New Delhi : The Corporate Affairs Ministry has sought clarifications from the Law Ministry as well as regulators Sebi and FMC to finalise action against “gross violations” by Financial Technologies and related entities.

Jignesh Shah-led Financial Technologies (India) Ltd is the promoter of National Spot Exchange Ltd (NSEL) and following the Rs 5,600 crore payment crisis at the bourse, these entities alongwith those related to them have come under the scanner of multiple agencies for various violations.

 Sources said the ministry has found “gross violations” by FTIL board on corporate governance matters and is looking at the issue of ‘fit and proper’ status of directors, among others.

An inspection of NSEL books by the Ministry

had found that the

exchange’s board failed to perform its duties towards shareholders in violation

of regulations, reports PTI.

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