The Shoot­ing Star

Jig­nesh Shah’s fall was as dra­matic as his me­te­oric rise

India Today - - BUSINESS -

Tech­nolo­gies 1995 Jig­nesh with launches for­mer Fi­nan­cial BSE col­league De­wang Nar­alla.

2003 Starts Multi Com­mod­ity Ex­change of In­dia (MCX), which be­comes the world’s sixth-largest com­mod­ity fu­tures ex­change.

2005 Na­tional Spot Ex­change Ltd (NSEL) is in­cor­po­rated as a pub­lic lim­ited com­pany with FTIL hold­ing 99.99% of the share cap­i­tal and NAFED hold­ing 100 shares. Dubai Gold and Com­modi­ties Ex­change is launched.

2008 The In­dian En­ergy Ex­change is launched. MCX-SX starts trad­ing in cur­rency fu­tures.

2010 Bourse Africa and Sin­ga­pore Mer­can­tile Ex­change are launched.

2011 Bahrain Fi­nan­cial Ex­change is launched.

2012 The cor­po­rate af­fairs min­istry sends show-cause no­tice to NSELon trades with set­tle­ment pe­ri­ods ex­ceed­ing 11 days, and ‘short sales’ in vi­o­la­tion of the con­di­tional ex­emp­tion.

2012 MCX SX gets nod to trade in eq­ui­ties. Be­comes a full bourse.

Au­gust 2013 For­ward Mar­kets Com­mis­sion writes to An­jani Sinha, MD & CEO of NSEL, on sud­den sus­pen­sion of trad­ing in all con­tracts, asks for de­tails of the pay­ment and set­tle­ment. NSELis­sues list of de­fault­ers, in­clud­ing ARK Im­ports, Mo­han In­dia, Lo­tus Re­finer­ies and NK Pro­teins.

Septem­ber 2013 56 in­vestors and 17 bro­kers file crim­i­nal com­plaint with the Mum­bai Po­lice against NSEL, Jig­nesh and the board of di­rec­tors of NSEL. FIR is filed against NSEL, FTIL, Jig­nesh, the board of di­rec­tors and de­fault­ing clients.

Oc­to­ber 2013 The reg­u­la­tor ac­cuses NSEL pro­mot­ers and di­rec­tors of com­plic­ity in cheat­ing. Po­lice ar­rests NSEL CEO An­jani Sinha. Jig­nesh and Joseph Massey, MD & CEO, step down from MCX-SX.

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