"The government has no say in the matter," he added.
The arrest came seven months after an FIR was registered by the Economic Offences Wing of the Mumbai police against Shah, promoter-director of the National Spot Exchange Ltd (NSEL), and others on charges of cheating, forgery, breach of trust and criminal conspiracy to make quick profit.
The minister said Multi Commodity Exchange of India Ltd (MCX) and MCX Stock Exchange, which had been set up by Financial Technologies, are under the "careful" watch of regulators Forward Markets Commission and the Securities and Exchange Board of India, respectively.
"The government does not directly supervise and regulate them. It is done through the statutory regulators," he said.