The agency has also registered case against Financial Technologies India Limited (FTIL) and carried out conducted searches at its Mumbai headquarters apart from residences and officers of all the accused in the case.
The Central Bureau of Investigation (CBI) has registered a case against Jignesh Shah, former managing director of Multi Commodity Exchange of India Ltd (MCX), four former Chairman of Forward Market Commission (FMC) and others over allegation of irregularities in launching the IPO of MCX in 2012. It is also alleged that Shah and said private company illegally retained shares beyond the permissible 26 percent till 2012 and thereby derived wrongful gain of Rs 137 crore by selling 26,41,715 excess shares at a rate of Rs 1032 per share.
The agency has also registered case against Financial Technologies India Limited (FTIL) and carried out conducted searches at its Mumbai headquarters apart from residences and officers of all the accused in the case.
"Searches were carried out at the office of Shah and others in nine locations in Mumbai, Gwalior and Shimla," CBI Spokesperson Abhishek Dayal said
Apart from Shah and FTIL, the CBI has also named Joseph Massy, then Deputy managing director of MCX and MCX as an accused. The seven people of Forward Market Commission, including four former chairmen have been named as accused in the FIR. The four former chairmen are Bishnu C. Khatua, Kewal Ram, Anand Kumar Bhatt and Rajeev Kumar Agarwal, three others of the commission are Vishal Nair, then Deputy Director, Bhimrao Raibhole, then Senior Research Assistant and Ujwala Thathare, Senior Research Assistant.
It is alleged that the accused officials of FMC had facilitated the private commodity exchange in getting the Nationwide Multi Commodity Exchange status, even though the said commodity exchange was not fulfilling the stipulated criteria.
MCX, promoted by Shah, had planned an IPO in 2009-10 but it was postponed because of global financial meltdown. Meanwhile, FMC brought in new regulations from which MCX sought exemptions to float an IPO again. The IPO became a gainer in 2012 despite poor market conditions.
Shah is already facing CBI probes in various other cases.
THE CHARGE
It is alleged the accused officials of FMC facilitated the private commodity exchange in getting the Nationwide Multi Commodity Exchange status, though the said commodity exchange doesn’t fulfil the stipulated criteria.
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