2.  Jignesh Shah Journey  NSEL -- First Commodity Spot Exchange of the Country  MCX Decided to take on NSE  NSEL Crisis  Question Arises  Jignesh Shah Got Bail  EOW Clean-Chit to Jignesh Shah

3.  Jignesh Shah started Financial Technologies India Limited (FTIL) in 1988 and two commodity exchanges — MCX (Asia’s second largest) and National Spot Exchange Limited (NSEL)  National Spot Exchange Limited (NSEL), was India’s first electronic spot exchange  He began trading in 2008 and did so well that he set up exchanges in Singapore, Bahrain, Dubai, Mauritius and Botswana

4.  National spot exchange limited (NSEL), commenced live trading on October 15, 2008, and was the first commodity spot exchange of the country. National spot exchange limited (NSEL)  NSEL is the first electronic spot market to obtain license under APMC Act in Maharashtra, Karnataka, Gujarat, Orissa, and Rajasthan  Carried out trades in all states by enabling farmers to sell their produce to bulk consumers

5.  Problems started when MCX decided to take on the NSE- promoted commodity exchange — NCDEX, a competitor — thereby challenging the primacy of NSE.  A bureaucrat even expressed concerns at the declining market share of NCDEX in comparison to MCX  Suggesting that this raised suspicions that NSE and its subsidiaries were under government protection and patronage

6.  National Spot Exchange Limited (NSEL) crisis broke in July 2013  Where the present Defaulters of the Exchange failed to honour their pay-in obligations and Trading Members who traded on behalf of their clients could not receive their dues  Irregularities were found in it, a payment crisis hit it, leading to the eventual loss of 5,689.95 crore for Trading clients

7.  So how did the entrepreneur, who was once in charge of BSE’s online trading, get embroiled in this mess?  Has the Economic Offence Wing (EOW) of Mumbai Police been able to find any money trail against FTIL or Shah?

8.  Jignesh Shah was hounded & even arrested by Economic Offence Wing (EOW)  On August 22, 2014, Shah got bail from the Bombay High Court after three months in custody

9.  Mr. Jignesh Shah, promoter of FTIL was arrested by the Economic Offences Wing (EOW) in 2014  Later, EOW of Mumbai Police told the Bombay High Court that it was not able to find any money trail against Jignesh Shah  Recent media reports also suggest that the Ministry of Corporate Affairs under the current NDA Govt. is keen to resolve the crisis at the earliest and has intervened to ensure speedy recovery from the defaulters