Grant Thornton gets a week's time for cross-examination of its NSEL audit

The commodity market regulator Forward Markets Commission (FMC) has given one week time to the Grant Thornton (GT), the global consultancy firm, which has done a forensic audit of the Rs 5,600-crore scam-hit National Spot Exchange Ltd (NSEL) to appear for cross examination. The firm had asked for two weeks’ time to appear before the consultants and officials of the Financial Technologies (India) Limited (FTIL) for cross-examination. Now, the firm will appear on December 3 at the regulator’s office where the officials and consultants FTIL and its three directors who are facing the FMC’s fit and proper test will cross examine the findings of the forensic report.

FMC sources confirmed that the firm had asked for two weeks’ time but we have given them one week. The issue of cross examination emerged when the FT officials and two former MCX directors appeared for hearing at the FMC in second week of November.