NSEL News

In its detailed representation to the EOW in 2020, NSEL highlighted several instances of negligence and failures on the part of Ramesh Abhishek, which the agency did not investigate.

The Bombay High Court on Monday dismissed a petition filed by the erstwhile Financial Technologies (India) Ltd (FTIL) challenging a 2016 decision of the Union government ordering its merger with its subsidiary, National Spot Exchange Ltd (NSEL).

The NSEL scam came to light during the previous UPA regime.

Multiple agencies including Sebi are probing the irregularities that happened at the now-defunct National Spot Exchange Ltd.

Markets regulator Sebi's board will meet on Saturday to take forward reform measures and discuss amending Debenture Trustee regulations, steps taken regarding P-notes, collective investment scheme and cases involving NSE and NSEL.

Government Sunday decided to set up a special court to hear all NSEL related cases on a priority basis while also asked the Enforcement Directorate to expedite action to recover Rs 3,721 crore from defaulters, and regulator Sebi to complete probe of brokers at the earliest.

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The Enforcement Directorate Tuesday arrested FTIL founder Jignesh Shah in connection with its probe into the Rs 5,600-crore National Spot Exchange Limited (NSEL) money laundering scam.

In a first-ever move forcing the amalgamation of two private companies, the MCA has ordered the merger of crisis- hit National Spot Exchange Ltd (NSEL) with its parent FTIL (Financial Technologies India Ltd) in "public interest".

This is the first case of the government ordering merger of two private companies invoking a rarely used clause in the companies law.

The Enforcement Directorate (ED) had opposed merger of the crisis-hit National Spot Exchange Ltd (NSEL) with Jignesh Shah-promoted FTIL, saying such a move would impede investigation in the Rs 5,600-crore payment scam, the Finance Ministry said Thursday.

The Bombay High Court Friday directed the Union Ministry of Corporate Affairs to complete by October 31 the process of passing final order on the proposed merger of National Spot Exchange of India with Financial Technologies (India) Ltd (FTIL).

Crisis-hit Financial Technologies India Ltd (FTIL) Wednesday said it has completed the sale of its entire 5 percent stake in MCX-SX for nearly Rs 89 crore, thus exiting the bourse.

Crisis-hit National Spot Exchange (NSEL), which is being probed several agencies for Rs 5,600 crore alleged scam, Tuesday said vested interests are trying to scuttle its proposed settlement plan to resolve this issue.

Opposing the proposed merger of crisis-hit National Spot Exchange Ltd (NSEL) with its parent FTIL, industry body Assocham has said that a company cannot be held liable for "any alleged liability" of a subsidiary.

The government has finalised the share swap ratio for the proposed merger of crisis-hit NSEL with its parent Financial Technologies, which itself will not get any share.

Metropolitan Stock Exchange, formerly known as MCX Stock Exchange or MCX-SX, on Thursday said it is no more linked to Financial Technologies, NSEL and its promoters and operates as a separate and independent entity.

FTIL founder Jignesh Shah, MCX-SX's Joseph Massey and former NSEL CEO Anjani Sinha are among 68 accused named in the Enforcement Directorate (ED) charge sheet in the National Spot Exchange Limited scam case.

Financial Technologies today said it has submitted to the government a Rs 1,000-crore settlement plan, including Rs 500-crore to be contributed by brokers, to clear the claims of small and mid-sized investors on scam-hit National Spot Exchange Ltd (NSEL).

Capital markets regulator SEBI Thursday asked Financial Technologies (India) Ltd to issue an 'advisory' on matters relating to a government-proposed merger of its crisis-hit subsidiary NSEL, to help the investors take an "informed decision".