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NEWS|Current Affairs 
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Commodity markets regulator Forward Markets Commission (FMC) has appointed Choksey & Choksey for conducting forensic audit of e-series contracts at NSEL, the spot commodity exchange at the centre of the Rs 5,600-crore payment crisis. Choksey & Choksey has been appointed forensic auditor for e-series contracts and it has started its work, the National Spot Exchange Ltd said in a release here today. This followed an order of the Bombay High Court, which gave the ruling last month while hearing a bunch of petitions filed by a group of aggrieved investors, urging a probe by CBI or any other agency into the crisis that came to light in July. The HC, in its order on October 28, had directed the FMC to appoint a forensic auditor to examine e-series contracts executed at the troubled exchange. The forensic audit process commenced from November 22 and the auditor has to submit a report within 6 weeks, the NSEL release said. Under e-series contracts, retail investors can buy and sell commodities in de-materialised form. This is a unique market segment, which functions like the cash segment in equities, but offers commodities in the demat form in smaller denominations. The exchange was offering spot as well as e-series contracts, which were subsequently banned by the Government. The processing of re-materialisation (converting electronic holdings into paper certificates) will not be allowed for a further period of four weeks from the date on which forensic audit report is furnished to the petitioners (investors), the release said. Mumbai Police's Economic Offences Wing (EOW) has so far arrested five persons, including Anjani Sinha, former MD & CEO of NSEL, in connection with the case. Police till now have seized/attached nearly 100 properties belonging to defaulting companies and former executives of the exchange.

Submit proposal to fast-track criminal justice system: SC to Centre

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Submit proposal to fast-track criminal justice system: SC to Centre

The Supreme Court today said that the judiciary cannot fast-track cases against MPs and instead told the government to come up with a proposal within a month to fast track the Criminal justice system....


UPSC row: Rajya Sabha adjourned twice as Opposition demands govt action

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UPSC row: Rajya Sabha adjourned twice as Opposition demands govt action

New Delhi: Opposition on Friday created ruckus in Rajya Sabha over the issue of regional language aspirants having disadvantage in Civil Services examination conducted by the Union Public Service Comm...

WTO standoff: India shrugs off blame, says still committed to TFA

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WTO standoff: India shrugs off blame, says still committed to TFA

Notwithstanding the failure of World Trade Organization (WTO) members to reach a consensus on a Trade Facilitation Agreement to simplify global customs rules, India on Friday said it remains committed...

Lucknow-New Delhi double-decker train from September this year

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Lucknow-New Delhi double-decker train from September this year

Lucknow: A double-decker train will ply between Lucknowand New Delhi from September this year after trial runs are held in August, an official said on Friday.The railways safety commissioner has given...

Japan steps up aggression over China: Will name disputed islands

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Japan steps up aggression over China: Will name disputed islands

Japan said Friday that it will name five uninhabited islands as part of a group in the East China Sea, a move likely to spark anger from other claimants China and Taiwan.They are among the 158 uninhab...

Delhi: Human-langurs to scare away monkeys thronging Parliament

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Delhi: Human-langurs to scare away monkeys thronging Parliament

The Indian Parliament's security arrangements have been taken to a all-new level. To tackle the monkey-menace, the government is keen to show that it's not going to rely on just on old school methods....

Explosion near residence of Mizoram Parliament Secretary

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Explosion near residence of Mizoram Parliament Secretary

Aizawl: A powerful explosion took place near the residence of the Mizoram Parliamentary Secretary for Home in Mission Veng locality in Aizawl early this morning but there was no report of any casualty...