Extensive investigations were carried out to ascertain whether any money or proceeds from NSEL were diverted to 63 moons or any of its promoters. After extensive investigations by the Government and the investigating authorities and a series of interrogations, over the last one year, by specialized agencies such as EOW, ED and CBI, it was…
Month: May 2017
Jignesh Shah – Victim Of NSEL Crisis
Three years on, NSEL (National Spot Exchange Limited), its parent company 63 moons (earlier known as FTIL (Financial Technologies (India) Limited) and its promoter, Jignesh Shah are still hoping for justice while relentlessly pursuing a speedy recovery of the NSEL crisis default amount. The Indian judiciary has always attracted criticism for its unorganized operations that…
Vested Interests at Play : NSEL Crisis
Confidential documents accessed through an RTI indicate that the crisis was a conspiracy carefully crafted by some bureaucrats and market competitors. The documents also depict undue interest of KP Krishnan, the then Joint Secretary in the Ministry of Finance, in the National Commodity & Derivatives Exchange Limited (NCDEX), who went out of his way to…
63 Moons Singularly Targeted Despite Offering Complete Support
63 moons have extended complete support to its subsidiary NSEL to resolve the payment crisis. As an interim measure, without prejudice, loan of Rs. 179 Cr was given to NSEL to pay the smaller trading clients with exposure up to Rs. 10 lakh. The NSEL Board was reconstituted and the management revamped. NSEL extended full cooperation to…
India Shining : 63 Moons Technologies
The 63 moons Technologies Group created millions of new stakeholders in the financial system, giving opportunities to earn, grow, and seek sustainable livelihoods. It created and nurtured new market segments and expanded the product ranges to serve a multitude of purposes such as investing, hedging and seeking newer opportunities for wealth creation. Governments, regulators, and other development…
The New Digital Ecology 