Finmin extends NSEL probe to other exchanges

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Ministry of Corporate Affairs is expected to take a final decision regarding its course of action in the NSEL payment crisis in the next few days. Ministry of Corporate Affairs is expected to take a final decision regarding its course of action in the NSEL payment crisis in the next few days.
SummarySebi, FMC asked to look into operations of NSEL units.

regulator and Sebi has to do that ultimately. In the meantime, we will discipline and stabilise FMC,” said the official.

MCA to take final view on NSEL issue soon: Pilot

The ministry of corporate affairs (MCA) is expected to take a final decision regarding its course of action in the NSEL payment crisis in the next few days. Corporate affairs minister Sachin Pilot said action would be taken against any company that wilfully does not comply with the company laws. “We are examining NSEL’s non-compliance from the companies law perspective. In a day or two we are going to take a final decision on what needs to be done,” Pilot said on the sidelines of a conference on Companies Act, 2013, by Federation of Indian Chambers of Commerce and Industry. Some members of Parliament have urged the government to order a probe into the irregularities by the National Spot Exchange (NSEL) by the Serious Fraud Investigation Office (SFIO). When asked about a probe by SFIO, Pilot said a final call would be taken once the inter-ministerial panel, headed by economic affairs secretary Arvind Mayaram, finalises its views. When corporate leaders asked Pilot about tax exemptions on CSR spends under the new Companies Act, 2013, he said he would be happy to be their ambassador and take up with the finance minister the demand for incentivising CSR projects through tax exemption and reliefs. The Companies Act, 2013, received Presidential assent on August 29 and was notified on August 30, 2013. Asked about guidelines relating to multi-level marketing companies, Pilot said he has requested consumer affairs minister KV Thomas “to issue the guidelines so there is clarity on what is acceptable and what is not acceptable”.

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