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Injustice to Financial Technologies

Financial-Technologies-Newshour

Financial Technologies

It is surprising to note that Forward Markets Commission (FMC) never let NSEL management handle recovery and never partnered NSEL’s recovery effort. In fact, the FMC kept taking decisions to destabilize recovery and keep defaulters away from being the focal point.

If the Department of Consumer Affairs (DCA) had accepted NSEL’s suggestion of orderly closure of market in July 2013, the episode would not have happened.  Globally, post-global  market crisis, it called for creation of stability and isolation of risk whereas despite Financial Stability and Development Council(FSDC) being in place, the FMC through its various actions in fact has enhanced and accentuated the risk for the FTIL due to its hurried decision on declaring Financial Technologies as not Fit and Proper. Overtime, enough evidence was there which clearly proved this point but by then NSEL had been disadvantaged.

Dealing with these kinds of complex issues requires the support of the government and the FMC should have sought this support.  Instead, the FMC chose to dump NSEL and make it extinct as an Exchange and damage the prospects of the Financial Technologies Group for a reason not very noble.

Though the Government in 2011 designated the FMC to provide oversight, safeguarding investor interest and collection of periodic information from the national spot exchanges, the latter did not initiate enough measures to conduct these vital functions that were required for sustained growth of spot exchanges.

Though FMC in their communication dated August 12, 2013 to DCA proposed actions under their power, FMC did not even appoint forensic auditors on defaulting entities, and also did not take effective and prompt steps for ceiling of warehouses. Instead it went ahead only with the preconceived objective of framing Financial Technologies Group.

 
  • Harmeet

    It has been so long for Jignesh Shah, who is holding FT with full of its purity and serving lost of companies long haul. I’m not going to believe in this scam.

     
  • Manish Bhardwaj

    Without hearing and consideration govt. should not react or to take any harsh action in order to be liable for a reason.

     
  • shoyab

    It’s a very serious concerning issue for Financial technology group as they have never tried to scam with anyone instead of striven to make its growth a story for India to take pride in.its a surpass in providing sustainable services to investors.

     
  • Arjun

    I think the evidences provided by NSEL Group should be sufficient to proved its integrity of the work.

     
  • Ravinder Kaur

    It is hard to discern how market will react towards the financial technologies as FTIL has been condemned with unfair treatment by the FMC..

     
  • Neeraj gulati

    As alluding in this article injustice to Financial Technologies may get the negative impact from the associates who are concerned as well as also on the people who are working for the organization.

     
  • Ravi prakash

    It will be a toward summiting task for the FMC department to provide all the detailed information which concerted in adverse to imposition on the Group.

     
  • Pushpendra Verma

    This piece of news has applied another angle to the case. Like I was also not aware of the situation and almost blamed FTIL for all the chaos but now, it’s pretty much clear where what went wrong and I have a rational thought which is not being a part of sheep herd. More angles like this need to be applied in this case. Actually every case, so that impartiality can be avoided.

     
  • Pooja

    The promoter certainly faced a lot of injustice and biasness from the concerned governmental authorities. I don’t know how much time it will take to rebuild its reputation, but one thing is certainly clear that you cannot entirely depend on others because your liberty can be misused and abused to a great extent. As I read brokers took advantage of their clients’ unfamiliarity with the ledger accounts made on their name.

     
  • Suresh

    That’s a huge disadvantage for an organisation if the authorities handling some case already have a preconceived notion in their minds that whatsoever they are seeing and thinking and doing, is teh right course of action. And that is the main reason why FTIL faced injustice.