Do not renew MCX-SX's license, say NSEL investors

The National Spot Exchange Limited (NSEL) investor forum has said that the government is trying to negotiate with Kotak Mahindra Bank, HDFC, Reliance Capital and JM Financials to buy Jignesh Shah’s stake in Financial Technologies (FTIL), reports CNBC-TV18’s Aastha Maheshwari.

Moreover, the government is examining this and may even force Jignesh Shah to sell stake if needed. The moment this happens the controlling stake of MCX, which is with FTIL will come to these companies.
The forum is confident that with the forward markets commission (FMC) also coming under the finance ministry, whenever they get formal notification it will fast track this process. Also read: Govt closely watching NSEL progress, will take action: FM
The NSEL investor forum has also written to the market regulator Securities and Exchange Board of India (Sebi) to not renew MCX-SX's licenses, which are coming up for renewal in September. 
The NSEL has alleged that Anand Rathi not only acted as a broking firm but also as a Clearing and Forwarding Agent (C&F) agent. Anand Rathi audited warehouses and collected value added tax (VAT) on goods that did not exist.
However, at this point of time the investor forum is very clear that they are not going to take any legal recourse but are hopeful that the government will intervene and will help fast track this process.