The promoter of the National Spot Exchange Jignesh Shah has reserved his comments on the Forward Markets Commission order, which has said that he is not “fit and proper” to run any commodity exchange in the country.
Interacting with the media at the Economic Offences Wing (EOW) office late on Wednesday, Shah said that the order of the commission needed to be studied in detail and that it would not be proper to make any comments at this juncture. At an appropriate time, a reaction would be made public, he said.
Shah added that the process of negotiating with the borrowers of the NSEL for paying up their dues was underway.
Head of EOW Rajvardhan said that the order of the commission would not have any bearing on the criminal liability in the NSEL case, but the order would be used if it strengthened the case of the EOW.
Rajavardhan said that the process of recovery from the borrowers was still underway and that the EOW would start tallying the books of the brokers with the borrowers for settling the accounts.
rahul.wadke@thehindu.co.in