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The Ministry of Corporate Affairs (MCA) is currently evaluating the crisis at National Spot Exchange Ltd (NSEL) and has not yet referred it to the Serious Fraud Investigation Office, the government agency that probes corporate fraud.
“We have not yet taken a decision. We are still evaluating it to see what are the areas under Companies law,” an official said.
The consumer affairs department had urged the corporate affairs ministry to seek details from the registrar of companies (RoCs) on the nature of ownership in NSEL and the kind of liability the promoters had.
The beleaguered exchange, which was set up to provide an electronic platform for buying and selling agriculture and other commodities, was found to be providing trading in forward commodity contracts as well in violation of rules. It is engulfed in a crisis after it suspended trade on July 31 following government directives.
This triggered a payment crisis of Rs 5,600 crore.
While NSEL has presented a seven-month plan to settle the dues, which is being overseen by commodities markets regulator Forward Markets Commission and the Consumer Affairs Ministry, the bourse has already come under the scanner of various ministries as well as regulators such as the Consumer Affairs Ministry, Forward Markets Commission and Securities and Exchange Board of India (Sebi), with each looking into various aspects of the crisis.
