In spotlight: Jignesh Shah and his journey so far

Moneycontrol BureauApril 1988: Jignesh Shah-led Financial Technologies (India)  (FTIL) was incorporated as company in Chennai.November 2003: Jignesh Shah enters into the business of commodity futures markets and commences MCX operations.October 2008: FTIL subsidiary National Spot Exhange NSEL), which is facing Rs 5,600 crore payment crisis, commenced live spot trading in commodities.May 2012: The Consumer Affairs Ministry issued a show cause notice to NSEL saying that the spot contracts allowed on the bourse violated forward contract law.July 31, 2013: After government order, NSEL suspends most spot trading contracts in view of violation of certain regulatory norms.August 6, 2013: Government bans trading in e-series contracts on NSEL, resulting in the complete halt of trading at the exchange.August 15, 2013: NSEL submits 33-week settlement plan to regulator Forward Markets Commission (FMC).August 20, 2013: NSEL defaults the first settlement and sacks exchange CEO & MD Anjani Sinha.September 2013: Finance Ministry took over regulation of commodity futures markets from the Consumers Affairs Ministry after the payment crisis surfaced at NSEL.October 9, 2013: NSEL Vice-President Business Development Amit Mukherjee arrested, the first arrest in the scam.October 10, 2013: Jignesh Shah resigns as Vice Chairman and Shareholder Director of another group exchange MCX-SX.October 17, 2013: Arrest of NSEL former MD and CEO Anjani Sinha.October 31, 2013: Jignesh Shah resigns as Chairman of MCX.December 17, 2013: Regulator FMC declares Jignesh Shah and FTIL as unfit to run any exchanges and ordered FTIL to reduce its stake in MCX from 26 percent to 2 percent.December 20, 2013: FTIL moves High Court against the FMC order. March 13, 2014: CBI files case against NSEL, questions Jignesh Shah for the whole day.May 7, 2014: Mumbai Police arrests Jignesh Shah.August 23, 2014: HC grants bail to Shah against a surety of Rs 5 lakh.November 2014: Shah resigns as FTIL Managing Director.April 2015: Enforcement Directorate files first chargesheet in the NSEL scam.July 12, 2016: Enforcement Directorate arrests Shah late night citing 'non-cooperation in the probe'.July 13, 2016: Shah's produced at a PMLA court which remands him to five-day police custody till July 18.