FMC allows Financial Technologies to cross-examine NSEL's auditor Grant Thornton

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NSEL is in the thick of a Rs 5,600 crore payment crisis (Reuters) NSEL is in the thick of a Rs 5,600 crore payment crisis (Reuters)
SummaryFMC had relied on the forensic audit of crisis-hit NSEL that was prepared by Grant Thornton

the appointment of the auditors will take place in the next few days," he said.

The special terms of reference for the audit have been decided and it will focus on detailed examination of trades on MCX by related parties and also expenditure items such as donations and warehousing charges, he added.

FMC has directed MCX to conduct a special audit after it ordered the sacking of MCX Managing Director and CEO Shreekant Javalgekar, who was also on the Board of NSEL-promoted Indian Bullion Markets Association (IBMA) that was found trading on the MCX.

On the forensic audit of NSEL e-series transactions as directed by Bombay High Court, FMC chief said it would take place by next week.

"We have short listed two Mumbai-based firms. We have sent them 'terms of reference' and asked them for their offer. Next week, definitely, we are going to appoint an auditor for the e-series," Abhishek added.

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