gfiles magazine

October 23, 2013

jignesh shah | Unfit and improper

nsel jignesh shah
Unfit and improper
Yet, ‘Operation Rescue Jignesh Shah’ seems to be in full force, orchestrated by his friends in high places
By Neeraj Mahajan

WITH the Rs 5,600-crore NSEL scam out in the open, the issue now is whether Shah should be given a ‘fit and proper’ certificate to run the spot exchange. If he does not get this certificate, not
only will Jignesh be unable to run NSEL, he will be debarred from running the MCX and MCX-SX too. But it seems that efforts are on to camouflage the scam and confuse the issue to such an extent that he gets the certificate. This will mean a victory for him, despite the unearthing of the scam that has rocked the nation. Clearly, if you are Shah, even Isaac Newton’s law of gravity –What goes up must come down – does not apply. Whatever the official stand, privately, everyone in the government, regulators and the investors do not want Shah to be harmed. The investors’ point of view is that, if anything happens to him, they might never recover their money. “Good or bad, Jignesh is an approachable face of FTIL group. If anything happens to him, BSE,
NSE and the brokers will be affected,” Sharad Saraf, the convenor of NSEL Investors Forum, told gfiles. Read More....

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