FMC accuses former NMCE chief of fraud | business | Hindustan Times
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FMC accuses former NMCE chief of fraud

The Forward Markets Commission (FMC) on Tuesday said it had found Kailash Gupta, founder and vice-chairman of National Multi Commodity Exchange (NMCE) guilty of defrauding the exchange and abusing his position to favour his family-run companies.

business Updated: Aug 02, 2011 22:44 IST
HT Correspondent

The Forward Markets Commission (FMC) on Tuesday said it had found Kailash Gupta, founder and vice-chairman of National Multi Commodity Exchange (NMCE) guilty of defrauding the exchange and abusing his position to favour his family-run companies.

“The matter is sub-judice and hence I would not be able to comment on the issue,” said Gupta.

The regulator has also asked NMCE to immediately file a criminal case against Gupta, who has previously served as its chief executive officer and managing director.