2. INTRODUCTION
• National Spot Exchange crisis came up light of on
31 july 2013 .
• After Two year 5,600 – Crore NSEL Crisis the
Maharastra Government is setup the special court .
• When the crisis broker all the trades wear halted by
the Forward Markets Commission (FMC)
• However, FMC is not respond .
• Now After two years down the line, RTI documents
reviewed by Bureaucracy Today.
3. CONTD..
• Today reveal that there might be deep rooted
game plan by some bureaucrats.
• In the UPA Government colluded with some
officials of Forward Market Commission (FMC)
• Forward Market Commission (FMC) to vandalize
FTIL, the parent company of NSEL.
• Every penny of the entire sum of money trails to the
24 defaulters.
4. FMC ROLES
• FMC order to Close the Market immediately was
calamitous.
• FMC met all the 24 defaulters on 24th August 2013
and held a one on one meeting.
• After meeting the defaulters committed their fraud.
• It created panic leading to settlement failure of Rs
5,600 Cr.
5. ACCORDING TO BUREAUCRACY TODAY
• The Indian Government gave FMC a wide range of
compilation powers to act against the 24
defaulters.
• It was surprising that the FMC did not take any
action against them.
• FMC as a regulator of Forward Market had no
jurisdiction over the spot exchange
• The FMC has recommended the merger of the NSEL
with the FTIL under Sections 396 and 397 of the
Companies Act.
6. CHALLENGES
• A move challenged by the NSEL in the Bombay
High court.
• While merger in this is not the ideal solution for
paying up on the crimes which it did not commit.
• A Higher level against NSEL official accuses FMC is
goofing up entire issue.
7. LETS CONCLUSION
• This conspiracy a planned effort to bring down FTIL
when it was at its peak?
• Only time to tell how and when NSEL crisis case will
get resolved .
• The government should go behind defaulter rather
than debating tangential issue.