The document discusses how the FMC (Forward Markets Commission) focused its actions against NSEL and FTIL after a payment problem at NSEL, but did not take sufficient action against the actual defaulters who owed Rs. 5600 crore. It notes that investigating authorities confirmed FTIL received no benefits from NSEL operations. It criticizes how the FMC declared FTIL "unfit" and forced the sale of its stakes, causing investor losses, while never investigating the broker houses involved or the 22 actual defaulters. This leaves questions about the FMC's true intent and motives.

1. Real culprits were left free

2.  After forced closure of trading at NSEL that
led to the payment problem
 Ministry of Consumer Affairs, Food & Public
Distribution vide its letter dated 6th August
2013 instructed FMC to take all possible
action against all the parties

3.  FMC focused all its action only against NSEL
 FMC overextended its actions against even
the parent company FTIL
 FTIL is in no way connected with the trading
at NSEL

4.  Investigating authorities confirmed that
neither FTIL nor any of its promoters were
recipient of any benefit from NSEL operations
 Adding to that FTIL has never received any
dividend or bonus or financial benefit from
NSEL

5.  Every paisa of default amount of Rs 5600
crore has been traced to the 22 Defaulters
 Yet FMC has not followed up with any NSEL
Defaulter
 It has turned a blind eye on the NSEL
Defaulters

6.  NSEL insisted FMC & others to initiate
immediate action against the defaulters
 The NSEL Investor Forum has also written to
the MoF stating that since the entire money
has been traced to the defaulters action
should be taken against them

7.  It is not just a question of the FMC stopping
operations of NSEL in an arbitrary manner that
led to the payment problem
 Taking this as an excuse it declared FTIL “not fit
and proper” to run various exchanges it had set
up in several countries
 Convincing it to forcibly sell its stakes at distress
values
 This led to severe loss to the investors of the FTIL
Group

8.  It is strange that FMC never investigated any
broking house
 Broking Houses traded the contracts &
acquired clients
 FMC also never investigated NSEL Defaulters,
who owe the money

 This leaves a big question mark on its intent