Govt may take over FT board post NSEL crisis fallout

The government is exploring the option of taking over the Financial Technologies' board after the NSEL crisis fallout. The government has been awaiting some of the key report in the NSEL probe, before taking any action, reports CNBC-TV18's Malvika Jain.

Also Read: FMC accuses 3 directors including Shah for NSEL crisis

The Forward Markets Commission (FMC) has issued a showcause notice to various members of Financial Technologies' board and has shared the same with the Ministry of Corporate Affairs (MCA) on October 6.

According to MCA sources, within the next 45 days the Registrars of Companies (ROC) will be preparing his report and submitting it to the MCA against Financial Technologies, National Spot Exchange (NSEL) as well as MCX and based on these reports MCA will take a decision on whether or not the board of the Financial Technologies needs to be restructured. Sources also said that the ROC's probe is going to be based on FMC's findings.

CNBC-TV18 had earlier pointed out that FMC has alleged several members of Financial Technologies board including Jignesh Shah. So, not just the board members of Financial Technologies and NSEL, but the auditors will also have to be answerable to the MCA.

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