Govt orders inspection of NSEL, FTIL books
4 Oct 2013 3:24 AM IST
Amid the Rs 5,600-crore payment crisis at National Spot Exchange Ltd, the Ministry of Corporate Affairs (MCA) has ordered the inspection of account books of the bourse and its promoter, Financial Technologies India Ltd.
In the wake of the crisis, which also raised concerns about the violation of various regulations, the National Spot Exchange Ltd (NSEL) has come under the scanner of multiple authorities and investigating agencies, including the CBI.
The Ministry of Corporate Affairs ordered the inspection of the books of accounts of NSEL and Financial Technologies India Ltd (FTIL) to ascertain if any rules under the Companies Act were violated, a senior official said. The Companies Act empowers the ministry to inspect the books of accounts of firms.
The ministry has already asked the Registrar of Companies to provide details about NSEL, its promoter group and related entities. The report is expected to be submitted to the ministry in a few weeks. The Central Bureau of Investigation (CBI) has also started an enquiry into alleged irregularities at NSEL.
Last week Finance Minister P Chidambaram had said that NSEL had violated rules from day one and the matter was being looked into by his ministry, the CBI and the Forward Markets Commission, the commodity markets regulator,
among others.
In the wake of the crisis, which also raised concerns about the violation of various regulations, the National Spot Exchange Ltd (NSEL) has come under the scanner of multiple authorities and investigating agencies, including the CBI.
The Ministry of Corporate Affairs ordered the inspection of the books of accounts of NSEL and Financial Technologies India Ltd (FTIL) to ascertain if any rules under the Companies Act were violated, a senior official said. The Companies Act empowers the ministry to inspect the books of accounts of firms.
The ministry has already asked the Registrar of Companies to provide details about NSEL, its promoter group and related entities. The report is expected to be submitted to the ministry in a few weeks. The Central Bureau of Investigation (CBI) has also started an enquiry into alleged irregularities at NSEL.
Last week Finance Minister P Chidambaram had said that NSEL had violated rules from day one and the matter was being looked into by his ministry, the CBI and the Forward Markets Commission, the commodity markets regulator,
among others.
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