A Special CBI court on Wednesday granted bail to Jignesh Shah, founder of Financial Technologies India Ltd, in a case related to the renewal of licensing of Multi-Commodity Exchange Stock Exchange (MC
A Special CBI court on Wednesday granted bail to Jignesh Shah, founder of Financial Technologies India Ltd, in a case related to the renewal of licensing of Multi-Commodity Exchange Stock Exchange (MCX-SX) in 2010. The CBI has alleged that he suppressed vital facts in getting SEBI extension to MCX-SX to continue as a private stock exchange in violation of norms.
Special CBI judge P.S. Tarare granted bail to Shah on surety of Rs 1 lakh. While the ED had arrested Shah for his alleged involvement in NSEL fund scam, the CBI had arrested him for fraudulently renewing MCX-SX licence. With the CBI granting him bail on Wednesday, coupled with the earlier bail grant in the NSEL case, Shah is likely to come out of jail after completing bail formalities. CBI had arrested Shah alleging that he, in connivance with the officials of SEBI, got the recognition of MCX-SX to conduct trade in currency derivatives in 2009-2010.
