1. Real culprits were left free

2.  After forced closure of trading at NSEL that led to the payment problem  Ministry of Consumer Affairs, Food & Public Distribution vide its letter dated 6 th August 2013 instructed FMC to take all possible action against all the parties

3.  FMC focused all its action only against NSEL  FMC overextended its actions against even the parent company FTIL  FTIL is in no way connected with the trading at NSEL

4.  Investigating authorities confirmed that neither FTIL nor any of its promoters were recipient of any benefit from NSEL operations  Adding to that FTIL has never received any dividend or bonus or financial benefit from NSEL

5.  Every paisa of default amount of Rs 5600 crore has been traced to the 22 Defaulters  Yet FMC has not followed up with any NSEL Defaulter  It has turned a blind eye on the NSEL Defaulters

6.  NSEL insisted FMC & others to initiate immediate action against the defaulters  The NSEL Investor Forum has also written to the MoF stating that since the entire money has been traced to the defaulters action should be taken against them

7.  It is not just a question of the FMC stopping operations of NSEL in an arbitrary manner that led to the payment problem  Taking this as an excuse it declared FTIL “not fit and proper” to run various exchanges it had set up in several countries  Convincing it to forcibly sell its stakes at distress values  This led to severe loss to the investors of the FTIL Group

8.  It is strange that FMC never investigated any broking house  Broking Houses traded the contracts & acquired clients  FMC also never investigated NSEL Defaulters, who owe the money   This leaves a big question mark on its intent