FinMin reviews actions taken against NSEL

The government today reviewed actions being taken by various regulators and enforcement agencies in the Rs 5,600 crore National Spot Exchange Ltd (NSEL) payment crisis. "We had a review meeting on NSEL. Concerned regulators are taking action," Economic Affairs Secretary Arvind Mayaram told reporters here.

NSEL is facing problem of settling Rs 5,600 crore dues to 13,000 investors after it suspended trade on July 31 on government directions. After NSEL crisis broke out, which also raised concerns over corporate governance, Sebi has nominated new public interest directors on MCX-SX board while some quit from the bourse's board.

Similar action has been taken by commodity regulator FMC with regards to MCX. NSEL's top management leaders, including CEO Anjani Sinha, have been arrested and their roles are being probed. MCX, MCX-SX and NSEL are promoted by Jignesh Shah-led Financial Technologies.

The Corporate Affairs Ministry is looking at the role of directors at the exchange and its parent firm Financial Technologies to ascertain whether there have been violation of laws at board level. Enforcement Directorate (ED) is also carrying on a probe. According to sources, various regulators including Sebi and FMC are looking into the role of some brokerage firms for allegedly charging high transaction charges and providing portfolio management and margin funding services to their clients in violation of regulations.

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