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NSEL investors urge Sebi not to renew MCX-SX licence

Move because promotors of NSEL, MCX-SX are the same

Rajesh Bhayani  |  Mumbai 

NSEL Investors Forum has urged the Securities and Exchange Board of India not to renew MCX-SX’s licence, which is due in September, because National Spot Exchange Limited’s (NSEL) promoter — Financial Technologies (FT) — is also the promoter of MCX-SX.

Sharad Kumar Saraf, chairman of NSEL Investors Forum, said demonstrations would continue. “We will hold demonstrations all over the country till we get our money back.”

The forum is currently working on legal aspects with solicitors AZB Partners. It is also consulting senior counsels Darius Khambatta and Amit Desai. Members of the forum plans to stop trading on MCX for one day to mark their protest. The day to protest has not been decided yet, but the forum intends to do so as soon as possible, added Saraf.

NSEL, which recovered Rs 97 lakh more on Thursday, also named 39 clients of 24 defaulting buyers.

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First Published: Thu, August 29 2013. 22:43 IST