It has been almost six months since the National Spot Exchange (NSEL) operations were halted after gfiles exposed the Rs 5,600-crore scam in June 2013. But the investigations against Jignesh Shah—the man behind the NSEL scam—began only after gfiles’ cover story in September 2013. The reluctance to initiate action against Shah continues even today, and he remains beyond the pale of the law. He has still not been arrested though there’s an open-and-shut case against him. Neeraj Mahajan tries to find out the reasons behind this cover-up and why the government is shy of initiating action against Shah
FORMER CIC and Secretary, Department of Personnel & Training (DoPT), Satyanand Mishra, a 1973-batch IAS officer, and former Union Home Secretary GK Pillai, a 1972-batch Kerala cadre IAS officer, are no doubt capable officers but can they perform miracles and plug all loopholes in the Financial Technologies ecosystem overnight? That too, without any direct knowledge or on the ground experience about the complexities of commodity trading? Would their mere presence itself tighten all loose ends and prevent all bad things from happening— this is the moot question uppermost in everyone’s minds.