The days of spot prices of gold differing from one city to another will soon be over.
The finance ministry and several agencies under it such as the Securities and Exchange Board of India (Sebi) and the Enforcement Directorate (ED), which are investigating the affairs of Sahara India Parivar, are worried about its exposure to National Spot Exchange Ltd (NSEL) products.
In his capacity as an member of Parliament from South Mumbai, Minister of State for Telecom and Shipping Milind Deora today wrote to Prime Minister Manmohan Singh and sought his intervention to resolve the settlement crisis facing the National Spot Exchange Ltd.
The FMC had warned MCX that it would not renew contracts, allow new contracts and eventually take away the licence to run the bourse if the commodity exchange does not comply with regulatory norms.
A Delhi University alumnus with an MBA in finance and a doctorate, Vaish started his career as a banker in 1984, became an academician a few years later and joined the capital market in 1998.
Exchange to reply to FMC's letter soon, CEO says buyers can't be declared defaulters where there is 'market disruption'.
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