1. FMC’s Recommendations harmful to NSEL

2. Content Introduction No strict action from management FMC not working sincerely conclusion

3. Introduction National spot exchange facing many problem from the management No action taken against NSDL’s board FMC did not take any strict action against brokers FMC did not take any action against NSEL defaulters

4. No strict action from management When Initial public offering deficiencies were found at National Securities Depository Limited (NSDL) The regulatory authorities introduced measures to disgorge money earned in an illegal manner and compensated the distressed investors to the extent of money recovered There was also no action proposed either on the board or the management of the NSDL and its promoters

5. No strict action from management In 2008 it was found that some banks sold, to companies, certain forex derivatives contracts. Just because they not understood properly in terms of suitability and risk, the regulatory authority intervened to stop it escalating. In this as well no action was taken either on the boards of banks or the respective managements. Similarly stock exchanges were also facing problems of various scales, which ranged from price

6. FMC not working sincerely FMC had without proper investigation had arrived to an incorrect conclusion In the contracts had levied unjust & unfair punishments and penalties on the NSEL by a bizarre assumption extended their action to the holding company FTIL, by making recommendations that are beyond the realm of its regulatory brief or governance template

7. conclusion Did the FMC go outside its brief? How could FMC declare FTIL ‘not Fit and Proper’ solely on the basis of a hastily done audit report? Further, since the order is still sub-judice, the draft order for proposed merger is premature It however was not taken forward. Did FMC implement its responsibility in all sincerity?