Stop guessing why FMC is going slow on Jignesh Shah NSEL

Ever wondered how Jignesh Shah remains 'fit and proper' in the eyes of FMC and SEBI  even after saying 'eff off' to all the departmental directives? No that has nothing to do with his 2 liposuction procedures. The mantra of his 'fit and proper' status  in spite of brazen violation of norms is his team hand-picked from retired babus-from the very departments that govern him and his businesses.  Here is a list (courtesy  Financial Times)


Venkat R Chary

Positions held in FT group: Chairman/independent director, MCX

Brief Profile: IAS Retired, Former chairman Forward Markets Commission, Former secretary, chief minister of Maharashtra

G N Bajpai

Positions held: Chairman, Advisory Board, Financial Technologies (2007-2010), Advisory board member, MCX Stock Exchange

Brief profile: former chairman, Securities and Exchange Board of India (Sebi).

S Narayan

Positions held: Member advisory board, Financial Technologies; independent director, MCX

Profile: Former Economic Advisor to Prime Minister of India. Retd IAS was in Government of India as Finance & Economic Affairs Secretary, Secretary in the Departments of Revenue, Petroleum, Industrial Development and Coal since 1997.

Ashok Jha

Positions held: Chairman, MCX Stock Exchange

Profile: IAS (Retd.) – Former Finance Secretary; Former Secretary, Dept. of Economic Affairs and Dept. of Industrial Policy & Promotion

P R Ramesh

Positions held: Chief compliance officer, Bahrain Financial Exchange, Officer on Special Duty, NSEL

Profile: Former Sebi executive director,

Paul Joseph

Positions held: Principal Advisor, MCX Stock Exchange

Profile: Former Indian Economic Service officer, held several positions such as Joint Director/Director (Stock Exchanges), Joint Secretary, Department of Agriculture and Cooperation, Ministry of Agriculture, Senior Economic Adviser, Department of Consumer Affairs and Principal Adviser, Planning Commission.