)
Amid demand of multi-agency probe into the beleaguered National Spot Exchange Ltd (NSEL), the corporate affairs ministry has started looking into the matter.
Meanwhile, the finance ministry today raised the pitch for bringing the Forwards Market Commission under its purview from the consumer affairs ministry.
"We have received a reference on NSEL issue from the Consumer Affairs Ministry. We are looking into it," a Corporate Affairs Ministry official said.
Also Read
The ministry's role is to probe any violations under Companies Act including those related to the promoters and top management.
The consumer affairs department had urged the corporate affairs ministry to seek details from the registrar of companies on the nature of ownership in NSEL and the kind of liability the promoters had.
However, the finance ministry said it does not have powers to probe the matter. "What are we going to do. We don't have powers," a key finance ministry officials said.
The government is mulling putting FMC under the ambit of the finance ministry in place of the department of consumer affairs at present.
Officials in the know said a proposal to this effect had been mooted and a decision could be taken in the next few days.
Other key financial regulators such as the Securities and Exchange Board of India (Sebi), Reserve Bank of India (RBI), Insurance Regulatory and Development Authority (Irda), Pension Funds Regulatory and Development Authority (PFRDA) come under the finance ministry's purview. Bringing FMC, too, would ensure better coordination, offficials said.
When asked about this, the finance ministry official hinted that if FMC is transferred to the Ministry, then it may investigate the matter.
The Finance Ministry has already been asked to head a task force on NSEL affairs by the Prime Minister's Office.
