Shares of Jignesh Shah-led Financial Technologies (India) Ltd (FTIL) and MCX fell sharply amid a probe initiated by CBI into grant of license to MCX Stock Exchange over five years ago.

The Central Bureau of Investigation (CBI) carried out searches at 15 locations across the country, including offices of National Spot Exchange Limited in Mumbai, in a case of alleged irregularities in investments by state-run trading company PEC causing a loss of Rs 120 crore.

The Enforcement Directorate on Friday arrested the CEO of a defaulting firm on money laundering charge in connection with its probe in the National Spot Exchange Limited (NSEL) scam case.

Volumes at the MCX fell 39 per cent to Rs 76 trillion in the first ten months of the fiscal year beginning April 2013, as investors lost confidence in the exchange after a payment crisis at the National Spot Exchange and restrictions on import of gold.

The resignation comes amid the continuing Rs 5,600-crore payment crisis at the Financial Technologies (FTIL)-promoted National Spot Exchange (NSEL).

The FMC on December 17 declared FTIL and its chief Jignesh Shah unfit to run any exchange, including the MCX, following a Rs 5,600-crore payment crisis at the National Spot Exchange (NSEL), a group company.

MCX has been given time till February 10 to submit a plan to implement the Forward Markets Commission's order that held FTIL was not 'fit and proper' to hold anything over a 2 per cent shareholding in the exchange.

Sarkar, previously MD and CEO of United Stock Exchange of India, has also worked with global financial services giants like Credit Agricole, Standard Chartered and Calyon, and ANZ Grindlays Bank in the past.

Multi Commodity Exchange's turnover has plummeted by 69 per cent since April 2013. Although it is still the biggest player, it has been losing market share to rivals in the current financial year.

Over 200 aggrieved investors of the beleaguered National Spot Exchange Ltd (NSEL) demanded that the Mumbai Police arrest Jignesh Shah and other key accused, besides speeding up recovery from borrowers and defaulters within a stipulated time period.

Employees see it as a transformed company from five years ago. The way the government and the private sector worked together to quickly put the company back on its feet was commendable. But India Inc needs to get a lot more proactive on good corporate governance.

Mumbai Police, probing the Rs 5,600-crore National Spot Exchange Ltd (NSEL) payment crisis, on Tuesday filed a 9,100-page chargesheet against five arrested accused, including the spot exchange's former CEO Anjani Sinha.

The Mumbai Police on Monday filed a 9,800-page chargesheet against five accused arrested in connection with the National Spot Exchange Ltd (NSEL) scam, which involves a payment default of Rs 5,600 crore.

Shares of Multi Commodity Exchange of India Ltd and Financial Technologies India Ltd on Friday fell sharply by as much as 9 per cent after the board of MCX asked promoter FTIL to reduce its stake to 2 per cent, in accordance with the regulator's order.

Besides Vodafone, several other major MNCs such as Nokia and Shell too were locked in tax dispute with the revenue department.

Commodity futures market's dream run also came to a halt in 2013 as imposition of transaction tax on non-farm items hampered the growth of business, with turnover estimated to dip by 30 per cent to Rs 125 lakh crore.

With Tuesday's pay-out, NSEL has so far settled about Rs 276.14 crore against about Rs 5,600 crore dues to 13,000 investors.

The Bombay High Court fixed for hearing on January 8 a petition filed by Financial Technologies India (FTIL) and its Chief Jignesh Shah challenging an order of Forward Market Commission (FMC) that held that both were not \"fit and proper\" to run any exchange.

Crisis-hit NSEL's promoter entities FTIL and Jignesh Shah moved the Bombay High Court challenging the commodity market regulator FMC's order that held both were not \"fit and proper\" to run any exchange.

Emphasising that the priority is to protect the interest of investors, Union Minister Sachin Pilot said all options are available before the government to deal with the NSEL crisis and its fallout.