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Panel probing irregularities at NSEL submits report to PMO

The panel was set up in August to look into the Rs 5,600 crore payment crisis at the Financial Technologies-promoted National Spot Exchange.

BT Online Bureau   New Delhi     Last Updated: September 24, 2013  | 14:03 IST
Panel submits NSEL report to PM's office

A high-level panel headed by Economic Affairs Secretary Arvind Mayaram that looked into alleged irregularities at the National Spot Exchange (NSEL), has submitted its report to the Prime Minister's Office (PMO).

"We have sent the NSEL report to PMO today," a senior official said.

The panel was set up in August to look into the Rs 5,600 crore payment crisis at the Financial Technologies-promoted NSEL.

It had on Monday given its report to Finance Minister P Chidambaram for necessary action.

According to sources, the panel has found "minor systemic" failure and the report details long-term measures to deal with such irregularities.

The government might consider streamlining the norms for commodities and capital markets, regulated by the FMC and Sebi, respectively, to plug potential regulatory gaps, they added.

Secretaries from the Corporate Affairs and the Consumer Affairs Ministries, the Revenue Department, and head of Enforcement Directorate, are also part of the committee.

The report was finalised based on the reports of two working group from Enforcement Directorate and Reserve Bank.

NSEL, part of Jignesh Shah-led Financial Technologies group, had to suspend trading activities on July 31 following a government directive.

With inputs from PTI

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