Commodity market regulator Forward Markets Commission expects the forensic audit on the troubled National Spot Exchange Ltd’s e-series contracts by Mumbai-based Chokshi and Chokshi – Chartered Accountants – to be completed by December-end.

Forensic audit is an examination and evaluation of a firm’s or individual’s financial information for use as evidence in court.

The Commission had short-listed Haribhakti & Co and Chokshi & Chokshi before selecting the latter.

The Bombay High Court, which is hearing the case filed by aggrieved investors, directed the Commission to appoint an auditor to conduct the audit and submit a report. Incidentally, the Court postponed hearing in the e-series case on Monday.

Ramesh Abhishek, Chairman, FMC, said that the audit firm Chokshi and Chokshi has been given six weeks time to submit the report and it would be placed before the court.

GRANT THORNTON SEEKS TIME

Meanwhile, the cross examination of Grant Thornton by a director of Financial Technologies and three directors of MCX was postponed on Monday.

The Commission had issued show-cause notice to ascertain their fit and proper criteria of Jignesh Shah (promoter), Joseph Massey (former director), Shreekant Javalgekar (former Managing Director) and Financial Technologies (parent of NSEL) following the Rs 5,600-crore settlement crisis at the Group’s subsidiary NSEL. All the four directors have sought permission to cross examine Grant Thornton on its audit report based on which the show cause was issued. “The cross examination has been postponed due to request from Grant Thornton. We will fix a new date,” said Abhishek.

The special audit on Multi Commodity Exchange by Pricewaterhouse is expected to be completed by mid-January. The commission has given eight weeks to complete the audit on MCX.

> suresh.i@thehindu.co.in

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