MCX case: Sebi disposes of show-cause notices against 6 former NSEL, FTIL officials

New Delhi, Apr 27: Markets regulator Sebi today disposed of show-cause notices against six former officials of NSEL and FTIL in the MCX case after charges of insider trading rules violation by them could not be established.
These officials are former FTIL CFO Devendra Kumar Agrawal, ex-NSEL CFO Shashidharan Kotian and ex-FTIL chief business officer Parag Kishorekumar Ajmera.
Three others are Pradeep Kumar Mishra, who was an assistant vice president of Product Development and Collateral Financing at NSEL; Dilip Tambe, who was holding position of senior vice-president, Communications at FTIL; and Om Prakash Agarwal, who worked as an assistant vice-president, Business Development at NSEL.
This follows Sebi revoking interim orders against many individuals in January after alleged violation of some other provision of insider trading rules could not be proved.
It was alleged that six individuals avoided losses by selling shares of MCX between October 2012 and July 2013 while in possession of unpublished price sensitive information )(UPSI) and thereby violated Prohibition of Insider Trading (PIT) Regulations.
This information was pertaining to suspension of trading at NSEL on July 31, 2013 after a major payment crisis broke out at the bourse. Subsequently, a number of regulators and enforcement agencies launched their probes into the case.