 "Jignesh Shah")
The Bombay High Court on Tuesday reserved the order in a bail plea filed by the counsel of Jignesh Shah, the founder of Financial Technologies (India), in a case connecting to the grant of licence to the Metropolitan Stock Exchange of India (MSEI) formerly MCX SX.
Investigating the matter, the Central Bureau of Investigation (CBI) arrested Shah on September 21 in the case registered against four Securities and Exchange Board of India (Sebi) officials for connivance with MCX-SX to fraudulently allow renewal of its licence to conduct trades in currency derivatives in 2009-2010.
While CBI sought extension in Shah’s judicial custody arguing pending investigation, Shah’s counsel argued, “Why should only Shah be kept into custody when all other accused are free?” The court is set to pronounce the verdict on Wednesday.
