Who was responsible for the NSEL crisis — The exchange, its members, brokers or investors?
A book I’ve been currently reading probes this and points out how some powerful politicians, along with bureaucrats, brokers, and defaulters, orchestrated a crisis that damaged a true ‘Made in India’ MNC and the untiring efforts of its architect.
The Target Book, written by ShantanuGuha Ray, is an intensely chilling read for all those who have been waiting for justice towards Jignesh Shah & his abruptly shut venture – NSEL. The government and its various agencies are hell-bent on forcing the merger of two of his companies – FTIL & NSEL.
The only positive development in the case has been done by SEBI and the probe committee set up by the HC to scrutinize the brokers’ role in the case. Major discrepancies on the brokers’ part have been discovered and it has been discovered that they were mis-sold products, made false promises to traders, modified client codes, routed black money and so on.
As the case against brokers becomes stronger, hopefully, this absurd merger idea will vanish into thin air, for us to develop as a nation.