NSEL was operating outside regulatory purview: Ramesh Abhishek

The Forward Markets Commission chairman on the payments crisis at the National Spot Exchange Ltd
Mumbai: Ramesh Abhishek, chairman of the Forward Markets Commission (FMC), the commodities futures market regulator, speaks in an interview about the payments crisis at the National Spot Exchange Ltd (NSEL). The regulator is overseeing the settlement process at the exchange. Edited excerpts:
What were FMC’s main concerns about NSEL?
Market participants say FMC regulated NSEL. Can you clarify?
Why were market participants not warned?
Why isn’t FMC acting decisively in the NSEL matter?
What about FMC’s warning to NSEL directors regarding their “fit and proper" status?
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