were various instances of related-party transactions involving Shalini Sinha, the wife of Anjani Sinha, the former head of the spot exchange.
According to sources, the report has said that Shalini Sinha floated a firm called SNP Designs, which traded huge volumes and on many occasions the regulatory requirement of initial margins was also waived.
Sources also add that SNP Designs traded through Karvy and had built large positions on MCX and also IBMA, which was acting as the clearing member of Karvy. IBMA is a subsidiary of NSEL with Anjani Sinha being on the board of directors.
It is further believed that Anjani Sinha has stated that waiver of initial margin requirements was done to encourage business volumes and the margins were collected later. However, it could not be ascertained if the forensic report found any instances of the pending margins of SNP Designs being collected at a later date.
“The Grant Thornton forensic report is a confidential document. Hence, we would not be able to comment on the same,” said an NSEL spokesperson. A spokesperson for MCX, however, said that SNP Designs has not traded in MCX through IBMA.
On a different note, the NSEL Investor Forum filed a writ petition in the Bombay High Court on Friday along with a complaint with the Economic Offences Wing (EOW). As part of its petition, the forum has asked the court to involve the Enforcement Directorate (ED) in the probe and to invoke the Prevention of Money Laundering Act (PMLA) that allows the probe agencies to attach the assets of the wrongdoers.
Speaking at a gathering of NSEL investors and brokers, veteran stockbroker Motilal Oswal said that the forum members are in continuous dialogue with the board of directors of FTIL. The move by the investor forum comes a day after the finance minister said that the investors were well aware of the risks when they put money in NSEL.
“We are getting positive vibes... The details still need to be worked out... We are trying to get some assurance of financial commitment from them. Even they need to balance the interest of the NSEL investors