 "NSEL not similar to Satyam: Chidambaram")
Finance Minister P Chidambaram today said that the Arvind Mayarm Committee report suggested that Forward Markets Commission (FMC), Ministry of Corporate Affairs (MCA) and Central Bureau of Investigation (CBI) take action against errant entities in National Spot Exchanges Limited (NSEL) crisis.
FMC will now submit a report to the finance minister in a couple of days on the basis of which it will be decided what action MCA and CBI take. The Mayaram Committee suggested that there is no systemic repercussions from the NSEL crisis. "But I have asked Sebi and FMC to keep tab on the matter", Chidambaram said in a press conference today.
Ruling out any similarity between NSEL crisis and irregularities in Satyam Computers, Chidambaram said NSEL was neither a company nor a registered association but was given exemption from regulations. "From day one, it flouted conditions even before starting the business", said Chidambaram. He said those who invested money in NSEL, did it with open eyes, knowing perfectly well that NSEL is not a regulated entity.