Further Letter to Ramesh Abhishek and all FMC directors

Dear Mr. Abhishek and all at FMC

Further to my several mails in the past as an NSEL investor , there is no response from you. I have in the past email clearly written to you how the selective payment to investors with exposure up to Rs 10L was bad in law and divisive in nature. It was a clever trick on the part of Jignesh Shah to knock out 50% investors by paying just about 3% of the total outstanding. It is surprising that FMC was aware of this but did nothing to stop this illegal act.

I request you immediately to ensure that going forward FT/NSEL don't make any extra payment selectively to investors of any particular financial slab and any payment they want to make must come to the escrow account with Axis bank and distributed pro-rata only. As you are supervising settlement/payouts of NSEL it is your legal duty to ensure that legal/financial rights of all investors are equally protected.if you fail to do so,we investors shall be forced to move court for a stay/injuction  against FT/NSEL/Jignesh paying investors selectively.

We also expect to know what is happening with your following directives to NSEL

1) To furnish stock positions in all warehouses assessed by SGS (I believe only few warehouses are assessed)

2) To initiate default proceedings against borrowers and auction commodity stock/assets/properties of borrowers.

While NSEL is holding PDCs worth Rs 4900 crores (confirmed on their website) from borrowers why are they not deposited and criminal proceedings initiated against all borrowers ?  We investors are also shocked that after a month of the breaking out of this scam there is no punitive action from FMC/GOI against Jignesh Shah/FT/NSEL in spite of their lies and criminal acts which are now publicly confirmed.

I would appreciate if you can put up on your website answers to such common questions which thousands of NSEL investors are asking but have no reply to.

Thanks 

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.