MCX audit panel to meet on Apr 23 to take up PwC findings

This will be followed by another meeting of the MCX board on April 26 to take a final call on the findings of PwC

The audit panel of the Multi Commodity Exchange (MCX) is set to meet on Wednesday to discuss the findings of the global audit firm PricewaterhouseCoopers (PwC).

This will be followed by another meeting of the MCX board on April 26 to take a final call on the findings of the PwC and steps taken by its promoter Financial Technologies to reduce stake in the exchange from 26 per cent to two per cent as directed by the commodities derivatives markets regulator Forward Markets Commission (FMC).

According to sources, PwC has filed a final report of the special audit conducted on the MCX. FMC had appointed PwC to scrutinise the books in connection with Rs 5600-crore payment crisis at the National Spot Exchange Ltd (NSEL).

Sources said that like in the preliminary report which was submitted to the FMC in the second fortnight of February 2014, PwC alleged lack of transparency in pacts between MCX and other entities including its sister concerns.

The audit firm also expressed dissatisfaction over alleged inadequate documentation and lack of transparency in technological agreement between FTILand MCX and warehousing agreements between MCX and National Bulk Handling Corporation (NBHC). ends