Do you know how and why NSEL, the commodities markets exchange was closed down? What, because there was a fraud there? If you think so, read this book— The Target by investigative journalist Shantanu Guha Ray. I bet, you will change your opinion. First thing, NSEL was not closed down because there was a default of Rs 5600 crore. The default occurred after regulatorFMC closed it! And why was it closed?
The book says FMC Chairman claimed NSEL was violating some exemptions given to it. So he recommended to the government that NSEL be closed down. But he did not stop at that. He ordered a forensic audit on NSEL’s parent FTIL by grant thornton. And the Chairman had mainly relied on the forensic report of GT to launch his onslaught against FTIL, Jignesh Shah, and some of those who had served as directors of NSEL. But GT had generated its report based on the feedback provided by the Chairman himself, for though appointed by NSEL, their appointment was insisted by Abhishek. NSEL had no choice. By the way, it may be noted that GT is a same firm that gave a valuation of Rs. 6000 crore to the Kingfisher Airlines!
The book is a detail account of the conspiracy hatched by the powerful politicians and bureaucrats behind the NSEL crises.