Noting that Shah was “practically the highest beneficiary of the fraud perpetrated at the NSEL Exchange”, the FMC ordered that “Shri Jignesh P. Shah is not a ‘fit and proper' person to hold any position in the management and the Board of any Exchange recognised or registered by the Government of India/Forward Markets Commission under FCRA, 1952”.
FMC also ordered Joseph Massey and Shreekant Javalgekar, former directors of MCX, not a ‘fit and proper' person to hold any position in the management and the Board of any Exchange.
“The Commission is of the view that the general reputation and character, record of fairness, honesty and integrity of Shri Jignesh Shah has been substantially eroded in view of his role in the affairs of NSEL as its Vice-Chairman & Director and also as the Chairman of the holding company of NSEL,” the order said.
It further directed that neither Shah individually, nor though any company/entity controlled by him, either directly or indirectly, should hold any shares in any association/ exchange in excess of the threshold limit of the total paid-up equity capital as prescribed under FMC guidelines.
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