NSEL crisis: The then management

The then management of the NSEL, which had the privilege of full functional autonomy, was saying as
late as August 2013 that commodities existed in the warehouses. The management at that time was the
sole point of contact with FMC or DCA which had communications of various nature. The Board of the
NSEL, never had any direct contact with the FMC or the DCA as also the latter has never approached or
written to the Board on any concern that they might be having on the operations of the exchange. Even
the show cause notice issued to NSEL was addressed to the then Managing Director and CEO and the
Board was never informed of the same. Neither the DCA nor FMC nor the Broking firms nor the
management ever raised any red flag to the Board that could have alerted them to take any preventive
action.