NSEL crisis:Mayaram panel review actions; seek CBI presence

To prepare a more holistic action plan on the Rs 5,600-crore NSEL payment crisis, the high level Mayaram panel today sought representation of CBI in the committee.
The panel, headed by Economic Affairs Secretary Arvind Mayaram, today took stock of actions taken by various governmental agencies, including the Enforcement Directorate and Economic Offences Wing of the Mumbai police, in the case.
The continuing crisis at Jignesh Shah-led National Spot Exchange Ltd (NSEL) has also sparked off a series of regulatory interventions that has also thrown spot light on the group's many other ventures including MCX, MCX-SX and IEX.
"We took stock of investigation in the NSEL matter. Investigations are on track. Actions are being taken as per schedule," Mayaram told reporters after the meeting here.

Sources said the panel has decided to have representation from the CBI, which recently carried out raids at various locations related to the NSEL case and has also questioned Shah in this regard.
The panel, includes representatives from Enforcement Directorate, Forward Markets Commission (FMC), Reserve Bank, Securities and Exchange Board of India (Sebi), Corporate Affairs Ministry and Revenue Department, was set up in August last year.
At today's meeting, the panel also reviewed the action taken by the Enforcement Directorate (ED) of the Finance Ministry and the Economic Offences Wing of Mumbai Police, sources said.
Part of Jignesh Shah-led Financial Technologies (India) Ltd, NSEL is grappling with a payment crisis for settling dues worth Rs 5,600-crore and had to suspend trading activities on July 31 last year following a government directive.