Bharat Petroleum and IOC launch LNG buy tenders - trade sources
MILAN India's Bharat Petroleum has launched a tender seeking three liquefied natural gas (LNG) cargoes in total for delivery in October, November and December, trade sources said.
MUMBAI The chairman of Financial Technologies (India) Ltd, Jignesh Shah, was arrested on Wednesday as part of an investigation of fraud at a commodity exchange owned by the bourse operator, a Mumbai police official said.
Shah has been under police investigation since August after National Spot Exchange Ltd (NSEL), the commodities exchange owned by Financial Technologies, abruptly suspended trade in most of its commodities contracts on July 31.
Investigations by commodities regulator the Forward Markets Commission showed what it said was a 55 billion rupee ($916 million) fraud, as the exchange defaulted on obligations to market participants because it did not have enough collateral.
Rajvardhan Sinha, additional commissioner in the Mumbai police unit that investigates white collar crime, said Shah had run "a criminal conspiracy with other accused who were running this exchange", referring to NSEL.
A Financial Technologies spokeswoman said the company was working on a statement regarding the matter.
Financial Technologies and Shah have previously denied knowledge of any fraudulent activity at NSEL, which ceased operations in August.
Shah's arrest is the latest blow to Financial Technologies, which also sells trading software.
The company was ordered by the market regulator in March to cut its stake in a separate commodities exchange, Multi-Commodity Exchange of India Ltd (MCX), from 26 percent to 2 percent.
The commodities regulator had ruled that MCX was not "fit and proper" to run a bourse.
Financial Technologies subsequently announced it would sell the 24 percent MCX stake, although it has not yet completed the sale.
(Writing by Rafael Nam; editing by Tony Munroe and Tom Pfeiffer)
Wall Street rallied on Friday, lifted by a surge in Deutsche Bank shares and financial stocks after concerns eased about the health of the German bank.
DUBLIN The limits of central bank largesse are set to be a hot topic in the coming week as global policymakers head to Washington for the annual International Monetary Find meetings and key data may harden the case for a tightening of U.S. monetary policy.