What a climb down for Jignesh Shah, the rock star of Private & listed exchanges in India ....
who ever thought this trail blazer promoter of FTIL who
- beat NCDEX with significant volumes via MCX
- organised a battery of exchanges in India & Abroad - Gold exchange Dubai & others in Mauritius, South east asia etc
- won against another giant the NSE
would have allowed or had poor controls to prevent abuse for such a fraud to take place at NSEL
maybe its a case of not so deep pockets establishing something on a super Mega scale ?
i am sure stage is being set to subject them to " Fit & Proper " tests and may even one day have to relinquish the control of these exchanges
Though Honesty is a pre requisite everywhere BUT its a MUST even in perception in an exchange business !
