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PART I
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Background of the Crisis
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Financial Technologies - Pioneering and path-breaking contribution to Indian Financial
Market
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NSEL’s commitment to resolve the crisis
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Overlooking principles of fairness to unjustly punish the Financial Technologies
Group
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The Beginning and the Business of NSEL
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The Cause of the Crisis
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Shortcomings of the Regulator
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Why pursue only FTIL
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Approach of other Regulators
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Crisis Management
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NSEL Clarifies
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Contestable Proposals
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Looking Back
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Part I - Annexure
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PART II - Annexure
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Annexure 1-12
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Annexure 13-24
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Annexure 25-36
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Annexure 37-48
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Annexure 49-59
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How Financial Technologies, which created an extensive ecosystem of exchange institutions
across Asia and Africa, is demonised and systematically demolished for payment defaults
at one of its subsidiaries owing to abrupt action by the Ministry of Consumer Affairs
on the ill-advice of the Forward Markets Commission
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Issued in the Interest of Public Information
by National Spot Exchange Limited (NSEL)
FEBRUARY 2015
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