FMC extends deadline for NSEL e-series audit

Several questions were raised on forensic audit report submitted by global consultancy firm Grant Thornton

The Forward Markets Commission (FMC) has granted a two-week extension to Chokshi & Chokshi (C&C) for a report on the forensic audit of e-series contracts at National Spot Exchange Ltd (NSEL), which faces a Rs 5,500-crore payment crisis.

City-based C&C was appointed forensic auditor on November 24 by the commodity derivatives market regulator after several questions were raised on the earlier report from global consultancy firm Grant Thornton. The latter had given a final report and then a supplementary report in the high court here, questioned by Ketan Shah, representative of the two complainants in the e-series case. FMC says C&C will have to give the report by January 17.