Commodity market regulator Forward Markets Commission on Tuesday received a personal submission from the promoter and two directors of Multi-Commodity Exchange.
The process was part of legal requirement following the Commission’s show-cause notice issued to Jignesh Shah (promoter), Joseph Massey (former director) and Shreekant Javalgekar (former Managing Director) to ascertain their ‘fit and proper’ criteria following the Rs 5,600-crore settlement crisis at the Group’s subsidiary National Spot Exchange.
Financial Technologies, the parent company of crisis-ridden NSEL, was represented by its company secretary Naishadh P. Desai. The Commission had given a different time slot for hearing them separately. The meeting with Jignesh Shah, who arrived at 2 p.m., lasted for half-an-hour.
Speaking to media persons outside FMC office, Shah said “We submitted our bonafides and our legal advisors have represented our views; we will wait for the outcome.”
He reiterated his desire to see the exchange grow — from a distance — following his resignation a few weeks ago. The bonafides submitted to the regulator was similar to the showcause notice response which was given on October 31. Based on the submission, FMC will take a final call on the fit and proper criteria.