 "Bombay HC reserves order on Jignesh Shah bail plea")
The Bombay High Court on Tuesday reserved the order in a bail plea filed by the counsel of Jignesh Shah, the founder of Financial Technologies (India), in a case connecting to the grant of licence to the Metropolitan Stock Exchange of India (MSEI) formerly MCX SX.
Investigating the matter, the Central Bureau of Investigation (CBI) arrested Shah on September 21 in the case registered against four Securities and Exchange Board of India (Sebi) officials for connivance with MCX-SX to fraudulently allow renewal of its licence to conduct trades in currency derivatives in 2009-2010.
While CBI sought extension in Shah’s judicial custody arguing pending investigation, Shah’s counsel argued, “Why should only Shah be kept into custody when all other accused are free?” The court is set to pronounce the verdict on Wednesday.
Investigating the matter, the Central Bureau of Investigation (CBI) arrested Shah on September 21 in the case registered against four Securities and Exchange Board of India (Sebi) officials for connivance with MCX-SX to fraudulently allow renewal of its licence to conduct trades in currency derivatives in 2009-2010.
While CBI sought extension in Shah’s judicial custody arguing pending investigation, Shah’s counsel argued, “Why should only Shah be kept into custody when all other accused are free?” The court is set to pronounce the verdict on Wednesday.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%