Sebi tells MCX to conduct forensic audit of its technologies

Markets regulator Sebi has asked commodity bourse MCX to conduct a forensic audit of technology solutions provided by former promoter entity FTIL, apparently to check whether there has been any issue of preferential access.
MCX and FTIL, which is now known as 63 Moons Technologies, were founded by Jignesh Shah. In the wake of the Rs 5,600-crore scam at group entity National Spot Exchange Ltd (NSEL), FTIL sold its stake in the commodity exchange.
Sources said Securities and Exchange Board of India (Sebi) has asked MCX to carry out a forensic audit of the technology solutions used by it.
This is to check whether there has been any issue of preferential access that could have benefited some entities, sources added.

In a filing to BSE, MCX said that it is acting appropriately and that details cannot be furnished since the matter is under regulatory purview.
"Sebi, being our regulator, had written to us in the said which pertains to prior period starting from April 1, 2007 to July 31, 2013, and the exchange is acting appropriately in this regard," MCX said.
Repeated queries to an FTIL spokesperson did not elicit any response.
A media report had quoted the spokesperson as saying that FTIL had issued the licence for operating the said technology to MCX in 2003 and the same has been functioning perfectly till date. "The regulator has sought MCX to conduct an audit of the system...," the spokesperson was quoted as saying.