The licensing issues of National Spot Exchange Limited have come under the scanner on CBI which is carrying out an inquiry into alleged violations by the bourse facing multiple probes into financial irregularities.
CBI sources said they are going to complete their preliminary enquiry which focusses on licensing procedure and violations by the exchange and if any evidence is detected, they might file an FIR in the case.
The sources said the agency was contemplating to close the enquiry because of an ongoing probe by the Economic Offences Wing of the Mumbai Police but during the course of its enquiry it found some leads which prompted it to dig deeper into the issue.
They said there were a number of alleged violations by NSEL of the licensing terms and conditions and the agency might focus on whether any public servant was involved in ignoring them and letting the exchange continue.
The sources said the inquiry is still at a preliminary stage and CBI is trying to unravel all the angles of a potential conspiracy.
The sources said some of the contracts given by the exchange were allegedly violation of conditions given under FCRA Act.
The exchange has been facing problems in settling Rs 5,600 crore dues of 148 members and brokers, representing 13,000 investor-clients, after it suspended trade on July 31 last year on the government's direction.
Finance Minister P Chidambaram had said NSEL had violated rules from day one and the matter was being looked into by the ministry, CBI and Forward Markets Commission, the commodity markets regulator, among others.
