CBI arrests Jignesh Shah

The Central Bureau of Investigation (CBI) has arrested Jignesh Shah in a matter related to MCX Stock Exchange, now known as Metropolitan Stock Exchange of India Ltd (MSEI).

“Central Bureau of Investigation, Economic Offence Wing, Mumbai, is conducting search in connection with FIR No. RC.0682014E0009 relating to recognition granted by SEBI to MCX-SX (now Metropolitan Stock Exchange of India Limited),” said a statement by Financial Technologies India Ltd (FTIL) to the stock exchanges.

A CBI spokesperson in New Delhi confirmed that Mr. Shah has been arrested.

Mr. Shah is the founder of Financial Technologies India Ltd (FTIL), which promoted various exchanges, including MCX-SX and Multi Commodity Exchange of India (MCX).

Post the Rs. 5,574 crore settlement scam at the National Spot Exchange Ltd (NSEL), which came out in the open on 31st July 2013, FTIL sold its stake in all its exchange ventures. Mr. Shah also stepped down from the board of FTIL, which holds 99.99 per cent stake in NSEL.

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