When the payment discrepancies were traced back to the defaulters, who are the real culprits for causing the payment default, they were never once investigated. Furthermore, 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 the primary target. Not only this, they extended their punitive actions against even the parent company, 63 moons, even though it was in 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 performed hurried audits, resulted in punitive actions against National Stock Exchange Limited. 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 NSEL argued for an immediate action against defaulters, once the entire default money was traced to them, and yet there was no concrete investigation against them which leaves a big question mark whether the affected National Stock Exchange Limited trading clients will ever get justice. Reference:http://www.nationalspotexchange.com/Truth_About_NSEL.htm
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