Who is the real culprit?
He believes that if Sinha is properly grilled by EOW then the real truth will be known. "EOW will come to know that everything was done on behest of Jignesh Shah and whatever trading has been done by Shalini Sinha - it was not done by her but done by Jignesh Shah and everything was known to the Jignesh Shah but he tried to show he was innocent," he adds.
Dalmia feels that everything must have been with collusion of Jignesh shah, who was the mastermind behind this entire scam and all others were just puppets.
Will this move restore investor confidence?
Similarly, JN Gupta, former director, Sebi too believes that although at present Sinha has taken all the flak on himself, it is not possible that he could have done everything on his own.
"In my opinion it is not possible that such a messy thing could have happened without the knowledge of the board because everything including the balance sheet, annual account and all the products were approved by the board. So, going by corporate principle, it cannot be an individual's responsibility. So, they were certainly responsible for mismanagement," he adds.
Answering a query on whether we were now at least insulation MCX , MCX-SX from this mess going on at NSEL,Gupta says it is imperative for all the regulators to move in tandem to restore investor confidence.
"Peoples should believe that such type of cheating cannot go on and that nobody is able to operate in the regulatory vacuum." Unlike in the current case the entire exchanges were operating in regulatory vacuum right under the nose of all the regulators, says Gupta
So, the people who are responsible for this should be answerable, he adds.
Investors won't get their money?
SP Tulsian says the investors are unlikely to receive even 20 percent of the Rs 2800 crore (knocing off the Rs 1200 crore invested by IBMA). He adds that all these amounts have been siphoned off or probably even distributed as commission.
However, Jayesh is more optimistic on this note. "I am sure a fair amount of the money can be recovered," he says unless the government is just playing to the media if I may put it that way.
Raising questions on the government..
H Jayesh, founding partner, Juris Corp who is representing brokers opines that the Indian government has been giving contradictory statements in this case. It started out with giving the exchange licence to be exempt and operate in a particular manner, while doubting its operative credibility.
More heads to role!?
Tulsian says this won't be the last of arrests in the crises and the EOW has only started the same from the lower ladder.
A case of management fraud
"Obviously both Jignesh Shah and Anjani Sinha will be interrogated and then it remains to be seen where ownership and management was separate or whether the promoters were also aware of what was happening so that is a matter of detail," says HP Ranina who believes the EOW has taken the right step at the right time.
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