Comments
The Forward Markets Commission (FMC) has allowed the three former directors of Multi Commodity Exchange (MCX) and Financial Technologies India Ltd (FTIL) to cross-examine Grant Thornton, which conducted the forensic audit on the trouble-ridden National Spot Exchange Ltd (NSEL).
Based on the audit report, the Commission had issued a show cause notice in the fit-and-proper case to FTIL promoter Jignesh Shah, former MCX director Joseph Massey, former MCX MD Shreekant Javalgekar and FTIL, the promoter of NSEL.
Responding to the show cause notice, all of them have sought permission to cross-examine the audit firm and they will do so on November 25, FMC Chairman Ramesh Abhishek said on the sidelines of a FICCI conference here.
The Commission has also called for financial bids from two shortlisted audit firms to conduct forensic audit on NSEL e-series.
Abhishek said the decision will be made by next week.
Hearing investors’ petitions in the e-series case, the Bombay High Court had ordered the Commission to appoint an agency to audit and submit a report.
The Court has stopped all settlement in the e-series contract till the report is finalised.
Earlier, Sharp & Tannan, which conducted audit in the e-series on the behest of NSEL, found no discrepancies.
Asked what impact it will have if the three directors are declared not fit and proper — given the fact that they have already resigned from MCX — Abhishek said the Commission will consider all this when it takes the final decision in the fit-and-proper case.
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.