Sebi has passed its order on companies which were defunct in any case.
Earlier this week, 63 Moons had served legal notices to Chidambaram, KP Krishnan, the former additional secretary at the finance ministry in-charge of the capital markets, and former Forward Markets Commission (FMC) chairman Ramesh Abhishek, seeking damages worth Rs 10,000 crore in connection with the NSEL scam.
A bench of justices Shantanu Kemkar and M S Karnik said 63 Moons must ensure that the money is used only for these two purposes, and this should be verified by an independent auditor.
It is alleged that the accused had helped Multi Commodity Exchange of India (MCX) in getting the status of nationwide commodity exchange, even though MCX was not fulfilling the stipulated criteria
On Wednesday, Sebi ordered impounding of "averted losses" worth over Rs 125 crore through alleged insider trading in MCX and its erstwhile promoter FTIL by 13 persons, including relatives of Shah and former top executives, with 'prior information' about the NSEL case.
Sebi said the prima facie observations/findings contained in the two orders have been made on the basis of investigations conducted by it in the shares of MCX and FTIL.
Since then, multiple agencies including Sebi, the Directorate of Enforcement (ED) and the Reserve Bank of India (RBI) are probing the irregularities at the now-defunct NSEL.
â€œA new government is coming, if he continues to remain a free man, he sure will open a Pandora‘s Box and seal our fate. We could be in trouble,â€ the official sounded worried. â€œSo what do we do?â€ he asked in the same breath. There was a deathly silence, probably the person on the other end was plotting. And then the person answered.
Market volatility doesn't entail more risk for the investor in the case of arbitrage funds. In fact, arbitrage opportunities exist only when the markets are relatively unstable.
The Serious fraud Investigation office (SFIO) has shot off notices to all broking firms whose clients traded in commodity pair contracts on the National Spot Exchange. The brokers have been asked to furnish their books of accounts, a source told Moneycontrol.
Jignesh Shah-led Financial Technologies (India) Ltd has changed its name to 63 Moons Technologies.
Besides, the Serious Fraud Investigation Office (SFIO) would look into the role of 20 defaulting entities as well as their nexus with brokers who were responsible for the payment crisis at the now-defunct National Spot Exchange Ltd (NSEL).
A special CBI court today granted bail to Financial Technologies (India) Ltd promoter Jignesh Shah in connection with a case against him for allegedly suppressing facts to get an extension for stock exchange MCX-SX from market regulator SEBI.
Crisis-hit Financial Technologies India (FTIL) today said the Enforcement Directorate has directed HDFC Bank to secure Rs 30.27 crore and then allow normal debit-credit operations in the current account.
Embattled Financial Technologies has told shareholders that it never got any money from NSEL's profit and also cautioned them against vested interests spreading rumours about the government order on merging the bourse with the company.
In a filing to the BSE, FTIL said: "The company has received a provisional attachment Order from the Directorate of Enforcement, Mumbai, attaching mutual funds amounting to Rs 306.70 crores." The company is taking appropriate steps in consultation with its legal counsel, it added.
Financial Technologies India (FTIL) promoter Jignesh Shah Tuesday was arrested by the Central Bureau of Investigation (CBI) in the MCX-SX Sebi case.
Quoting sources, Yash Jain of CNBC-TV18 reports that the investors forum seeks judicial custody of Jignesh Shah alleging that he was aware of NSEL transactions.
In a setback to Enforcement Directorate and a huge relief to Jignesh Shah, a PMLA court on Saturday granted bail to Shah in the NSEL scam, reports CNBC-TV18's Priya Sheth.
EOW has attached the assets in connection with the NSEL scam. Shah was arrested in the case earlier this month.
The Enforcement Directorate (ED) had put the founder of Financial Technologies India Limited (FTIL) behind bars, and the Mumbai police's economic offences wing (EOW) has now gone ahead and attached all immovable assets of the company in connection with the Rs 5,600 crore NSEL scam.
Reacting to this development, Hitesh Jain Senior Partner, ALMT Legal told CNBC-TV18, it now rests with the ED to prove that the investigation is at a crucial juncture and if granted bail, Shah could hamper the progress of the case.
Back in the news over the Rs 5,600-crore NSEL scam, Jignesh Shah has seen many ups and downs since the inception of Financial Technologies (India). Here's a timeline that chronicles his days right from the day he incorporated Financial Technologies.
The Enforcement Directorate (ED) claimed in the court that Shah had made Rs 76-crore worth bogus deals in the NSEL scam.