Jignesh Shah | Vested Interests at Play : NSEL Crisis

Three years on, NSEL (National Spot Exchange Limited), its parent company 63 moons (earlier known as FTIL (Financial Technologies (India) Limited) and its promoter, Jignesh Shah are still hoping for justice while relentlessly pursuing a speedy recovery of the NSEL crisis default amount. The Indian judiciary has always attracted criticism for its unorganized operations that cause great delay. Most often, the perpetrators walk free and the victims remain aggrieved. The way Jignesh Shah’s case is being handled has left the nation astonished. Jignesh Shah, famously known as “the poster boy of Indian securities” has been facing a peculiar course of justice that can arguably be coined as insensitive. The man who once who saw the dream to revolutionize the way securities are traded in India, is now facing grave injustice.

 

Jignesh Shah was first arrested in 2014 for a mess that is believed to be caused by brokers who defaulted on the contracts. The brokers sold forward contracts which are outside the legal boundaries of a spot exchange, which the trading platform was at the time of existence. Shah was once again arrested on July 12, 2016, by Enforcement Directorate on the grounds of noncooperation. This makes the case utterly complex as it was established earlier that Shah has been fully cooperating. The news of Jignesh Shah being arrested on Sept 20, 2016, for suppression of facts while getting an extension for recognition of MCX-SX left everyone aghast.

 

Section 3 and 4 of PMLA prevents any investigating authority to make arrests after the court has taken cognizance. Jignesh Shah has been arraigned under the PMLA Act and hence is immune but strangely the agencies disregarded the court guidelines which direct them to obtain a court warrant before making an arrest and took Shah under custody for the third time. Unaddressed by authorities, the issue of these unfair arrests remains persistent. Legal experts are highly suspicious about the vested interests of backstage influencers, while Jignesh Shah is forced to face an ordeal.   Since the regulatory authorities have located the default money to 22 defaulters, which defaulters themselves have admitted, and not a single paisa with Jignesh Shah or his company FTIL, the government must take punitive actions against the defaulters and resolve the crisis speedily by retrieving the default money to the investors.

Source-https://technicalinnovator.wordpress.com/2017/05/22/jignesh-shah-victim-of-nsel-crisis/