was waiting for the report from the two teams that have been formed to look into the spot exchange imbroglio. The exchange was also looking forward to the reports that will be submitted soon.
According to sources, the reports could be submitted on Monday. The National Spot Exchange crisis began after it stopped trading on July 31, after the Government asked it to stop offering new contracts as theywere not in tune with the guidelines.
The NSEL has to clear Rs 5,560 crore dues to investors and it has defaulted in four of the five payout dates. It is likely to default the sixth payout, too, on September 24.
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