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The Bombay High Court ruled that the Maharashtra Protection of Interest of Depositors Act can be applied in the ₹5,600-crore scam that broke out in the National Spot Exchange in 2013. The High Court had completed the hearing on July 8 and reserved the order till September 30.
The MPID Act will be applicable on all commodity and stock exchanges unless the Supreme Court overrules it.
In another blow, the Corporate Affairs Ministry on Thursday rejected the application by Financial Technologies, NSEL's promoter, to change its name to 63 moons technologies. Prakash Chaturvedi, MD, NSEL, in a statement said the exchange is awaiting court orders and further legal course will be taken after studying the order.
Applying the stringent MPID Act, the Economic Offences Wing of Mumbai Police had attached properties worth ₹6,000 crore of the defaulters and officials of Financial Technologies.
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