NSEL Story: Justice Still Eludes NSEL
Doesn’t it sound unnatural when all investigative agencies have seemingly allowed forces of executive overreach and led skewed interests of crony capitalists to enter the foray? The allegations that the payment discrepancies were traced back to the defaulters, who are the real culprits for causing the payment default, were never once investigated.
Further, there was no action on them for funding or harbouring benami transactions. The fiscal jurisprudence led to the payment problem and yet there was no reasonable action taken against the defaulters. Instead, FMC focused its sights on making National Stock Exchange Limited (NSEL) the primary target. Not only this, they extended their punitive actions against even the parent company, Financial Technologies (India) Limited (FTIL) even though it was no way connected with the trading of National Stock Exchange Limited.
The news that FMC didn’t really take the regulatory responsibilities of the entrusted task of spot market seriously and allegedly performing hurried audits, resulted in punitive actions against National Stock Exchange Limited (NSEL). So instead of taking a measured approach against contributing maximum efforts for recovery of claims or extending support to the resolution process, there was no thorough investigation which led to payment default recovery process come to a standstill.
Though National Stock Exchange Limited argued for an immediate action against defaulters once the entire default money was traced to them and yet there was no concrete investigations against any broking house that traded contracts, which leaves a big question mark on the intent whether the affected National Stock Exchange Limited trading clients will ever get justice.
