{O¾oe emh Ho$ d¡{œH$ gm‘«mÁ ... - thetarget-book.com › the-target-hindi.pdf · {O¾oe emh Ho$ d¡{œH$ gm‘«mÁ¶ Ho$ {dÜd§g H$m fS>¶§Ì. H¡$go CÝhm|Zo ~mµOma ‘|

{O¾oe emh Ho$ d¡{œH$ gm‘«mÁ¶ Ho$ {dÜd§g H$m fS>¶§Ì. H¡$go CÝhm|Zo ~mµOma ‘| EH$m{YH$ma Vmo‹S>m Am¡a CÝh| CgH$s Š¶m µH$s‘V MwH$mZr n‹S>r.

boIH$ - em§VZw Jwhm aoàñVmdZm- gwhob goR>

^maV ‘| àW‘ àH$meZ… em§VZw Jwhm ao, 2016

gdm©{YH$ma: em§VZw Jwhm ao, 2016

em§VZw Jwhm ao Bg nwñVH$ Ho$ boIH$ hmoZo Ho$ AnZo Z¡{VH$ A{YH$ma H$m à{VnmXZ H$aVo h¢.

ISBN: 978-1-64255-581-3

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AZwdmX, ‘w{ÐV nwñVH d B©-~wH$ {dVaU: Am°Wg© An’«§$Q>

gdm©{YH$ma gwa{jV.

Bg àH$meZ H$m H$moB© ^r A§e boIH$ H$s nwdm©Zw‘{V Ho$ {~Zm ¶m ñnï> ê$ngo H$mZyZÛmam AZw‘V ¶m C{MV aoàmoJ«m{µ’$H$ A{YH$ma g§JR>Z H$s eVm] Ho$ AmYma na nwZ:àH$m{eV ¶m {H$gr ^r àH$ma go g§J«{hV ¶m ào{fV Zhr {H$¶m Om gH$Vm. Cn{b©pIV eVm] H$mo N>mo‹S>H$a nwZ:àH$meZg§~§Yr AÝ¶ {H$gr OmZH$mar Ho$ {b¶o àË¶j boIH$ go gånH$©$H$a§o.

AZwH«$‘{UH$m

àñVmdZm 1

^y{‘H$m - ñQ>m°H$ ‘mH}$Q> H$m K‘mgmZ 6

AÜ¶m¶ 1 {dÜd§g Ho$ {bE X~mdVÝÌ H$m à¶moJ 19

AÜ¶m¶ 2 hpñVZmnya H$m Hw${Q>b fS>¶§Ì 27

AÜ¶m¶ 3 ^maVr¶ EŠgM|Om| H$s amOZr{V 44

AÜ¶m¶ 4 H$nQ> Am¡a Jham hþAm 61

AÜ¶m¶ 5 gµ’o$X PyR> 77

AÜ¶m¶ 6 Ho$nrHo$, A{^foH$ Am¡a CZH$m "AY©gË¶' 98

AÜ¶m¶ 7 emh Am¡a NSEL H$mo ˜Ë‘ H$aZo H$s gm{Oe 104

AÜ¶m¶ 8 emh ~Zm‘ do g~ $ 118

AÜ¶m¶ 9 B§ÐàñW Ho$ bwQ>oao H$m¡Z? 123

AÜ¶m¶ 10 ApÝV‘ àhma 137

AÜ¶m¶ 11 EH$ A§e Jm°ëQ>, Xmo A§e emh 150

AÜ¶m¶ 12 ED Am¡a CBI H$m nbQ>dma 166

Cng§hma 173

eãXmdbr 178

1

àñVmdZm

‘¢Zo em§VZw H$s {H$Vm~ ~‹S>o Jm¡a go n‹T>r h¢. gM‘wM, {O¾oe emh Am¡a 1950 Ho$ XeH$ Ho$ Am¶Z a°ÊS> Ho$ bmoH${à¶ CnÝ¶mg "A°Q>bg l½S>' Ho$ Zm¶H$ Om°Z Jm°ëQ>> ‘o§ H$mµ’$s g‘mZVm h¢. EH$ ‘moQ>a H§$nZr ‘| {ZË¶ ZE Am{dîH$ma Ho$ emoYH$Vm© Ho$ ê$n ‘| H$m¶© H$aZodmbm Jm°ëQ> ¶h H$hH$a Zm¡H$ar N>mo‹S> XoVm h¢ {H$ dh Cg ì¶dñWm Ho$ {Ibm’$ b‹S>oJm Omo ~w{ÕOÝ¶ gO©ZerbVm H$m Jbm Km|Q>Vr h¢, AmË‘g§Vmof Am¡a Ag’$bVm H$mo ~‹T>mdm XoVr h¢ Am¡a Am{dîH$mam| VWm g’$bVm H$mo X§S> XoVr h¢! Jm°ëQ> H$s Vah emh Zo ^r ~mµOmam| Ho$ bmoH$Vm§{ÌH$aU Ho$ {bE amOZr{Vkm|, Zm¡H$aemhm|, ny±Orn{V¶m| Am¡a ~«moH$g© Ho$ epŠVembr AZ¡{VH$ gm§R>Jm§R> H$mo {hbm Ho$ aI {X¶m. {O¾oe emh Ho$ gm‘«mÁ¶ H$mo ˜Ë‘ H$aZo H$m Ib dñVwV… amOZr{Vkm|, Zm¡H$aemhm|, à{VÛ§{Û¶m| Am¡a CZ CÚmoJn{V¶m| H$s {dñV¥V aUZr{V H$m hr EH$ {hñgm h¢ {OZH$m ñQ>m°H$ ‘mH}$Q> ‘| Nw>nm {hV ahm h¢.

{Og Vah ‘hmH$mì¶ ‘hm^maV ‘| A{^‘Ý¶y Ho$ dY Ho$ {bE H$m¡adm| Zo H$nQ> H$m ghmam {b¶m, Cgr Vah emh Ho$ gm‘«mÁ¶ H$m {dZme H$aZo Ho$ {bE Bg epŠVembr JyQ> Zo CÝh| A{ZVr go E³gM|O ~mOma go hQ>m {X¶m.

National Spot Exchange Ltd (NSEL) "no‘|Q> {S>’$m°ëQ> H«$mB©{gg' EH$ gw{ZpíMV fS>¶§Ì H$m {hñgm Wm Omo {g’©$ Bg{bE KQ>m ³¶m|{H$ H$‘mo{S>Q>rµO ~mµOma H$r VËH$mbrZ {Z¶‘ZH$mar g§ñWm, Forward Markets Commission (FMC) Zo OwbmB© 2013 ‘| NSEL H$mo AMmZH$ hr Q´>oqS>J g‘má H$aZo H$mo H$hm. ¶h g§H$Q> AmgmZr go hb {H$¶m Om gH$Vm Wm bo{H$Z Eogm Zhr {H$¶m J¶m. Bg àH$aU H$mo OmZ~yPH$a Or{dV aIm J¶m Vm{H$ emh Am¡a CZHo$ Financial Technologies India Ltd (FTIL) J«wn H$mo {ZemZm ~Zm¶m Om gHo$.

NSEL àH$aU H$s Om±M-nS>Vmb H$aZo Ho$ ~mX Economic Offences Wing (EOW), ‘w§~B© Am¡a Enforcement Directorate (ED) O¡gr Om±M EO§[g¶m|Zo ^r NSEL {S>’$m°ëQ> Ho$ g^r 5600 H$amo‹S> énE NSEL Ho$ 24 {S>’$m°pëQ>§J ~«moH$g© Ho$ nmg nm¶o OmZo H$s nw{ï> H$s.

2

‘w§~B© hmB©H$moQ>© Zo ^r MmO©erQ> H$m AÜ¶¶Z H$aZo Ho$ ~mX {S>’$m°ëQ> H$m n¡gm NSEL, FTIL ¶m emh Ho$ nmg Zhr hmoZo H$m ’¡$gbm {X¶m. ‘w§~B© hmB©H$moQ>© Ho$ Bg ’¡$gbo Ho$ {Ibm’$ H$s J¶r Special Leave Petition H$mo ^r gwàr‘ H$moQ>© Zo ˜m[aO H$a {X¶m.

{’$a r gmar H$m¶©dmhr emh Am¡a FTIL J«wn Ho$ {Ibm’$ hr H|${ÐV H$s J¶r ³¶m|{H$ E³gM|O ~mOma H$s Xþ{Z¶m go CÝho ~oXIb H$a XoZo H$s hr ‘§em Bg fS>¶§Ì Ho$ nrN>o Wr.

ñd¶§ Ho$ nmnm| H$mo Nw>nmZo Am¡a AnZm ~Mmd H$aZo Ho$ {bE hr Xmofr ~«moH$g© Zo Bg NSEL {S>’$m°ëQ> H$m Cn¶moJ emh Ho$ OrdZâ Ho$ H$m¶© Am¡a gnZm| H$m {dÜd§g H$aZo Ho$ {bE {H$¶m.

AJa ghr T>§J go Bg ‘m‘bo H$s Om±M-n‹S>Vmb H$s OmVr Vmo ~«moH$g© Zo {Og Vah NSEL na AnZo hr Q´>oqS>J ³bm¶§Q>g² Ho$ KYC H$m Xþén¶moJ H$a Omo H$mbm YZ bJm¶m Wm CgH$m nXm©µ’$me hmo OmVm Am¡a hdmbm go H$s J`r ~«moH$g© H$s YmoImY‹S>r H$m ^r ^§S>mµ’$mo‹S>> hmo OmVm. ¶h Om±M ghr ‘m¶Zm| ‘| Cg H$m¶©àUmbr H$mo gm‘Zo bmVr {OgHo$ MbVo {~Mm¡{b¶m| Zo ZµH$X amer ~¢H$m| ‘| O‘m H$a Xr Wr. EŠgM|O na hþE gmao gm¡Xo ~¢H$ go ~¢H$ Ho$ ~rM hþE Wo. ¶h dhr ~«moH$g© Ho$ JwQ> Wo {OÝhm|Zo eoAa ~mOmam| Ho$ gm¡Xm| na bJmE JE "{gŠ¶warQ>rµO Q´>m§P°ŠeZ Q>¡Šg' (STT) na AmYm[aV Z’$m d ZwH$gmZ H$m µJbV BñVo‘mb {H$¶m Wm. ¶hm± ¶h Ü¶mZ aho {H$ STT nr. {MXå~a‘ Zo hr bmJy {H$¶m Wm.

{S>µ’$m°pëQ>§J ~«moH$g© H$s ~mV H$a| Vmo ¶h {~bHw$b ñnï> h¢ {H$ CÝhm|Zo hr "~¢H$ go ZµH$X' VarHo$ Ho$ Q´>m§P°ŠeZ {H$E. BÝhr§ bmoJm| Ho$ nmg NSEL {S>’$m°ëQ> H$m gmam n¡gm nhþ±Mm h¢ Am¡a ¶hr VÏ¶ bmoH$g^m ‘| ^r à{Vnm{XV {H$¶m J¶m h¢.

STT H$m Xþén¶moJ ñQ>m°H$ EŠgM|Om| ‘| Am¡a {deof ê$n go National Stock Exchange (NSE) Ho$ S>o[adoQ>rìµO goJ‘|Q> ‘| hþAm. n[aUm‘V… Z’$m d ZwH$gmZ Ho$ {~bm| Ho$ ê$n ‘| Xoe Ho$ amOñd H$m ^mar ZwH$gmZ hþAm. Bg ~mV na {dœmg H$aZm ~‹S>m H${R>Z h¢ {H$ ¶h g~ "nm{Q©>{gnoQ>ar ZmoQg²' (PN), FII H$m YZ, qgJmnya {ZµâQ>r Q´>oqS>J, EŠgM|O Ho$ Amerdm©X, AZwHy$b {Z¶‘ZH$mar g§ñWm à‘wI Am¡a CƒV‘ ñVa go AmXoem| Ho$ {~Zm hr hmo nm¶m.

H$mbo YZ H$s hoam’o$ar H$aZodmbo ~«moH$a d {S>’$m°ëQ>am| Zo UPA-2 H$o Hw$N> Zm¡H$aemhm| Am¡a {dÎm ‘§Ìmb¶ Ho$ Hw$N> d[að> A{YH$m[a¶m| go {‘bH$a emh Ho$

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{déÕ fS>¶§Ì aMm ¶h A~ ñnï> hmo MwH$m h¢. ‘mZZr¶ ‘w§~B© hmB©H$moQ>© Ûmam {Z¶wº$ Cƒ-ñV[a¶ g{‘{V Zo ^r Eogo H$B© CXmhaU nmE h¢ {OZ‘| ~«moH$g© Zo AnZo hr Q´>oqS>J ³bm¶§Q>g² Ho$ ³bm¶§Q> H$moS> ~XbH$a gm¡Xo {H$E Wo. Bg g§~§Y ‘| ~mOma {Z`m_H$ Securities and Exchange Board of India (SEBI) Zo nm±M erf© ~«moH$a H§$n{Z¶m| H$mo "H$maU ~VmAmo Zmo{Q>g' Omar {H$¶m h¢.

emh Am¡a CZHo$ FTIL J«wn Zo Ho$db 10 dfm] ‘| Aµm’«$sH$m, ‘Ü¶-nyd© go boH$a X{jU-nyd© E{e¶m ‘| H$‘mo{S>Q>rµO, BpŠdQ>r, H$aÝgr, ~m°ÝS> Am¡a BboŠQ´>r{gQ>r O¡go {d{^Þ ny±Or dJm] ‘| {dœñVar¶ 10 EŠgM|O H§$n{Z¶m| H$s ñWmnZm H$s Wr. ¶h gmao EŠgM|O ^maV ‘| Z§~a 1 Am¡a Xþ{Z¶mâ ‘| Z§~a 2 aho h¢.

‘ëQ>r-H$‘mo{S>Q>r EŠgM|O (MCX) nhbm Eogm {bñQ>oS> EŠgM|O ~Zm {OgZo ^maV H$mo {dídâ Ho$ COMMEXES H$s loUr ‘| erf© ñWmZ na I‹S>m H$a {X¶m. ¶h EŠgM|O Xþ{Z¶m H$m Xÿgam g~go ~‹S>m H$‘mo{S>Q>r EŠgM|O ~Z J¶m {OgZo Xoe ‘| 10 bmI amoOJma Ho$ Adga {Z_m©U {H$E. BgHo$ Abmdm MCX Zo Ho$db EH$ XeH$ Ho$ ^rVa hr ^maV Ho$ gH$b Kaoby CËnmX ‘| 1% H$m ¶moJXmZ {X¶m.

emh H$s H§$n{Z¶m± ‘yb ê$n go IP-AmYm[aV Am{dîH$ma Wr {OZHo$ {Z‘m©U Ho$ {bE gaH$ma go gpãgS>r Zhr br J¶r, Zm hr ^y-g§nmXZ Ho$ {bE ~¢H$m| go H$O© {b¶m J`m Wm Am¡a Zm H$^r Q>¡³g ‘| Ny>Q> ‘m§Jr J`r Wr. emh H$s H§$n{Z¶m| Ho$ {bE Vmo loð>Vm hr EH$‘mÌ MbZ Wm.

emh H$s H§$n{Z¶m| Zo {dÎmr¶ ~mµOma Ho$ ‘yb^yV T>m±Mo H$s Ztd aIr {OÝhm|Zo emh Ho$ ''Made in India'' CnH«$‘ H$mo ~hþamîQ´>r¶ H§$nZr (MNC) ‘| ~Xb {X¶m. ¶{X emh Ho$ Bg A{^Zd CnH«$‘ H$mo Bgr Vah Omar ahZo {X¶m OmVm, Cg ‘| amoS>o Z AQ>H$mE§ OmVo Vmo BZ H§$n[Z¶m| Zo Xoe H$mo emh Ho$ gnZm| H$m "nyd© H$m ‘°Zh°Q>Z' ~Zm {X¶m hmoVm Bg ‘| H$moB© g§Xoh Zhr h¢.

amOZr{Vkm| Am¡a CZHo$ Zm¡H$aemhm| Ho$ Hw${Q>b fS>¶§Ì Zo emh H$s H§$n{Z¶m± hr Zhr ~pëH$ CZHo$ IP-ào[aV Cg ZdCÚ‘erbVm H$m ^r Jbm Km|Q> {X¶m h¢ Omo àYmZ‘§Ìr Za|Ð ‘moXr H$s Make in India H$s `moOZm Ho$ AZwgma$108 {d{^Þ joÌm| ‘| AmYw{ZH$ CÚ‘erbVm H$s AmXe© H§$n{Z¶m± ñWm{nV H$aZm MmhVr Wr.

4

‘wPo bJVm h¢ nhbr nr‹T>r Ho$ ¶o CÚ‘r hr AnZo X‘ na ^maV H$mo d¡{œH$ ~mµOma ‘| EH$ à^mdembr à{VñnYu Ho$ ê$n ‘| I‹S>m H$a gH$Vo h¢§, Cgo C±Mo ñWmZ na nhþ±Mm gH$Vo h¢. hm±, emh H$s$CÚ‘erbVm Ho$ CnH«$‘m| H$m Jbm Km|Q>H$a EH$ JbV na§nam Oê$a ewê$ H$s J`r h¢. n[aUm‘V… ¶wdm CÚ‘r hr Zhr, {dXoer g§ñWmE§ ^r ^maV ‘| {Zdoe go H$Vam gH$Vr h¢.

FTIL J«wn Ho$ {Ibm’$ OmZ~yPH$a H$s J`r Bg H$m¶©dmhr H$o n[aUm‘ñdê$n Make in India H$m gdm}Îm‘ CXmhaU aho FTIL H$mo dmñVd ‘|$AmZo go nhbo hr ˜Ë‘ H$a {X¶m J¶m h¢. ¶h Ho$db FTIL Am¡a CgHo$ g§ñWmnH$ d nhbr nr‹T>r Ho$ CÚ‘r {O¾oe emh H$s ~mV Zhr h¢; Bg fS>¶§Ì Ho$ H$maU Vmo Z¶r ImoO Am¡a CÚ‘erbVm H$mo hr ~{b MT>m`m J¶m h¢.

AmO Ho$ ¶wÕ-{ZfoY ¶wJ ‘| Ohm± loð>V‘ H$m¡eb Ho$ AmYma na Am{W©H$ g‘¥{Õ A{O©V H$s OmVr h¢, {Z¶‘Z joÌmo§ Ho$ CÚ‘m| ‘| ñnYm© hr IË‘ H$a XoZm EH$ OKÝ¶ AnamY h¢. Bg AnamY Ho$ n[aUm‘ñdê$n ^maV Ho$ 10 H$amoS> Zm¡OdmZ, ¶wdm CÚ_r AmYw{ZH$ {dÎmr¶ ~mOma H$s ny±Or go hr d§{MV hmo OmE§Jo. `h R>rH$ d¡gm hr h¢ O¡go Am¡Úmo{JH$ AW©-ì¶dñWm ‘| {H$gr CËnmX BH$mB© H$r {~Obr H$mQ> XoZm `m {S>{OQ>b AW©-ì¶dñWm ‘| {H$gr CÚ‘ H$mo S>oQ>m go d§{MV H$a XoZm.

Ho$db EH$ g’$b E³gM|O ~ZmZo ‘| OrdZâ H$s ‘ohZV bJ OmVr h¢ bo{H$Z emh O¡go ¶wdm CÚ‘rZo Xoe-{dXoe ‘| Ho$db 18 dfm] ‘| 18 TECH-IP OZrV H§$n{Z¶m| H$m {Z_m©U {H$`m.

Xoe Ho$ {dÎmr¶ T>m±Mo H$m ‘yb^yV {hñgm aho emh Ho$ ¶h E³gM|O Am¡a loð>V‘ VH$ZrH$s H§$n{Z¶m± amï´>g§nXm ahr h¢ Am¡a AmO ¶h H§$n{Z¶m± h‘mao nmg Zm hmoZo go h‘| BZH$m A^md gX¡d à{VV hmoJm.

emh AnZo g‘¶ go ~hþV AmJo aho h¢.

VËH$mbrZ UPA-2 gaH$ma Ho$ EH$ d[að> JwQ> Zo emh Am¡a CZH$s H§$n{Z¶m| H$mo ZoñVZm~yV H$a {X`m Am¡a BgHo$ {bE Bg Xoe H$mo ~S>r ^mar H$s‘V MwH$mZr nS>oJr. AmO ^r BÝhr§ Jb{V¶m| H$mo Xmoham¶m Om ahm h¢.

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Hw$N> amOZr{Vk, H$m°nm}aoQ> {X½JO Am¡a Zm¡H$aemhm| Ho$ fS>¶§Ì Zo {dH$mg Ho$ Make in India Ho$ loð>V‘ CXmhaU H$m, ApñVËd ‘| AmZo go nhbo hr, {H$g Vah Jbm Km|Q> {X¶m Bg JmWm H$m dU©Z em§VZw Zo ~S>o hr à^mdembr T>§J go Bg nwñVH$ ‘| {H$¶m h¢.

Omo ^r ¶h OmZZm MmhVo h¢ {H$ FTIL H$s {dH$mgJmWm Am¡a IP-OZrV {dœñVar¶ H§$n{Z¶m| Ho$ gmW Š¶m µJbV hþAm Am¡a {H$g Vah EH$ Hw${Q>b fS>¶§Ì Ho$ VhV CZH$m {dÜd§g {H$¶m J¶m, CZ g^r Ho$ {bE ¶h nwñVH$ {ZpíMV hr AË¶§V amoMH$ gm{~V hmoJr.

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gwhob goR> EH$ gm‘m{OH$ g‘mbmoMH$ Am¡a {Q>ßnUrH$ma h¢. do ''Mantras for Success: India’s Greatest CEOs tell you how to win'' Ho$ gh-boIH$ h¢. EH$ ñV§ H$ma Ho$ ê$n ‘| goR> bJmVma The Financial Times (London), Hindustan Times Am¡a The Indian Express ‘| {bIVo aho h¢. ~ohX Omoerbo dŠVm Ho$ ê$n ‘| goR> {d{^Þ Am¡Úmo{JH$ go{‘Zmam| ‘| {Z¶{‘V ê$n go CnpñW{V XO© H$admVo h¢. H$B© ^maVr¶ à~§YZ g§ñWmZm| Ho$ A{V{W dŠVm Ho$ ê$n ‘| ^r do H$mµ’$s bmoH${à¶ h¢.

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^y{‘H$m

ñQ>m°H$ ‘mH}$Q> H$m K_mgmZ

12 Aà¡b, 2016 H$mo Xoe Ho$ à{V{ð>V Q>rdr nÌH$mam| ‘| go EH$, adre Hw$‘ma ‘The Indian Express' Ho$ XµâVa ‘| CZ VrZ gånmXH$m| go {‘bZo AmE {OÝhm|Zo "nZm‘m µ’$mBbm|' H$s I~am| na H$m‘ {H$¶m Wm. µJm¡aVb~ h¢ {H$ Bg I~a Zo Xoe Am¡a Xþ{Z¶m ‘| Vyµ’$mZ ‘Mm {X¶m Wm.

AnZo AZmoIo A§XmµO ‘| Hw$‘ma Zo nyN>m, ""Vmo Amn nÌH$ma bmoJ Bg Om±M [anmoQ>© Am¡a Bg‘| C„o{IV ^maVr¶ Zm‘m| H$mo {H$g Vah go XoIVo h¢?''

""¶h H$m_ ß¶mµO {N>bZo O¡gm h¢. O~ VH$ ß¶mµO nyar Vah Zhr {N>bm OmVm V~ VH$ AmnH$mo H$moB© A§XmOm Zhr hmoVm,'' [aVw garZ Zo H$hm. [aVw Zo Bg [anmoQ>© H$s ImoO~rZ ‘| ‘hÎdnyU© ^y{‘H$m {Z^m¶r Wr. Bg [anmoQ>© H$mo CZHo$ g‘mMmanÌ Zo Hw$N> A§Vaamï´>r¶ X¡{ZH$m| Am¡a A‘o[aH$m Ho$ EH$ {dMma ‘§M ‘Consortium of Investigative Journalists' Zo {‘bH$a gZgZrõO ê$n ‘| Xþ{Z¶m Ho$ gm‘Zo aIm h¢.

Bg gZgZrIoO [anmoQ>© Zo Cg H$mbo YZ Ho$ ~mao ‘| ˜wbmgm {H$¶m h¢ {Ogo Xþ{Z¶mâ Ho$ Hw$N> A‘ra bmoJm| Zo n{ü‘r Xoem| Ho$ Q>¡Šg h¡doZ ¶mZr H$a ‘wŠV Xoem| ‘| Nw>nm H$a aIm hþAm h¢.

{OZ {XZm| nZm‘m µ’$mBbm| Zo Xþ{Z¶m H$mo {hbm H$a aI {X¶m Wm CÝht {XZm| ^maV H$s g~go ~‹S>r Ý¶yO EO|gr "àog Q>ñQ> Am°µ’$ B§{S>¶m' (PTI) H$s EH$ ~‹S>r I~a Am¶r. Bg I~a ‘| {O¾oe emh Ho$ FTIL J«wn H$s EH$ g~{g{S>¶ar NSEL Ho$ Q>oqS>J ‘| Hw$N> ~‹S>o ~«moH$g© Zo ~‹S>r ‘mÌm ‘| H$mbo YZ H$m à¶moJ H$aZo H$s ~mV H$m ahñ¶mooX²KmQ>Z {H$¶m J¶m Wm.

‘w§~B© Am¡a {Xëbr ‘| H$B© ‘hÎdnyU© bmoJm| Zo Bg I~a H$mo ~‹S>o Jm¡a go n‹T>m. NSEL ‘m‘bo H$mo boH$a H$B© ~mV| gw{I©¶m| ‘| Am ahr Wr Am¡a H$B© Om±M EO§{g`m| Ho$ gmW-gmW SEBI VWm _w§~B© hmB©H$moQ>© Ûmam {Z¶wº$ H$s J¶r EH$ Cƒ-ñVar¶ g{‘{V ^r Bg _m_bo H$s Om±M H$a ahr Wr.

7

Bgr Xaå¶mZ, AnZr VoO-VrIr Om±M-n‹S>Vmb Ho$ {bE à{gÕ ^maVr¶ OZVm nmQ>u Ho$ d[að> ZoVm gw~«‘{U¶Z ñdm‘r H$m ^r "Q‰>rQ>' Am¶m. CÝhm|Zo AnZr "Q‰>rQ>' ‘| Bg I~a1 H$mo ^r gmPm {H$¶m Am¡a gaH$ma go {’$a EH$ ~ma NSEL ‘m‘bo H$s gƒmB© gm‘Zo bmZo H$s Anrb H$s.

Hw$N> g_` nhbo ‘¢Zo ñdm‘r go CZHo$ Ka na ^|Q> H$s Wr. dhm± CÝhm|Zo ‘wPo ~Vm¶m {H$ {H$gr ^r KmoQ>mbo H$s Om±M g‘¶ ahVo hr H$a boZr Mm{hE, {’$a do Mmho {dÎmr¶ hm| ¶m H$moB© Am¡a. ""daZm, gƒmB© ‘wpíH$b go hr gm‘Zo Am nmVr h¢.''

ñdm‘r Ho$ {bE gZ 1872 ‘| {bIr J¶r {bAmo Vm°ëgVm°¶ H$s bKw H$Wm ‘God sees the truth but waits' - ‘mZmo O¡go JrVm h¢§.

¶h H$Wm EH$ Eogo ê$gr ì¶mnmar Ho$ BX©-{JX© Ky‘Vr h¢ {Ogo IyZ Ho$ PwR>o Amamon ‘| 26 df© Oob ‘| S>mb {X¶m OmVm h¢. Oob ‘| CgH$s ‘wbmH$mV Cgr AmX‘r go hmoVr h¢ {OgZo dh IyZ {H$¶m Wm. {’$a ^r ¶h ì¶mnmar Cgo ‘mµ’$ H$a XoVm h¢. AmË‘½bmZr go gam~moa ¶h IyZr AnZm AnamY ñdrH$ma H$a boVm h¢ bo{H$Z Bggo nhbo H$s Oob go [ahmB© hmo, Cg {ZanamY ì¶mnmar H$s ‘¥Ë¶w hmo OmVr h§¡.

""^maV ‘| ~hþV H$‘ bmoJ AnamY ñdrH$ma H$aVo h¢; A{YH$Va gƒmB© H$mo X~mZo H$s hr H$mo{ee H$aVo h¢ bo{H$Z gM H$mo gm‘Zo bmZo H$s {Oå‘oXmar AmnH$s hmoVr h¢,'' ñdm‘r Zo H$hm. ñdm‘r g§Ho$V Xo aho Wo {H$ do NSEL ‘m‘bo> Ho$ "AgË¶' H$s Om±M-n‹S>Vmb H$aHo$ ah|Jo na CÝhm|Zo grYo H$moB© {Q>ßnUr Zhr H$s. CÝhm|Zo Ho$db AnZo 2.63 Xebj µ’$mbmoAg©dmbo AnZo Q‰>rQ>a AH$mC§Q> na ¶h I~a OmoS> Xr. I~a dmH$B© ~hþV {XbMñn Wr.

""‘mZZr¶ _w§~B© hmB©H$moQ>© Ûmam J{R>V Cƒ-ñVar¶ g{‘{V Zo AnZo A§V[a‘ AmXoe ‘| ~«moH$g© Am¡a Q´>oS>am| Ho$ Am{W©H$ òmoVm| H$s Om±M H$s ~mV H$hr h¢ ³¶m|{H$ g{‘{V H$mo H$B© {ZdoeH$ H§$n{Z¶m± BÝhr§ ~«moH$g© H$s g~{g{S>¶arµO hmoZo H$m g§Xoh h¢. gyÌmo§ Ho$ AZwgma, g{‘{V Am¡a AÝ¶ {Z¶‘ZH$mar g§ñWmAm| Zo {d{^Þ Q´>oS>am| Ûmam {X¶o J¶o S>oQ>m Am¡a {ddaU ‘| H$mµ’$s {dg§J{V nm¶r Omo NSEL Ûmam Xr J¶r OmZH$mar go {~bHw$b {dnarV Wr. H$B©¶m| ‘| PAN H$mS>© hr JbV Wo Am¡a Bgr {bE {Zdoe Ho$ òmoV g§Xoh Ho$ Koao ‘| h¢.

1 http://timesofindia.indiatimes.com/business/india-business/NSEL-scam-Whiff-of black money/articleshow /51771618.cms

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""EH$ d[að> {Z¶m‘H$ A{YH$mar Ho$ AZwgma NSEL ‘m‘bo ‘| H$B© ~«moH$g© Zo AnZo Amn H$mo {ZdoeH$ Ho$ ê$n ‘| noe {H$¶m. ¶o dhr bmoJ Wo {OÝho§ ‘w§~B© hmB©H$moQ>© Ho$ Ý¶m¶mYre lr‘mZ A^¶ {R>ngo Zo "~moJg Q´>oS>g©'2 H$hm Wm.

gyÌm| Ho$ AZwgma, Hw$N> ~«moH$g© Ho$ {Ibmµ’$ ¶h ^r {eH$m¶V Wr {H$ CÝhm|Zo AnZo Q´>oqS>J ³bm¶§Q>g² Ho$ Zm‘ na Ombr boOa AH$mC§Q> Imob aIo Wo.

""Eogm ^r Amamon h¢ {H$ ~«moH$g© H$s g~{g{S>¶arµO H$m H$mbm YZ NSEL na gm¡Xo H$aZo Ho$ {bE à¶moJ {H$¶m J¶m Vm{H$ Bg H$mbo YZ H$mo d¡Y ~Zm¶m Om gHo$. Eogm H$aZm ‘Zr bm°ÝS>[a¨J3 H$hbmVm h¢,'' Bg A{YH$mar Zo PTI go H$hm.

{X„r ‘| PTI Ho$ Bg I~a go NSEL ‘m‘bm {’$a EH$ ~ma MMm© ‘| Am¶m. {d{dY H|$Ðr¶ ‘§Ìmb¶ Am¡a H$_mo{S>Q>r ~mµOma H$s >{Z¶‘ZH$mar g§ñWm Zo {‘bH$a H¡$go OëX~mµOr ‘| NSEL Am¡a CgH$s ‘yb H§$nZr FTIL H$mo {dbrZ H$aZo H$m {ZU©¶ {b¶m `h ~mV ^r {\$a go gm_Zo Am`r Am¡a H¡$go FTIL H$mo CgHo$ d¡{œH$ ñVa Ho$ EŠgM|Om| H$mo ~oMZo Ho$ {bE ‘O~ya {H$¶m J¶m. BgHo$ {bE Z H$moB© Om±M-n‹S>Vmb hþB© Z hr {H$grZo Ý¶m{¶H$ H$m¶©dmhr nyar hmoZo H$s amh XoIr.

PTI H$s ¶h I~a NSEL ‘m‘bo Ho$ bJ^J T>mB© gmb ~mX N>nr bo{H$Z V~ VH$ {O¾oe emh H$m gm‘«mÁ¶ Vhg-Zhg H$a {X¶m J¶m Wm.

hmbm±{H$ Bg gaH$ma Ho$ ‘w{I¶m àYmZ‘§Ìr ‘Z‘mohZ qgh Wo Omo ñQ>m°H$ Am¡a H$‘mo{S>Q>rµO ~mµOmag{hV {dÎmr¶ joÌm| Ho$ OmZH$ma ‘mZo OmVo h¡§. {’$a ^r BÝhr§ Ho$ UPA-2 Ho$ H$m¶©H$mb ‘| OëX~mOr ‘| {bE JE {ZU©`m| Ho$ H$maU ¶h g~ {dÜd§g H$am`m J`m. 2G Am¡a H$mo¶bm KmoQ>mbm ^r Vmo BÝht Ho$ H$m¶©H$mb ‘| hþAm Wm {Og‘| {H$gr Ho$ ^r {Ibm’$ Eogo H$moB© {ZU©¶ Zhr {bE JE Wo. {’$a Ho$db emh Am¡a FTIL H$mo hr ³¶m| {ZemZm ~Zm¶m J¶m?

{O¾oe emh Ho$ EH$go ~T>H$a EH$ E³gM|Om|Zo nm{Q>©{gnoQ>ar ZmoQ²>g (PN) Am¡a H$mboYZ H$s OZZr aho NSE Ho$ EH$m{YH$ma H$mo hr Q>¸$a Xr {OgZo H$B© ~‹S>o ZoVm, Zm¡H$aemh, H$m°nm}aoQ> {X½JO Am¡a g§XohmñnX ~«moH$g© O¡go bmoJm| Ho$ e{º$embr Am¡a

2 ‘m. Ý¶m. lr. A^¶ {R>ngo, ‘w§~B© hmB©H$moQ>©, H$m 22 AJñV 2014 H$m, O‘mZV AOu H«$‘m§H$ 1263/2014 ‘| emh H$mo O‘mZV ‘§Oya H$aZodmbm AmXoe

3 https://medium.com/@ftilservices/brokers-under-the-scanner-in-nsel-scam-6c25851e67e0#.omk6pbbex

9

AZ¡{VH$ JR>~§YZ H$mo MwZm¡Vr Xr. emh Ho$ VH$ZrH$s CnH«$_m| Zo Xoe Ho$ g~go ~‹S>o ~mµOma Ho$ ìhmB©Q> H$m°ba Anam{Y¶m| Ho$ H$mboYZ Ho$ òmoVm| na hr dma {H$`m Wm.

{’$a BVZo J§^ra _m_bo _| àYmZ‘§Ìr qgh ³¶m| Mwßnr gmYo ah|? BZ àíZm| na {dMma {H$`m OmZm AË`§V Amdí`H$ h¢.

¶hm± h‘| ^maVr¶ ~mµOmam| Ho$ CZ ~‹S>o {Ibm{S>Am| H$s ‘mZ{gH$Vm g‘PZr Mm{hE Omo BZ ~mµOmam| na AnZm {eH§$Om gXm-gd©Xm Ho$ {bE H$m¶‘ aIZm MmhVo h¢ V^r h‘ BZ ~mµOmam| ‘| Iobo OmZodmbo ¶wÕ H$mo g‘P gH|$Jo.

Xþ^m©½¶de, BÝhr e{º$embr JwQ>m| H$s ~mµOmam| na AnZr nH$S> H$m¶‘ aIZo H$s ‘hÎdmH$m§jm Zo àYmZ‘§Ìr Za|Ð ‘moXr Ho$ "Make in India' Ho$ Hw$N> gdm}Îm‘ Am¡a gƒo CXmhaU ~Zr H§$n{Z¶m| H$mo ~{b MT>m {X¶m. `h gË` A{YH$ ^`§H$a h¢.

^maVr¶ ~mµOma Eogo CXmhaUm| go âo n‹S>| h¢.

ñdV§ÌVm {‘bZo H$mo A^r EH$ XeH$ ^r Zhr hþAm Wm {H$ Xoe Ho$ CâVo H$nmg ~mµOma ‘| EH$ ~S>m ‘m‘bm gm‘Zo Am¶m. Cg g‘¶ ^r H|$Ð gaH$ma H$s VrIr ZOa Bg H$nmg ~mµOma na Wr.

gZ 1955 ‘|, ^maVr¶ H$nmg ì¶mnma ‘| g~go epŠVembr ‘mZo OmZodmbo "B©ñQ> B§{S>¶m H$m°Q>Z Egmo{gEeZ' (EICA) Ho$ AÜ¶j ga nwéfmoÎm‘Xmg R>mHw$aXmg Zo "H$m°Q>Z µâ¶yMg© ‘mH}$Q>' ‘| FMC Ho$ hñVjon H$m H$‹S>m {damoY H$aVo hþE H$moQ>© ‘| H$B© ‘wH$X‘o ^r Xm{˜b {H$E Wo. R>mHw$aXmg H$m ‘mZZm Wm {H$ ""H$nmg Ho$ ì¶mnma ‘| FMC H$o hñVjon go H$nmg H$s "hoO Q´>oqS>J' à^m{dV hmoH$a H$nmg H$s H$s‘Vm| ‘| {JamdQ> AmVr Wr {Oggo {H$gmZm| H$m ZwH$gmZ hmoVm h¢. OZVm r Eogm ‘mZZo bJVr h¢ {H$ {‘b ‘m{bH$m| Ho$ {hV Ho$ {bE H$nmg H$s H$s‘V| OmZ~yPH$a {Jam¶r OmVr h¢.''

bo{H$Z Bggo hþAm Hw$N> ^r Zhr.

31 {Xg§~a, 1955 H$mo H|$Ð gaH$ma Zo EICA Ho$ Hw$N> Cn-{Z¶‘m| ‘| ~Xbmd H$a Ho$ H$nmg Ho$ "â¶wMg© Q´>oqS>J' H$s ‘m{O©Ýg Am¡a ‘¶m©Xm {ZpíMV H$aZo Ho$ A{YH$ma EICA Ho$ ~moS>© Am¡a FMC H$mo Xo {XE. n[aUm_ñdê$n, FMC Ho$ bJmVma X~mdV§Ì Ho$ MbVo 6 OZdar, 1956 H$mo EICA Ho$ ~moS>© Zo µ’$adar Am¡a ‘B© 1956 Ho$ {bE 700 ê$n¶o à{V JR>>mZ Xa {ZpíMV H$aHo$ AmJo BZ gm¡Xm| na à{V~§Y bJm {X¶m.

10

{deof ~mV ¶h Wr {H$ {Xgå~a 1955 Ho$ A§Vr‘ gámh Ho$ gm¡Xm| H$m ’$adar 1956 H$m ¶hr ^md 747 é. hmo J¶m Wm. {’$a EH$ ~ma EICA Ho$ Cn{Z`_ ~XbH$a FMC H$mo H$m°Q>Z â¶wMg© Ho$ ~Mo hþE gm¡Xo {ZpíMV H$aZo Ho$ A{YH$ma {X¶o J¶o. BZHo$ AZwgma, 24 OZdar 1956 H$mo FMC Zo ’$adar 1956 VWm ‘B© 1956 H$s "hoO {S>brdarO' H«$‘e… 700 é. VWm 686.50 é. BVZo H$‘ Xm‘m| ‘| {ZpíMV H$a Xr. V‘m‘ bmoJ FMC H$s Bg H$m¶©dmhr Ho$ H$maU ì¶{WV hmo JE Š¶m|{H$ BgHo$ H$maU CZH$m ^mar ZwH$gmZ hþAm Wm.

Bg_| amoMH$ VÏ¶ ¶h h¢ {H$ FMC H$mo Bg Vah H$s H$m¶©dmhr H$aZo Ho$ AmXoe Xoe Ho$ nhbo Am¡a VËH$mbrZ dm{UÁ¶ d CÚmoJ ‘§Ìr Q>r.Q>r. H¥$îUm‘mMmar Zo {X¶o Wo. do MmhVo Wo {H$ FMC Am¡a A{YH$ ‘O~yVr go H$nmg ~mµOma H$m {Z¶§ÌU H$a|. FMC Ho$ VËH$mbrZ AÜ¶j Am¡a AZw^dr AW©emór S>ãby. Ama. ZmVy ^r AnZo ‘w{I¶m H¥$îUm‘mMmar Ho$ AmJo hV~b Wo bo{H$Z Bg‘| ‘hÎdnyU© gƒmB© ¶h ^r Wr {H$ BÝhr ‘§Ìr ‘hmoX¶ H$s ""Q>r.Q>r. H¥$îUm‘mMmar A°ÊS> H§$nZr {b{‘Q>oS>''4 ^r H$nmg Ho$ ì¶mnma ‘| em{‘b Wr! 1957 ‘| ¶hr H¥$îUm‘mMmar O~ {dÎm‘§Ìr Wo V~ _w§XS>m KmoQ>mbo H$s Om±M H$a aho Ý¶m¶‘y{V© N>mJbm Am¶moJ H$s [anmoQ>© ‘| CZH$m Zm‘ CN>bm Wm {OgHo$ MbVo CÝho BñVr’$m ^r XoZm nS>m Wm.

AmíM¶© H$s ~mV Wr H$s Cg O_mZo _| ^r Xoe Ho$ {dÎm‘§Ìr ~mOmam| H$s ì¶mnm[aH$ n[apñW{V¶m| ‘| bJmVma {XbMñnr {XImVo ZOa AmVo.

ga nwafmoÎm_Xmg R>mHy$aXmg O¡go {X½JO H$mo ^r, {OÝhmo|Zo H$‹S>r ‘ohZV Ho$ ~mX ^maV Ho$ H$nmg ~mµOma H$mo Z¶r D±$MmB© na nhþ±Mm¶m Wm, Xoe Ho$ H$nmg H$mo Xþ{Z¶mâ ‘| "g’o$X gmoZo' Ho$ Zm‘ go amoeZ H$am¶m Wm, Hw$MbZo _| BZ {dÎm _§Ìr _hmoX` H$mo Oam ^r {hMH$ _hgyg Zhr hþB© Š`m|{H$, Cg g_` ^r h_mao gÎmmYre `h OmZVo Wo {H$, Xoe H$s AW©ì¶dñWm na {Z¶§ÌU aIZo Ho$ {bE Xoe Ho$ ~‹S>o ~mµOmam| na {Z¶§ÌU aIZm µOê$ar h¢ ³¶m|{H$ ~mµOmam| na ‘O~yV nH$S> hr CÝh| {H$gr ^r MwZmd joÌ ‘| Am{W©H$ ê$n go H$‘µOmoa AWdm ‘O~yV V~H$m| Ho$ {bE ‘ZMmho {ZU©¶ boZo ‘| ‘XXJma gm{~V hmoVr h¢. ¶h {ZU©¶ ^r {d{eï> g‘¶ H$mo Ü¶mZ ‘| aIH$a {bE OmVo h¢ ³¶m|{H$ BZH$o Am{W©H$ n[aUm‘ g§nyU© Xoeâ ‘| Ñ{ï>JmoMa hmoVo h¢§.

4 lr ‘Yw nmdgH$a, Saga of the Cotton Exchange, ÛrVr¶ g§ñH$aU, Cotton Association of India, 2014, n¥. H«$. 91

11

FMC Ho$ "H$m°Q>Z â¶wMg©' joÌ Ho$ Bg KmoQ>mbo Ho$ nyao 57 dfm] ~mX UPA-2 Ho$ {dÎm‘§Ìr nr. {MXå~a‘ ^r H$‘mo{S>Q>rO ‘mH}$Q> Ho$ EH$ Am¡a ‘m‘bo ‘| H|$Ðq~Xÿ ~Zo {XIm`r XoVo h¢.

{MXå~a‘ Am¡a CZHo$ {dÎm ‘§Ìmb¶ Ho$ A{V[aŠV g{Md Ho$.nr. H¥$îUZ (KPK) Am¡a FMC Ho$ VËH$mbrZ AÜ¶j a‘oe A{^foH$ Ho$ NSEL ‘m‘bo ‘| OëX~mOr ‘| {bE JE g^r {ZU©¶m| Zo ^maVr¶ ~mµOmam| Ho$ Hw$N> gd©loð> E³gM|O {H$g Vah IË‘ H$a {XE ¶h ~mV Bg nwñVH$ ‘| {dñVma go aIr J¶r h¢.

{gVå~a 2015 ‘| FMC H$mo SEBI ‘| {dbrZ H$a {X¶m J¶m Am¡a A~ I~a Am ahr h¢ {H$ SEBI, NSEL ‘m‘bo ‘| ImoE 5600 H$amoS> ê$n¶o dgybZo Ho$ {bE ghr H$X‘ CR>m ahr h¢. Bg{bE NSEL ‘m‘bo ‘| {MXå~a‘ Am¡a CZHo$ gm{W¶m| Ho$ Zm‘ AmZm {ZamYma {~bHw$b ^r Zhr h¢.

‘oam ‘mZZm h¢ {H$ SEBI Zo BgH$s ^r Om±M H$aZr Mm{hE {H$ BZ 5600 H$amo‹S> ê$n¶m| ‘| {H$Z-{H$Z ~‹S>o ~«moH$g© H$m {H$VZm H$mbm YZ h¢ ³¶m|{H$ BÝht Ho$ H$maU g_wMo ~mµOma CÚmoJ H$m hr Zm‘ ãm~ hmo ahm h¢. bo{H$Z {’$a ^r ¶h ¶j àíZ ~Mm ahVm h¢… ³¶m H$mbMH«$ H$mo CbQ>m¶m Om gH$Vm h¢? ¶{X Zhr, Vmo ³¶m CZ bmoJm| H$mo H$^r gOm {‘b nm¶oJr Omo NSEL "no‘|Q> H«$mB{gg' Ho$ {bE ghr ‘m¶Zm| ‘| {Oå‘oXma h¢ Am¡a {OÝhm|Zo ¶h no‘|Q> H«$mB{gg ~ZmE aIm?

Xoe â ‘| {H$gmZm| Am¡a H¥${f AmYm[aV N>moQ>o-~‹S>o ì¶dgm{`¶m| Ho$ {bE Q´>oqS>J Ho$ ‘mÜ¶‘ go ñnm°Q> Q´>oqS>J H$m ‘§M ‘wh¡¶m H$amZodmbo AmXe© E³gM|O NSEL Am¡a CgH$s ‘yb g§ñWm FTIL H$m O~aZ {dbrZrH$aU H$aZo H$m {ZU©¶ boZo ‘| ³¶m BÝhr H¥$îUZ Zo ‘hÎdnyU© ^y{‘H$m Zhr {Z^m¶r Wr?

AmOH$b Vmo ‘r{S>¶m Ho$ hmW Ho$db EH$mY XñVmdoO ^r bJ OmE Vmo h§Jm‘m hmo OmVm h¢. NSEL ‘m‘bo ‘| {MXå~a‘ H$s ^y{‘H$m A^r VH$ ñnï> ê$n go gm‘Zo Zhr Am¶r Wr. {H$gr ^r AI~ma Zo PyR> Am¡a gM H$s N>mZ~rZ H$aZo H$r {hå‘V Zhr {XIm¶r Wr. na§Vw ‘oar Om±M Ho$ Xaå¶mZ gZ 2007 ‘| BÝhr H¥$îUZ ‘hme¶ Zo Am{YH$m[aH$ ê$n go V¡¶ma {H$¶m hþAm EH$ XñVmdoO Am¶m {Og‘| CÝhm|Zo NSE H$s g~{g{S>¶ar NCDEX ‘| AnZm {hñgm ~T>mZo Ho$ {bE NABARD VWm LIC BZ gaH$mar H§$n{Z¶m| Zo AnZm {hñgm H$_ H$aZo H$s ~mV aIr Wr Vm{H$ FTIL J«wn H$s H§$nZr MCX H$mo H$S>r Q>¸$a Xr Om gHo$. ¶h gZgZrIoO XñVmdoO Wm (Bg {H$Vm~

12

‘| hr KPK H$s `h Am{YH$m[aH$ {Q>ßnUr XoI|). H¥$îUZ MCX Am¡a NSE BZ Xmo {ZOr H§$n{Z¶m| ‘| gaH$ma H$m dOZ Ho$db Cg_| go EH$ àm¶doQ> H§$nZr Ho$ {hV ‘| S>mb aho Wo. Eogm do Š`m| H$a aho Wo ^bm? NSE H$s Im{Va ¶h Xmo gaH$mar H§$n{Z¶m± AnZo eoAg© NCDEX H$mo ~oM Xo Eogm H¥$îUZ ³¶m| MmhVo Wo? CZH$m CX²Xoí¶ Š¶m Wm? do BZ Xmo gmd©O{ZH$ CnH«$‘m| na Eogm X~md S>mbZo ‘| BVZr {XbMñnr ³¶m| bo aho Wo? ‘wPo Bg ‘| gmµ’$-gmµ’$ {XImB© XoVm h¢ {H$ H¥$îUZ Am¡a CZHo$ AmH$m {MXå~a‘ H$m, {OÝhm|Zo Bg XñVmdoO na hñVmja {H$E Wo, ¶hr CÔoí¶ Wm {H$ NSE H$s NCDEX Am¡a geº$ ~Zo Am¡a MCX H$mo Q>¸$a XoH$a ~mOma ‘| ñnYm© hr IË‘ H$a X|. ‘oam ¶h g§Xoh AH$maU Zhr Wm (H¥$n¶m AmJo àñVwV {H$¶m ¶h XñVmdoO XoI|). H$m±{n{Q>eZ H${‘eZ Am°’$ B§{S>¶m (CCI) Ho$ ‘hmg§MmbH$ Zo hr AnZo EH$ A{YH¥$V XñVmdoO ‘| ñnï> ê$n go H$hm h¢ {H$ NSE Zo g^r joÌr¶ ñQ>m°H$ E³gM|Om| H$mo ˜Ë‘ H$a {X¶m h¢, ¶hm± VH$ H$s BSE Ho$ {dH$mg ‘| ^r ~mYm S>mbr. Bgr CCI Zo ¶h ^r H$hm {H$ H$aÝgr S>o[ado{Q>dO² ~mµOma ‘| g~{gS>r bmZo Ho$ ‘m‘bo ‘| NSE Zo ~mOma ‘| àñWm{nV AnZr EH$m{YH$maemhr H$m nwaOmoa Xþén¶moJ {H$¶m Wm.

Bg ‘m‘bo ‘| CCI Zo NSE H$mo Xmofr nm¶m… ""NSE Zo AnZr à^mdembr pñW{V H$m bm^ CR>mVo hþE AÝ¶ joÌmo§ H$s VwbZm ‘| H$aÝgr S>o[adoQ>rìO² ‘mH}$Q> H$mo AZw{MV VarHo$ go g~{gS>r àXmZ H$s.''

CCI Zo NSE na ¶h Amamon ^r bJm¶m {H$ CgZo H$aÝgr S>o[adoQ>rìµO goJ‘|Q> Ho$ {bE AbJ-AbJ ImVo Zhr ~ZmE Am¡a Z hr H$aÝgr S>o[adoQ>rdO² goJ‘|Q> ‘| hmoZodmbo {H$gr ^r Q´>m§P°³eZg² na ewëH$ bJmH$a ~mµOma H$s d¥{Õ Ho$ {bE H$mo{ee H$s. BZ g~ {H«$¶mH$bmnm| Ho$ {bE Ho$ CCI Zo NSE5 na 55.5 H$amo‹S> énE H$m Ow‘m©Zm ^r bJm¶m {Ogna AY©-Ý¶m{¶H$ g§ñWm - H$m±{n{Q>eZ A°noboQ> Q´>m¶ã¶wZb (COMPAT) Zo ^r AnZr ‘wha bJm¶r6.

{dH${gV Xoem| ‘| Vmo ~mµOma ‘| àñWm{nV EH$m{YH$madmX H$m JbV à¶moJ H$aHo$ qH$‘Vm| ‘| ~Xbmd H$aZodmbr H§$n{Z¶m| na Amnam{YH$ ‘m‘bo XO© {H$E OmVo h¢ Am¡a CÝh| ^mar Ow‘m©Zm ^r ^wJVZm nS>Vm h¢. MCX-SX ^r NSE na 800 H$amo‹S> ê$n¶m| H$s j{Vny{V© H$m Xmdm H$a MwH$s h¢.

5 Bussiness Standard, ZB© {X„r/‘w§~B©, 25 OyZ 20116 DNA, 6 AJñV 2014

13

‘oar Om±M O¡go-O¡go AmJo ~‹T>Vr J¶r ‘wPo NSEL ‘m‘bo ‘| {MXå~a‘ H$s ^y{‘H$m Am¡a Jhar hmoVr {XIm¶r Xr. {MXå~a‘ Zo Vmo ¶hm± VH$ H$hm Wm {H$ NSEL nhbo {XZ go hr Ad¡Y ê$n go Q´>oqS>J H$a ahr h¢ O~{H$ Cn^moº$m ‘§Ìmb¶ Zo NSEL d Hw$N> AÝ¶ H$‘mo{S>Q>r E³gM|Om| H$mo Forward Conctracts Regulation Act (FCRA) H$s Ymam 27 Ho$ VhV EH$-{Xdgr¶ ’$m°d©S>© H$m±Q´>°³Q>g² Ho$ {bE {deof Ny>Q> XoZo Ho$ ~mX hr NSEL H$s Q´>oqS>J ewê$ hþB© Wr. {’$a ^r {MXå~a‘ Zo H$hZm {H$ NSEL nhbo {XZ go hr Ad¡Yén go Q´>oqS>J H$a ahr Wr ¶h h¡amZ H$aZodmbr ~mV Wr.

ghr ‘m¶Zm| ‘|, {MXå~a‘ Ho$ Bg dº$ì¶ Ho$ {~bHw$b {dnarV> {Q>ßnUr 2010-117 Ho$ Am{W©H$ gd}jU ‘| H$s J¶r Wr… ""ñnm°Q> EŠgM|O BboŠQ´>m°{ZH$ ê$n go Xoeâ Ho$ {H$gmZm| H$mo CZ IarXXmam| Am¡a {dH«o$VmAm| H$mo Omo‹S>Vm h¢ Omo, H¥${f na AmYm[aV ì¶dgm¶m| go OyS>o hmoVo h¡§. ¶h Q´>oqS>J ³bm¶§Q>g² ^m¡Jmo{bH$ ñVa na EH$-Xÿgao go ~hþV Xÿa ~go hmoVo h¢ na§Vw, ñnm°Q> E³gM|O Ho$ ‘mÜ¶‘ go do EH${ÌV AmVo h¢ {OgHo$ H$maU H¥${f ì¶dgm¶ ‘| H$m¶©aV ‘Ü¶ñW d ~«moH$a Xÿa hmoH$a {H$gmZm| H$mo C{MV ^md Am¡a H¥${f na AmYm[aV AÝ¶ g^r KQ>H$m| H$mo A{YH$ ‘wZm’$m {‘b nmVm h¢§. ¶hr ñnm°Q> E³gM|O, â¶wMg© E³gM|Omo§ H$mo "ñnm°Q> àmBg' H$s gyMZm XoZo H$m H$m¶© ^r H$aVo h¢. ñnm°Q> E³gM|O Ho$ H$maU hr {H$gmZm| H$mo ’$gb H$m AÀN>m ^md {‘b gH$Vm h¢. Bbo³Q´>m°{ZH$ ‘mÜ¶‘ go Q´>oqS>J ³bm¶§Q>g² H$mo ^r Xoeâ ‘| C{MV ‘yë¶ na H$‘mo{S>Q>rO IarXZo H$s gw{dYm {‘bVr h¢. Bg{bE, ñnm°Q> E³gM|O Ho$ H$maU CËnmXH$ Am¡a Cn^moº$m (¶m Q´>oqS>J ³bm¶§Q>g²) XmoZm| H$m ’$m¶Xm hmoVm h¢§.''

BgHo$ ~mdOyX, UPA-2 Ho$ H$m°nm}aoQ> ‘§Ìmb¶ Zo NSEL Am¡a FTIL Ho$ O~aZ {db¶ Ho$ àñVmd na H$m¶©dmhr ewê$ H$a Xr. gmW hr, Z°eZb H§$nZr bm° Q´>m¶ã¶wZb (NCLT) ‘| OmH$a FTIL Ho$ à~§YZ H$mo r ~XbZo H$s AOu H$s. BZ XmoZm| àñVmdm| H$mo Ý¶m¶mb¶ ‘| MwZm¡Vr Xr OmEJr Am¡a Ý¶m¶mb¶rZ {ZU©¶ Ho$ ~mX hr BZ na A‘b H$aZm g§^d hmoJm ¶h OmZVo hþE ^r ‘§Ìmb¶ Zo ¶h H$m¶©dmhr H$s. ¶h g~ H$aZo Ho$ {bE FMC à‘wI a_oe A{^foH$ Zo FTIL na ""Zm°Q> {’$Q>> A°ÊS> àm°na'' H$m AZw{MV VarHo$ go à¶moJ H$a Xoe Ho$ {H$gr r "H$‘mo{S>Q>r S>o[ado{Q>dO² E³gM|O' ‘| "eoAahmopëS>¨J' aIZo go à{V~§Y bJm¶m {Ogna H¥$îUZ Ho$ ‘§Ìmb¶ Zo ^r ‘wha bJm¶r. BgHo$ MbVo, Xþ{Z¶mâ Ho$ {dÎmr¶ Am¡a D$Om© S>o[ado{Q>dO² na {Z¶§ÌU aIZo dmbr {Z¶‘ZH$mar g§ñWmAm| Zo ^r

7 Am{W©H$ gd}jU 2010-2011, àH$aU 8, Agriculture and Food Management, n¥. H«$. 215.

14

Bgr AmXoe na A_b {H$¶m. Bg EH$ hr H$m¶©dmhr go emh H$m Xþ{Z¶mâ ‘| ñWm{nV gm‘«mÁ¶ O¡go Yamem¶r hmo J¶m. FTIL J«wn AnZr E³gM|O H§$n{Z¶m± AÝ¶ ~‹S>r H§$n{Z¶m| H$mo ~oMZo na ‘O~ya H$a {X¶m J¶m. A~ Eogm àVrV hmoVm h¢ {H$ NSEL "no‘|Q> H«$mB{gg' FTIL Am¡a emh H$mo E³gM|O ‘mH}$Q> go hQ>m XoZo Ho$ {bE {Z‘m©U {H$¶m J¶m Am¡a Cgo OmZ~yPH$a gwbJVm aIm J¶m.

Bg g~ ‘m‘bo H$s OS> NSEL ‘| hþE Cg "{S>’$m°ëQ>' ‘| h¢ Omo {g’©$ Bg{bE hþAm ³¶m|{H$, FMC Ho$ H$hZo na UPA-2 Ho$ Cn^moº$m ‘§Ìmb¶ Zo NSEL H$mo AnZr Q´>oqS>J AMmZH$ g‘má H$aZo Ho$ {bE H$hm Wm. ¶{X FMC AÜ¶j A{^foH$ CZ 24 {S>’$m°ëQ>am| na H$m¶©dmhr H$aVo Omo ¶h 5,600 H$amoS> ê$n¶o S>H$ma JE Wo Vmo NSEL H$mo ~§X H$aZo H$s Zm¡~V hr Zhr AmVr Am¡a n¡gm ^r dgyb hmo J¶m hmoVm. Bggo nhbo ^r Vmo Xoe Ho$ ñQ>m°H$ ‘mH}$Q> ‘| no_|Q> {S>’$m°ëQ> hmo MwHo$ h¢ Am¡a gaH$ma Zo hñVjon H$a CÝh| gwbPm¶m ^r h¢. NSEL H$m {S>’$m°ëQ> ^r AmgmZr go Q>mbm Om gH$Vm Wm. EO§{g¶m| H$s Om±M ‘| {S>’$m°ëQ> H$m n¡gm 24 {S>’$m°ëQ>am| Ho$ nmg J¶m h¢ ¶h {ZînÞ hmo MwH$m Wm. 22 AJñV, 2013 Ho$ Am¶H$a N>mnm| go ^r ¶h gm’$ Vm¡a na gm{~V hmo J¶m Wm {H$ n¡gm BÝhr 24 {S>’$m°ëQ>am| Ho$ nmg J¶m h¢.

emh Am¡a FTIL Ho$ _m_bo _| {bE JE {ZU©`m| Zo emh H$s à{V^m Am¡a H$m¡eb na âmogm H$aZodmbo ^maVr¶ ~mµOmam| H$mo {hbmH$a aI {X¶m. NSEL ‘m‘bo ‘| emh H$m hmW Zhr Wm, EH$ n¡gm ^r CZ VH$ Zhr Am¶m Wm, {’$a ^r CÝho X§{S>V {H$¶m Om ahm Wm. Bggo EH$ hr ~mV ñnï> hmo ahr Wr… Hw$N> e{º$embr JwQ>m| H$mo emh Am¡a CZH$m FTIL J«wn H$m§Q>o H$s Vah Mw^ aho Wo Am¡a Bgr{bE CZH$m {dÜd§g {H$¶m J¶m Vm{H$ emh VH$ZrH$ Ho$ ZE emoY Z bJm gHo$, {\$a go bmIm| amoOJma {Z‘m©U H$a E³gM|O ~mµOmam| Ho$ ‘mÜ¶‘ go Hw$eb l‘e{º$ H$s ‘XX go Xoe H$s AW©-ì¶dñWm ‘O~yV Z H$a gHo$ Am¡a Zm hr ^maV H$mo VH$ZrH$ Am¡a H$m¡eb Ho$ ‘mÜ¶‘ go ZB© C±MmB©¶m| VH$ bo Om gHo$. {dS>§~Zm ¶h h¢ {H$ àYmZ‘§Ìr Za|Ð ‘moXr AmO {~bHw$b ¶hr g~ MmhVo h¢ Omo emh Zo ~hwV nhbo H$a {XIm¶m Wm.

‘¢Zo h‘oem H$hm h¢ {H$ NSEL ‘m‘bo H$mo Hw$N> AÝ¶ ‘m‘bm| go OmoS>H$a XoIm OmE {OZ_| gaH$maZo µ’$m¡aZ hñVjon H$a g§H$Q> H$mo gwbPm¶m Wm; V~ {H$gr Zo H§$n{Z¶m| H$m {dÜd§g H$aZo H$s ~mV Zhr gmoMr Wr!

15

¶y{ZQ> Q´>ñQ> Am°µ’$ B§{S>¶m (UTI) H$mo hr XoI|. Bg 100% gaH$mar H§$nZr ‘| B{¹$Q>r, S>oQ> Ho$ gmW-gmW "Eoí¶moS>© [aQ>Z©' H$s H$B© ¶moOZmE± Wr. BZ‘| "{MëS´>oÝg J«moW ñH$s‘' Ho$ gmW-gmW 45 AÝ¶ ¶moOZmE± ^r em{‘b Wr {OZ‘| "Eoí¶moS>© [aQ>Ýg©' H$m AmídmgZ UTI Zo AnZo ¶w{ZQ>YmaH$m| H$mo {X¶m Wm.

A~, BZ ¶moOZmAm| Zo BpŠdQ>r Ho$ gmW-gmW F$U ‘| {Zdoe {H$¶m Wm.

gZ 2001-2002 ‘| UTI H$mo ~mOma ‘| bJ^J 6,000 H$amo‹S> énE H$m ZwH$gmZ hþAm Am¡a BgH$m {dnarV n[aUm‘ UTI H$s à‘wI ¶moOZm US-64 hr Zhr ~pëH$ IDBI, IFCI, LIC Am¡a GIC O¡gr H§$n{Z¶m| na ^r hþAm. UTI Bggo nhbo ^r gZ 1992 ‘| Yamem¶r hmo MwH$s Wr Bg{bE Bg ~ma gaH$ma Zo 3,300 H$amo‹S> énE H$m {Zdoe H$a UTI H$s Sy>~Vr Z¡¶m H$mo {’$a EH$ ~ma ~Mm¶m.

UTI Ho$ VËH$mbrZ AÜ¶j nr.Eg. gw~«‘Ê¶‘ Am¡a Hw$N> ~«moH$g© H$mo UTI Ho$ gmW YmoIo~mµOr H$aZo Ho$ Amamon ‘| {JaµâVma H$a {b¶m J¶m Wm. hmbm±{H$ UTI 100% gaH$mar H$§nZr Wr {’$a ^r CgZo AnZo N>moQ>o-~S>o ¶w{ZQ>YmaH$m| go {H$E AnZo Eoí¶moS>© [aQ>Z© Ho$ dmXo nyao Zhr {H$E. UTI Ho$ A{YH$Va {ZdoeH$ N>moQ>o Am¡a dmñV{dH$ {ZdoeH$ Wo Omo µÁ¶mXmVa ‘Ü¶_ dJ© go Wo O~{H$, NSEL ‘| "’$m°d©S>© Q´>oqS>J' H$aZodmbo H$B© ~S>o Q´>oqS>J ³bm¶§Q>g² Wo.

{’$a gaH$ma Zo Š¶m {H$¶m?

gaH$ma Zo UTI H$mo Xmo AbJ-AbJ H$ån{Z¶m| ‘| ~m±Q> {X¶m… "ñno{gµ’$mBS> A§S>aQ>oqH$J Am°µ’$ ¶yQ>rAmB©' (SUUTI) Am¡a UTI Mutual Fund. BZ XmoZm| na SEBIH$m {Z¶§ÌU aIm. SUUTI H$mo AJbo 10 dfm] ‘| Imo¶m hþAm n¡gm nwZ… àmá H$aZo Ho$ {bE ñWm{nV {H$¶m J¶m. bo{H$Z AmíM¶© H$s ~mV h¢ {H$ UTI Zo Bg ZwH$gmZ H$s ânmB© H$aZo H$s H$^r H$mo{ee hr Zhr H$s.8

Am¡a gaH$ma Zo NSEL Ho$ gmW Š¶m {H$¶m?

NSEL ‘m‘bo H$s Om±M ^r nyar Zhr hþB©, g^r ‘m‘bo Ý¶m¶mb¶ Ho$ {dMmamYrZ h¡, {’$a ^r OëX~mOr ‘| NSEL H$mo FTIL ‘| {dbrZ H$aZo H$m AmXoe Xo {X¶m, gmW hr FTIL Ho$ ~moS>© H$mo ~XbZo Ho$ {bE ^r H$X‘ CR>mZm ewê$ H$a {X¶m. hmbm§{H$ ¶h gd©{d{XV Wm H$s NSEL na hþE Q´>m§P°³eZg² go FTIL H$m H$moB© g§~§Y Zhr Wm. nw{bg

8 http://www.capitalmarket.com/CMEdit/SFArtDis.asp?SFSNO= 56&SFESNO=6

16

H$r Om±M ‘| ¶h gm{~V hmo MwH$m Wm {H$ Omo Hw$N> JbV hþAm Wm dh 30 ~«moH$g© Ho$ ‘m’©$V gm¡Xm H$aZodmbo 781 Q´>oqS>J ³bm¶§Q>g² Ho$ H$maU hþAm Wm. BÝht bmoJm| H$mo _w§~B© hmB©H$moQ>© Zo "~moJg Q´>oS>g©'9 H$hm Wm. bo{H$Z ¶hr Q´>oS>g© FMC H$mo "Agbr' bJ aho Wo.

A~ gaH$ma go ^bm H$m¡Z ~hg H$a gH$Vm h¢? g^r ‘m‘bo Ý¶m¶mb¶ Ho$ {dMmamYrZ Wo. _w§~B© hmB©H$moQ>© Zo {S>’$m°ëQ> amer dgybZo Ho$ {bE EH$ g{‘{V ^r ~Zm¶r Wr. {’$a ^r "‘O©a' H$m {ZU©¶ gaH$maZo FMC Ho$ JbV gwPmd na OëX~mOr ‘| bo {b¶m. Eogm ³¶m|H$a {H$`m J`m? Am¡a Hw$N> hr g‘¶ ~mX FMC H$mo SEBI ‘| {dbrZ H$a {X¶m J¶m. ³¶m| FMC H$mo SEBI ‘| {dbrZ H$a {X¶m J¶m? ³¶m Bg{bE {H$ FMC Ho$ H$mb| H$maZm‘m| H$m H$moB© g~yV nrN>o Z aho? gË¶ H$mo gXm Ho$ {bE X’$ZmZo Ho$ {bE?

gZ 2005-06 ‘| "Z°eZb {gŠ`w[aQ>rO² {S>nm°{PQ>ar {b.' (NSDL) KmoQ>mbo H$m gË` ^r Bgr Vah X\$Zm {X`m J`m Wm.

~ohX AmíM`©OZH$ ~mV `h Wr {H$, SEBI Zo ghr ‘m¶Zm| ‘| NSDL10 H$s Om±M ewê$ H$s V~ gr. ~r. ^mdo, Omo Cg g‘¶ Bgr NSDL Ho$ ì¶dñWmnH$s¶ g§MmbH$ Ed‘² ‘w»¶ H$m¶©H$mar A{YH$mar Wo, H$mo "Conflict of Interest' hmoVo hþE ^r SEBI H$m AÜ¶j ~ZmH$a ‘m‘bo H$mo a’$m-X’$m H$a {X¶m J¶m.

Bgr {damoYm^mg Ho$ MbVo ¶h {ZpíMV {H$¶m J¶m {H$, NSDL ‘m‘bo H$s Om±M H$moB© ñdV§Ì g{‘{V H$a|. {Xgå~a 2008 ‘| SEBI gXñ¶ Or. ‘mohZ Jmonmb VWm dr. {bbmYa H$s g{‘{V Zo AmXoe {X¶m {H$ NSDL ‘hÎdnyU© "S>oQ>m' H$s XoIaoI H$aZo ‘| Ag’$b ahr h¢§ Bg{bE, BgHo$ {bE {Oå‘oXma bmoJm| H$s Om±M H$aZo Ho$ {bE NSDL ñdV§Ì Om±M H$amE§. g{‘{V Zo ¶h ^r H$hm {H$ SEBI ^r NSDL H$s "B{Z{e`b npãbH$ Am°\$[a¨J' (IPO) H$s A{Z¶{‘VVmAm| H$mo amoH$Zo ‘| Ag’$b ahr h¢ Am¡a ñnï> H$a {X¶m {H$ 2003-06 Xaå¶mZ Ho$ IPO H$s Ym§Ybr ‘| NSDL nyar Vah Xmofr h¢. bo{H$Z gZgZrIoO Iwbmgm AmJo gm‘Zo Am¶m. gZ 2010 ‘| ^mdo H$s AÜ¶jVm ‘| SEBI ~moS>© Zo {deof g{‘{V H$m ¶h AmXoe Xa{H$Zma H$a {X¶m Am¡a NSDL H$mo IPO ‘m‘bo ‘| g^r Amamonm| go ‘wº$ H$a {X¶m. dmñV{dH$ ñVa na XoIm OmE Vmo Bg


10 http://www.lawgratis.com/2016/01/19/ipo-scam-with-special-referance-to-nsdl-v-sebi-case

17

AY©-Ý¶m{¶H$ g{‘{V Ho$ AmXoe H$mo "{g³¶w[aQ>rO E°noboQ> Q´>m¶ã¶wZb' (SAT) ¶m hmB©H$moQ>© hr aÔ H$a gH$Vm Wm11.

^mdo Zo Bg ñdV§Ì g{‘{V go H$s J¶r Om±M go ñd¶§ H$mo AbJ Vmo aIm bo{H$Z CgH$s [anmoQ>© ˜m[aO H$aZo ‘| ‘hÎdnyU© ^y{‘H$m {Z^m¶r!

‘wPo Hw$N> g‘¶ nhbo ^yVnyd© J¥h g{Md Or.Ho$. {n„¡ Am¡a {MXå~a‘ Ho$ ~rM {N>‹S>r ~hg ¶mX Am¶r. {ddm{XV BeaV Ohm± ‘m‘bo ‘| E{’$S>o{dQ> Ho$ gmW N>o‹S>-N>m‹S> H$admZo H$m gZgZrIoO Amamon {n„¡ Zo {MXå~a‘ na bJm¶m Wm12. ‘r{S>¶m ‘| ¶h ‘m‘bm H$m’$s CN>bm Wm. {n„¡ Zo H$hm Wm {H$ {MXå~a‘ Zo Z {gµ’©$ E{µ’$S>o{dQ> ‘| ~Xbmd H$admE§ ~pëH$ ˜w{’$¶m ã¶yamo Am¡a J¥h ‘§Ìmb¶ Ho$ CZ A{YH$m[a¶m| H$mo ^r Y‘H$m¶m {OÝhm|Zo nhbm E{µ’$S>o{dQ> V¡¶ma {H$¶m Wm {Og‘| BeaV Ohm± H$mo "bíH$a-E-V¡æ¶~m' go OmoS>m J¶m Wm. {MXå~a‘ Ho$ ZE E{µ’$S>o{dQ> ‘| "bíH$a' H$m Zm‘ hQ>m {X¶m J¶m Wm. {n„¡ Zo H$hm, ""Iw{µ’$¶m ã¶yamo Am¡a J¥h ‘§Ìmb¶ Ho$ H${Zð> A{YH$m[a¶m| Zo CÝh| ({MXå~a‘) g_PmZo H$s ~hwV H$mo{ee H$s {H$, nhbm ‘gm¡Xm {~ëHw$b ghr h¢ bo{H$Z, CÝhm|Zo CÝh| Y‘H$m¶m Am¡a O~ do CÝh| g‘PmZo H$s H$mo{ee H$aZo bJo, Vmo CZH$s ha ~mV ˜m[aO H$a Xr J¶r. CgHo$ ~mX CÝhm|Zo ({MXå~a‘) ñd¶§ hr AnZo XµâVa ‘| Z¶m ‘gm¡Xm {bIdm¶m Am¡a ¶hr ‘gm¡Xm ‘oao gm‘Zo aIm J¶m. {Z¶‘m| Ho$ AZwgma CÝh| ({MXå~a‘) Eogm H$aVo g‘¶ ‘oar gbmh boZr Mm{hE Wr bo{H$Z CÝhm|Zo Eogm Zhr {H$¶m.''

{MXå~a‘-{n„¡ {ddmX H$m A§V ‘| ³¶m hþAm ¶h A~ VH$ gm‘Zo Zhr Am¶m h¢§ bo{H$Z ¶{X Xoe Ho$ H|$Ðr¶ ‘§Ìr Bg Vah {Z¶‘m| H$mo VmoS>-‘amoS> H$a aI XoVo hmo Vmo Bg ~mV H$s ³¶m J°a§Q>r h¢ {H$ Omo Xoe Ho$ gm‘Zo aIm OmVm h¢ dhr gM hmoVm h¢?

NSEL ‘m‘bo H$s Vh VH$ nhþ±MZo Ho$ {bE ‘wPo 6 ‘{hZo bJ JE. _¢ BgHo$ {bE, {X„r Am¡a ‘w§~B© ‘| 50 go A{YH$ bmoJm| go {‘bm. em¶X hr H$moB© Wm Omo Bg ‘m‘bo na IwbH$a ~mobZm MmhVm Wm. {OgZo ^r Hw$N> H$hm Cg‘| A{YH$Va H$mZyZr Xmd-n|M H$m hr {OH«$ Wm. bo{H$Z ‘wPo BZ g~ ~mVm| H$s AmXV Wr; I~a H$s ImoO~rZ H$aZm ‘oam Agb H$m‘ Wm. dmñVd ‘|, _¢ B§Xa{OV ~Ydma Ûmam g§nm{XV, à{V{ð>V India Legal ‘¡JOrZ H$s H$da ñQ>moar na H$m‘ H$a ahm Wm.

11 http://www.sebi.gov.in/cmorder/NSDL-IPO.pdf12 The Asian Age, 4 ‘mM© 2016 - Z‘«Vm ~rOr AmhþOm, http://www.asianage.com/india/gk-pillai-dares-pc-

deny-you-dictated-ishrat-draft-345

18

B§Xa{OV Zo ‘wPgo ñnï> hr H$hm Wm… ""‘r{S>¶m Zo Bg ‘m‘bo H$mo njnmV H$aVo hþE H$da {H$¶m h¢. h‘| gË¶ ImoOH$a {ZH$mbZm h¢.'' ¶h ghr ^r Wm… Xmo ~‹So AI~mam| Zo NSEL, FTIL Am¡a emh Ho$ {Ibm’$ ‘w{h‘ hr N>o‹S> aIr Wr ³¶m|{H$ CZHo$ ‘m{bH$m| H$m n¡gm NSEL {S>’$m°ëQ> ‘| ’±$gm Wm!

~«moH$g© Zo 50 H$amoS> ê$n¶mo§ H$m YZ {g’©$ Bg{bE IS>m H$a aIm Wm Vm{H$, ‘r{S>¶m ‘| bm°q~J H$aZodmbr H§$n{Z¶m| Ho$ ‘mÜ¶‘ go PyR> H$mo gM ‘| ~Xbm Om gHo$. bo{H$Z `h g~ Hw$N> H$m‘ Z Am¶m. {d»¶mV nÌH$ma gyMoVm Xbmb Zo CZHo$ PyR> H$m nwqbXm Imob hr S>mbm.

gwMoVm Zo AnZo boI ‘| {bIm… ""NSEL ‘m‘bo ‘| AnZm n¡gm J±dmZo H$s MrI-nwH$ma H$aZodmbo ¶h Q´>oqS>J ³bm¶§Q>g² BMW/Mercedes O¡gr Jm{S>¶m| ‘| go FTIL Am°{’$g Ho$ WmoS>o nhbo hr CVa JE Am¡a {’$a hmW ‘| nM}/’$bH$ boH$a ~ZmdQ>r Amdoe {XImVo hþE FTIL Am°{’$g VH$ KmofUm XoVo Mbo JE Vm{H$ Xoe Ho$ Q>rdr M¡Zbm| Ho$ {bE AÀN>r-Imgr ~«oqH$J Ý¶yO ~Z gHo$...'' Hw$N>-EH$ ‘r{S>¶m Zo Eogm {H$¶m ^r bo{H$Z Imgm Aga Zhr hþAm. CZ‘| go H$B©¶m| Ho$ {bE ¶h H$moB© ~‹S>r I~a Zhr Wr. ‘r{S>¶m Ho$ {bE H$‘mo{S>Q>rO ¶m B{¹$Q>r E³gM|Oog H$moB© AmR> H$m°b‘ hoS>bmBÝg H$m ‘wÔm Zhr Wo!

EH$ gdmb A~ ^r ‘oam {nN>m Zhr N>mo‹S> ahm Wm… ³¶m Ho$db EH$ àm¶doQ> H§$nZr - NSE - Ho$ Am{W©H$ {hV H$s ajm Ho$ {bE Hw$N> ^maVr¶ H§$n{Z¶m| H$mo ~{b MT>m`m J¶m Wm?

‘wPo Vmo Eogm hr àVrV hmo ahm Wm. NSEL H$s dmñV{dH$ H$hmZr VrZ dfm] ~mX gm‘Zo Am ahr Wr.

¶hr Vmo {Z¶{V h¢. Am¡a {Z¶{V H$m H$mbMH«$ H$moB© ^r CbQ>m Zhr Kw_m gH$Vm.

19

AÜ¶m¶ 1

{dÜd§g Ho$ {bE X~mdVÝÌ H$m à¶moJ

‘B© ‘{hZo H$s H$S>r Xmonha Wr. ‘¢ AnZr [anmoQ>©g© S>m¶ar ‘| Hw$N> ~mVm| H$mo A§{H$V H$a ahm Wm {Og‘| EH$ ‘hÎdnyU© g§^mfU Am¶m Wm. ¶h g§^mfU em¶X Bgr ~mV H$m ÚmoVH$ Wm {H$ H¡$go Hw$N> Hw${Q>b bmoJm| Zo EH$ CÚ‘erb Am¡a {dH${gV ^maV H$m gnZm XoIZodmbm| H$r ‘hÎdmH$m§jmAmo§ H$m Jbm Kmo§Q>m Wm.

¶{X {H$gr Om§~mO nÌH$ma Zo "amB©Q> Qw> BÝ’$‘}eZ' (RTI) Ho$ VhV {H$gr ‘m‘bo H$s ImoO~rZ H$s Vmo ~mV AbJ h¢ daZm Eogo g§^mfU em¶X hr H$^r OZVm Ho$ gm‘Zo AmVo h¢. ¶m ¶y§ H${hE, CÝh| gm_Zo AmZo Zhr {X¶m OmVm! RTI H$s ‘XX go gaH$mar XâVam| H$s nwamZr Ab‘m[a¶m| go H$^r-H$^r Mm¢H$mZodmbo JmonZr¶ gË¶ Am¡a VÏ¶ ~mha {ZH$b nS>Vo h¢. bo{H$Z ‘wPo RTI H$s ¶m Ny>no H¡$‘ao go pñQ>¨J Am°naoeZ H$aZo H$s Oê$aV Zhr nS>r. ¶h g§^mfU ‘wPgo gmPm {H$¶m {X„r-pñWV ‘oao EH$ ~hþV {dídgZr¶ gyÌ Zo. dh gZgZrIoO g§^mfU Hw$N> Eogm Wm…

""³¶m {H$¶m OmE, ga? CZHo$ {Ibm’$ h‘mao nmg H$moB© ^r g~yV Zhr h¢. Xÿgao, ‘w§~B© nw{bg H$s Am{W©H$ AnamY emIm (EOW) go ^r do nyar Vah gh¶moJ H$a aho h¡§. EOW Zo CÝh| 7 ~ma nwN>VmN> Ho$ {bE ~wbm¶m Wm bo{H$Z do IwX 21 ~ma hm{Oa hþE h¢§. CZH$s Q>r‘ Zo ^r nw{bg H$mo Hw$N> H§$ß¶wQ>a Q>{‘©Zëg bJmH$a {XE Vm{H$ n¡gm H$hm± J¶m ¶h nVm Mb gHo$. nw{bg Vmo CZHo$ gh¶moJ go {~bHw$b g§Vwï> h¢, ga!''

¶h AmdmO Wr H|$Ðr¶ {dÎm ‘§Ìmb¶ Ho$ EH$ ~‹S>o A’$ga H$s. A~ VH$ ‘m¶mam‘ g{‘{V H$ar~-H$ar~ g^r Om±M EO§{g¶m| H$mo emh Ho$ nrN>o bJm MwH$s Wr. bo{H$Z gË¶ emh Ho$ gmW Wm Bg{bE do ~‹S>r ZrS>aVm go hmbmV H$m gm‘Zm H$a aho Wo.

""Z¶r gaH$ma Am ahr h§¡, ¶h AmX‘r AJa ~mha ahm Vmo h‘mao {bE IVaZmH$ gm{~V hmo gH$Vm h¢,'' Cg A{YH$mar Zo H$mVa ñda ‘| H$hm.

""³¶m H$ao§, ga?''

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Xÿgar Va’$ go H$moB© Odm~ Zhr Am ahm Wm. ‘mZmo nabr Va’$ H$s ì¶{º$ {H$gr Hw${Q>b fS>¶§Ì H$s gmoM ‘| J‹T>> J¶r Wr. {’$a AMmZH$ CgH$m ñda JOm©… ""Hw$N> ^r H$amo bo{H$Z Bg AmX‘r H$mo gbmIm| Ho$ nrN>o S>mb Xmo. nw{bg H$s H$mb-H$moR>ar CgH$s H$‘a VmoS> XoJr, CgHo$ {Xbmo-{X‘mJ H$mo Mya-Mya H$aHo$ aI XoJr. EH$ ~ma CgH$r Eogr ~XZm‘r hmo OmE, {’$a ¶h AmX‘r qOXJr ‘| Xþ~mam ga CR>mZo H$s {hå‘V Zhr H$aoJm! AJa nw{bg Zo Cgo {JaâVma Zhr {H$¶m Vmo ‘¢ CBI H$mo CZHo$ nrN>o bJm Xÿ§Jm.'' H$m¡Z Wr ¶h ì¶{º$? H$moB© Cƒ{d^y{fV H|$Ðr¶ ‘§Ìr? ¶m H$moB© ~‹S>m g{Md?

Bg Hw${Q>b g§^mfU H$m nXm©’$me Xÿgao {XZ ì¶mnma OJV Ho$ à{V{ð>V AI~ma The Economic Times ‘| hþAm. ¶h g§^mfU Wm 5600 H$amoS> ê$n¶m| Ho$ H${WV KmoQ>mbo ‘| ’§$gmE JE NSEL Ho$ VËH$mbrZ AH$m¶©H$mar g§MmbH$ {O¾oe emh Ho$ ~mao ‘|.

dh VmarI Wr 7 ‘B©, 2014. Am§Y«, {~hma, {h‘mMb, H$í‘ra, CÎma àXoe, PmaI§S> d npíM‘ ~§Jmb ‘| bmoH$g^m Ho$ MwZmd hmb hr ‘| IË‘ hþE Wo. bo{H$Z ¶hm± ‘w§~B© ‘| eoAa ~mµOma H$m em¶X g~go ~‹S>m ‘mZd{Z{‘©V g§H$Q> AmH$ma bo ahm Wm.

Cg {XZ H$s em‘ emh Ho$ {bE ~hþV A{YH$ {dZmeH$mar gm{~V hmoZo Om ahr Wr. MCX Ho$ VËH$mbrZ ‘w»¶ H$m¶©H$mar A{YH$mar VWm NSEL Ho$ EH$ Am¡a AH$m¶©H$mar g§MmbH$ lr lrH$m§V OdbJoH$a H$mo EOW, ‘w§~B© Zo Xmonha VrZ ~Oo nyN>VmN> Ho$ {bE ~wbm¶m bo{H$Z CZH$s V{~¶V R>rH$ Zhr Wr. O~ CÝhmoZo ¶h ~mV emh go H$hr Vmo do ~mobo, ""M{bE, ‘¢ Amn Ho$ gmW AmVm hÿ±. h‘ XmoZm| amOdY©Z H$mo {‘bH$a AmVo h¢.'' XmoZm| EOW nhþ±Mo na amOdY©Z dhm± Zhr Wo. Bg{bE Mma ~Oo VH$ CZH$s àVrjm H$aHo$ XmoZm| ^r bm¡Q> AmE.

A~ VH$ NSEL ‘m‘bm àoea Hy$H$a H$m ñdê$n bo MwH$m Wm. Bg ‘m‘bo ‘| H$B© bmoJm| na H$B© OJhm| go X~md Am ahm Wm. emh VWm OdbJoH$a H$mo {’$a go ~wbm¶m J¶m. ""³¶m|?'' XmoZm| H$mo hr AmíM¶© hþAm.

nw{bg Zo Ho$db BVZm H$hm {H$ H$moB©> ‘hÎdnyU© ‘m‘bm gm‘Zo Am J¶m h¢. ‘w§~B© H$s ‘arZ S´>mBd Ho$ g‘wÐr VQ> na A^r gy¶m©ñV Zhr hþAm Wm. em‘ gmV ~Oo emh Am¡a OdbJoH$a {’$a EH$ ~ma H«$m°’$S>© ‘mH}$Q> Ho$ {ZH$Q> pñWV ‘w§~B© nw{bg Ho$ ‘w»¶mb¶ ‘| Xm{Ib hþE. XmoZm| EOW nhþ±Mo na XmoZm| {ZpíM¨V Wo; H$moB© ^r S>am ¶m gh‘m hþAm-gm Zhr Wm. em¶X Bg{bE H$s CÝh| nVm hr Zhr Wm {H$ AmJo ³¶m hmoZodmbm h¢.

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Xÿgao hr nb {H$gr nw{bgdmbo Zo ’$‘m©Z N>moS>m ""Amn XmoZm| H$mo {JaµâVma {H$¶m Om ahm h¢!''

""³¶m|? {H$g {bE?'' emh Zo VËjU nyN>m. ""Om±M Ho$ Xaå¶mZ nw{bg go gh¶moJ Z H$aZo Ho$ {bE,'' EH$ H${Zð> A{YH$mar Zo H$hm.

""bo{H$Z A^r VrZ K§Q>o nhbo hr h‘ bmoJ ¶hm± Wo. A^r Eogm ³¶m hmo J¶m {H$ AmnH$mo h‘| {hamgV ‘| boZo H$s Zm¡~V Am J¶r?'' emh Zo {’$a go nyN>m. em¶X Bg{bE ³¶m|{H$ {gVå~a 2013 go 7 ‘B© 2014 VH$ EOW H$B© ~ma CZgo nyN>VmN> H$a MyH$s Wr Am¡a CÝh| CZHo$ {Ibm’$ H$moB© Amn{ÎmOZH$ ~mV ¶m g~yV Zhr {‘bm Wm. Bg nyar Om±M Ho$ ~mX ñd¶§ EOW Zo hr H$hm Wm {H$ CÝhm|Zo emh H$mo Ho$db 7 ~ma nyN>VmN> Ho$ {bE ~wbm¶m Wm bo{H$Z do ñd¶§ 21 ~ma hm{Oa hþE Wo. OdbJoH$a ^r H$B© ~ma AmE Wo. nw{bg Ho$ nmg BZ g~ ~mVm| H$m ã¶m§¡am Wm. {’$a ^r nw{bg Zo BZ VÏ¶m| H$mo AZXoIm H$a {X¶m. Omo KQ> ahm Wm Cg na Vmo emh H$mo {dídmg hr Zhr hmo ahm Wm. {H$gr nw{bgdmbo Zo CZ XmoZm| Ho$ gm‘Zo nmZr Ho$ ½bmg aI {XE bo{H$Z CÝh| em¶X nmZr nrZo VH$ H$s gwY-~wY Zhr Wr.

"WmoS>r hr Xoa ‘| EOW à‘wI amOdY©Z {gÝhm Amngo {‘b|Jo' ¶h H$hH$a XmoZm| H$mo nwamZr Hw${g©¶m| na {~R>m {X¶m J¶m. EH$ K§Q>o ~mX O~ {gÝhm bm¡Q>o Vmo CÝhm|Zo BVZm hr H$hm, ""NSEL ‘m‘bo ‘| Amn XmoZm| H$mo {JaâVma H$aZm Oê$ar Wm. {JaâVmar Ho$ AmXoe Cna go AmE h¢.'' bo{H$Z, "Cna' go AmXoe {H$gZo {XE h¢§ Bg na {gÝhmZo Hw$N> Zhr H$hm. Bg na Vmo H$moB© ^r Hw$N> H$hZo H$mo amOr Zhr Wm.

WmoS>r hr Xoa ‘| nw{bg Zo CZH$s {JaâVmar H$s I~a ‘r{S>¶m H$mo Xo Xr. gmao Xoe ‘| ~«oqH$J Ý¶yO H$m h§Jm‘m hmo J¶m. EOW Ho$ XâVa Ho$ gm‘Zo nÌH$mam| H$m hþOy‘ bJ J¶m. nw{bg Zo H$h {X¶m, ""NSEL ‘m‘bo Ho$ ‘w»¶ Amamonr {JaâVma H$a {bE JE h¢§. ¶h ~¶mZ Bgr EOW H$s Om±M ‘| {Zg§Xoh PyR> gm{~V hþAm bo{H$Z Cg amV nw{bg H$m ¶hr "gM' Wm. ^maVr¶ ~mOma {díd H$o Xmo ~hþV ~S>o ì¶{º${deof nw{bg H$s {JaâV ‘| Wo ¶hr ‘r{S>¶m Ho$ {bE gZgZrIoO I~a Wr. VrZ ‘{hZm| VH$ emh Am¡a OdbJoH$a nw{bg go nyar Vah gh¶moJ H$aVo AmE Wo. nw{bg H$mo CZHo$ {Ibm’$ H$moB© ^r Amn{ÎmOZH$ g~yV Zhr {‘bm Wm. {’$a ^r emh 108 {XZ VH$ Oob ‘| Wo. nw{bg CZHo$ {Ibm’$ Hw$N> ^r {gÕ Zhr H$a nm¶r {’$a ^r CZH$s ZOa ‘| ¶hr XmoZm| Amamonr Wo.''

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bmoJm| H$mo, {deofH$a NSEL, MCX d FTIL Ho$ H$‘©Mm[a¶m| H$mo nyar Vah {dídmg Wm {H$ BZ XmoZm| Zo {H$gr ^r àH$ma H$m JbV ì¶dhma Zhr {H$¶m h¢, XmoZm| hr NSEL Ho$ AH$m¶©H$mar g§MmbH$ aho Wo Bg{bE NSEL ‘| Omo hþAm Cggo BZ XmoZm| H$m Hw$N> boZm-XoZm Zhr Wm.

nw{bg {hamgV ‘| XmoZm| H$s Iy~ nyN>VmN> hþB©. XmoZm| ^r AmœñV Wo - ""h‘ nw{bg go CÎm‘ gh¶moJ H$a aho h¢. h‘Zo Hw$N> H§$ß¶wQ>a Q>{‘©Zëg bJmH$a nw{bg H$mo ¶h g‘PZo ‘| ^r ‘XX H$s h¢ {H$, {H$g Vah Hw$N> ~«moH$g© Zo {d{eï> àH$ma go gm¡Xo H$a NSEL H$mo "no‘|Q> H«$mB{gg' ‘| YHo$bm Wm. nw{bg Zo h‘mao Bg gh¶moJ H$mo {b{IV ñdê$n ‘| ñdrH$mam ^r h¢.''

XmoZm| H$mo "Agh¶moJ H$aZo' H$m Amamon AmíM¶©H$maH$ bJ ahm Wm ³¶m|{H$ EOW Zo ¶h ^r ‘mZm Wm {H$ ¶h nhbm hr ‘m‘bm Wm {Og ‘| Imo¶m hþAm n¡gm ImoO {ZH$mbZo ‘| dmñV{dH$ à¶mg {H$E Om aho Wo.

‘Z hr ‘Z emh AZoH$ {dMmam| go {Kao hþE Wo. CÝh| A~ {dídmg hmoZo bJm Wm {H$ CÝh| CZHo$ ì¶dgm¶ go {ZîH$m{gV H$aZo Ho$ {bE, CZH$m gm‘«mÁ¶ CÕñV H$aZo Ho$ {bE, H$moB© gM‘yM ES>r-MmoQ>r EH$ H$a ahm Wm.

""H$moB© Vmo h¢ Omo h‘| Myn H$amZm MmhVm h¢§, h‘mar {dídg{Z¶Vm Zï> H$aZm MmhVm h¢,'' emh Zo OdbJoH$a go H$hm.

BYa àog H$m±’«|$g H$s V¡¶mar hmo MyH$s Wr. nw{bg Ho$ {bE ¶h ~‹S>m ‘hÎdnyU© {XZ Wm. emh Am¡a OdbJoH$a H$s {JaâVmar H$s ~‹S>r I~a g^r M¡Zbm| na àgm[aV hmo ahr Wr. ‘oar OmZH$mar Wr ¶h g~ {X„r Ho$ AmXoe na hmo ahm Wm. Am¡a ¶h ghr ^r Wm.

9 ‘B© 2014 Ho$ The Economic Times Bg à{V{ð>V AI~ma ‘| Bg ~mV H$m Iwbmgm hþAm… 7 ‘B© 2014 H$mo nyN>VmN> Ho$ {bE O~ {O¾oe emh EOW Ho$ XâVa ‘| hm{Oa hþE Wo, Cgr g‘¶ EOW Ho$ EH$ A{YH$mar H$s CnZJa ‘| H|$Ðr¶ {dÎm ‘§Ìmb¶ Ho$ EH$ d[að> A{YH$mar go ^|Q> hmo ahr Wr. em‘ nm±M ~Oo O~ ¶h nw{bg A{YH$mar bm¡Q>m Vmo CgZo emh H$mo gwZm {X¶m {H$ CÝh| {JaâVma {H$¶m Om ahm h¢.''

I~a ‘| AmJo {bIm Wm… ""emh Ho$ H$B© ì¶mdgm{¶H$ eÌw ~Z JE Wo. BZ‘| EH$ d[að> IAS A{YH$mar ^r Wm. emh H$s {JaâVmar hmo BgHo$ {bE ¶h bmoJ {nN>bo 6 ‘{hZm| go {XZ-amV EH$ H$a aho Wo.''

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""NSEL Ho$ VËH$mbrZ MD A§OZr {gÝhm Zo {gVå~a 2013 ‘| nw{bg H$mo {X¶m hþAm AnZm ~¶mZ ~XbH$a 21 A³Qy>~a 2013 H$mo Z¶m Odm~ {bIdm¶m Wm {Og‘| CÝhm|Zo NSEL ‘m‘bo H$s gmar {Oå‘oXmar emh na S>mb Xr Wr.''

""‘w§~B© ‘| amHo$e ‘m[a¶m ZE nw{bg Am¶wº$ ~Zo Wo. {X„r ‘| ^r amOZr{VH$ Am¡a àemg{ZH$ Io‘m| ‘| emh Ho$ eÌw EH$ hmo JE Wo. ‘hmamï´> ‘| ^r gÎmm Ho$ g‘rH$aU ~Xb aho Wo. {dYmZg^m Ho$ MwZmd ga na Wo. ¶h g~ ~mV| emh Ho$ {Ibm’$ H$m¶©dmhr hmoZo ‘| ‘XXJma gm{~V hþB©.''

H$m’$s N>mZ-~rZ Ho$ ~mX EOW Ho$ ‘oao§ gyÌm| go ‘wPo nVm Mbm {H$, EOW à‘wI amOdY©Z {gÝhm CnZJa ‘| H|$Ðr¶ {dÎm ‘§Ìmb¶ Ho$ {Og ~‹S>o A{YH$mar go {‘bZo JE Wo dh {dÎm ‘§Ìmb¶ Ho$ d[að> A{YH$mar Ho$.nr. H¥$îUZ H$m Img Wm.

¶h A{YH$mar {gÝhm H$mo ³¶m|H$a {‘bm? ³¶m Bg A{YH$mar Zo UPA-2 Ho$ {H$gr ‘hÎdnyU© ì¶{º$ H$m H$moB© {deof g§Xoe ¶m AmXoe {gÝhm H$mo {X¶m Wm?

àíZ Vmo H$B© Wo na CÎma Zhr Wm.

A~ ¶h ñnï> hmo MwH$m Wm {H$ Cg {XZ emh Am¡a OdbJoH$a H$mo admZm H$aZo Ho$ ~mX AMmZH$ em_ N>… ~Oo Xþ~mam ³¶m| ~wbm¶m J¶m Wm. The Economic Times H$s I~a Ho$ AZwgma BZ XmoZm| Ho$ {JaâVma H$aZo H$m {ZU©¶ Xmonha 3 go 5 Ho$ ~rM {H$¶m J¶m Wm.

Xoe ‘| amOZ¡{VH$ ~Xbmd Ho$ - H|$Ð ‘| ^mOnm H$s gaH$ma AmZo Ho$ - ñnï> g§Ho$V Wo. emh Am¡a OdbJoH$a H$s {JaâVmar Ho$ {bE EOW Ho$ nmg H$moB© Img ñnï>rH$aU Zhr Wm. bo{H$Z Bg {JaâVmar Zo BZ XmoZm| H$m OrdZ gXm-gd©Xm Ho$ {bE ~Xb {X¶m.

EOW à‘wI {gÝhm Zo Ho$db BVZm H$hm, ""h‘ ~«moH$g© H$s ^r Om±M H$a aho h¢. BZ‘| go Hw$N> ~«moH$a 0.2% doAahmCg MmO}g bJmVo AmE h¢ bo{H$Z h‘| BZH$s agrX Zhr Xr J¶r h¢. Om±M ‘| ¶h ^r nVm Mbm h¢ {H$ BZ ~«moH$g© Zo AnZo ³bm¶§Q> H$s OmZH$mar Ho$ {~Zm hr gm¡Xo {H$E h¢.''

‘Ja ‘r{S>¶m H$s I~am| ‘| BZ ~«moH$g© H$m H$moB© Imgm C„oI Zhr Am¶m - CZHo$ {bE emh Am¡a OdbJoH$a H$s {JaâVmar hr ~‹S>r I~a Wr. emh Zo nw{bg go gh¶moJ {H$¶m, H§$ß¶yQ>a Q>{‘©Zëg bJmH$a nw{bg H$mo NSEL H$s Q´>oqS>J H$m ñdê$n g‘Pm¶m,

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BZ g~ H$s ~m~V {gÝhm Zo ‘r{S>¶m go Hw$N> Zhr H$hm. em¶X CÝhm|Zo CVZm hr H$hm {OVZm CÝho§ H$hZo Ho$ {bE H$hm J¶m Wm!

emh Am¡a OdbJoH$a h¡amZ Wo. CZHo$ d{H$bm| Zo CZHo$ S>m¶dam| H$mo {JaâVmar H$s OmZH$mar Xr. do ^r Ka bm¡Q> JE Am¡a n[aOZm| go H$h {X¶m - ""AmO gmh~ Ka Zhr bm¡Q>|Jo.''

BYa emh OdbJoH$a go H$h aho Wo, ""NSEL ‘m‘bo ‘| Imo¶m hþAm n¡gm dgybZo ‘| h‘| nw{bg H$s ‘XX H$aZr Mm{hE Vm{H$ h‘ na bJmE JE ¶h Amamon hQ>mE§ Om gHo$.''

emh Ho$ {bE ¶h g~ ‘hm^maV ‘| H$m¡ad Am¡a nm§S>dm| Ho$ ~rM hþE AÝ¶m¶ Ho$ g‘mZ hr Wm. XmoZm| H$mo A~ {dídmg hmoZo bJm Wm {H$ H$moB© CZHo$ {Ibm’$ fS>¶§Ì H$a ahm Wm. ‘w§~B© Ho$ Aa~r g‘wÐ Ho$ VQ> na A~ gy¶m©ñV hmo MwH$m Wm. emh Am¡a OdbJoH$a Ho$ OrdZ ‘| EH$ H$^r Z IË‘ hmoZodmbr H$mbam{Ì H$m Ama§^ hmo MwH$m Wm. ‘pñVîH$ ‘| {dMmam| H$m g¡bm~ C‘S>-C‘S>H$a Am ahm Wm.

ñQ>m°H$ Am¡a H$‘mo{S>Q>rO² H$s Xþ{Z¶m ‘| A{ÛVr¶ H$m¶© H$aZodmbo ¶h Xmo ì¶{º$ CZHo$ {Ibm’$ H$moB© ^r g~yV Z hmoVo hþE ^r nw{bg H$s {hamgV ‘| Wo. Xþ{Z¶mâ ‘| Aa~m| S>m°ba H$m ì¶dgm¶ H$aZodmbo ~‹S>o CÚmoJn{V¶m| Ho$ ~rM BZ XmoZm| H$s gmI Wr. Xþ{Z¶mâ ‘| Aìdb XO} H$s H§$n{Z¶m± ñWmnZ H$aZo ‘| XmoZm| H$mo hr ‘hmaV hm§{gb Wr. BÝht H§$n{Z¶m| Ho$ ‘mÜ¶‘ go bmIm| bmoJm| H$mo amoOJma àmá hþAm Wm. emh H$s ¶h H§$n{Z¶m± ghr ‘m¶Zo ‘| Make in India H$m gdm}Îm‘ CXmhaU ahr Wr. BÝht H§$n{Z¶m| Zo {hÝXþñVmZ H$m Zm‘ Xþ{Z¶mâ ‘| amoeZ {H$¶m Wm bo{H$Z NSEL ‘m‘bo Ho$ ~hmZo emh d CZH$s FTIL H$mo "Zm°Q> {’$Q> A°ÊS> àm°na' Kmo{fV H$a {X¶m J¶m. Eogm H$aZo go emh d FTIL ñQ>m°H$ d H$‘mo{S>Q>rO² Ho$ ì¶dgm¶ go hr ~mha H$a {XE JE.

""H$m¡Z h‘| IË‘ H$aZo na Vwbm hþAm h¢?'' emh Zo OdbJoH$a H$m hmW, hmW ‘| boVo hþE qM{VV ñda ‘| nyN>m.

CZHo$ nmg ^r H$hm± Odm~ Wm? gmoM-gmoMH$a {X‘mJ MH$am J¶m Wm. Am{Ia WH$-hmaH$a Am±I H$~ bJr XmoZm| H$mo ^r nVm Z Mbm.

emh OmZVo Wo, CZHo$ {Ibm’$ Ho$g ~ZmZo Ho$ {bE nw{bg NSEL Ho$ H$‘©Mm[a¶m| na X~md S>mb ahr Wr. ""Amn ‘oao {Ibm’$ Odm~ Xo Xmo, ‘¢ AnZo ~mao ‘| ³¶m H$aZm h¢, XoI by±Jm. A§VV… OrV gM H$s hr hmoJr,'' emh Zo ewê$ go hr AnZo H$‘©Mm[a¶m| go H$h aIm Wm.

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bo{H$Z gM Vmo CZHo$ gh¶moJr ^r OmZVo Wo. A~ emh Ho$ à{V CZH$m AmXa Am¡a ~‹T> J¶m Wm.

EH$ gámh ~mX goeZ H$moQ>© Zo XmoZm| H$s admZJr Ý¶m{¶H$ {hamgV ‘| H$a Xr. emh H$mo nhbo go hr a{d nyOmar J±J go Y‘{H$¶m± AmVr ahr Wr Bg{bE CÝhm|Zo H$moQ>© go {~ZVr H$s {H$ CÝh| AmW©a amoS> Oob ‘| Z aIm OmE§. AV… H$moQ>© Zo XmoZm| H$mo H$ë¶mU Ho$ AmYmadmS>r Oob ‘| ôO {X¶m.

amV Ho$ VrZ ~O JE Wo bo{H$Z XmoZm| ‘| go H$moB© ^r gmo Zhr nm ahm Wm. Oob H$s H$moR>ar N>moQ>r hmoVr h¢, Cg‘| n§Im Zhr hmoVm, n‹T>Zo H$mo AI~ma Zhr hmoVo, ~mha H$s Xþ{Z¶m ‘| ³¶m hmo ahm h¢ BgH$s OmZH$mar àmá hmoZo H$m H$moB© gmYZ Zhr hmoVm, H$moB© {‘bZo-~mV H$aZo Ho$ {bE Zhr hmoVm.

""¶h g~ h‘mao gmW hmo Eogm h‘Zo ³¶m {H$¶m h¢?'' emh Zo OdbJoH$a go nyN>m. CZHo$ nmg ^r H$moB© CÎma Z Wm. XmoZm| Ho$ {bE ""ñdV§ÌVm'' Ho$db EH$ eãX ~ZH$a ah J¶m Wm.

ewê$ ‘| XmoZm| H$mo hr Oob Ho$ dmVmdaU go VH$br’$ hþB©. Yrao-Yrao emh Xÿga| H¡${X¶m| go ~mV H$aZo bJo, CZH$s g‘ñ¶mE§ OmZZo ‘| é{M {XImZo bJo. OëX hr CÝhm|Zo Oob A{YH$mar VWm ñd¶§godr g§ñWm "à¶mg' H$s ‘XX go H¡${X¶m| Ho$ {bE Hw$N> gH$mamË‘H$ H$X‘ CR>mE§, Hw$N> H¡${X¶m| Ho$ {bE, Zdr ‘w§~B© Ho$ EH$ MM© Ho$ A§J«oOr gm{hË¶ H$m ê$nm§Va emh {hÝXr ‘| H$aZo bJo. Oob H$s bú‘UaoIm ‘| ahH$a H¡${X¶m| H$s {OVZr ‘XX hmo gHo$, emh H$aZo bJo.

Xmo ‘{hZo ~rV JE. OdbJoH$a O‘mZV na Ny>Q>o. 108 {XZm| H$s {hamgV Ho$ ~mX, 22 AJñV 2014 H$mo ‘w§~B© hmB©H$moQ>© Zo emh H$mo ^r O‘mZV na N>moS>Zo H$m AmXoe {X¶m.13

CÝh| ha ‘§Jbdma Am¡a Jwédma H$mo EOW ‘| hm{Oar XoZo H$mo H$hm J¶m. Ym{‘©H$ AmMma-{dMmam|dmbo emh Ho$ {bE 108 Bg Am±H$S>o H$m ‘hÎd AZÝ¶gmYmaU Wm. BVZr ¶mVZmE§ ghZo Ho$ ~mX emh H$m ‘mZmo nwZO©Ý‘ hmo J¶m Wm. g§Kf© bo{H$Z A^r g‘má Zhr hþAm Wm.


26

H$moQ>© H$m AmXoe Xoar go {‘bZo Ho$ H$maU emh H$s [ahmB© AJbo {XZ H$s J¶r. Ka OmZo Ho$ ~Om¶ emh Oob go grYo FTIL Ho$ AnZo Am°{’$g nhþ±Mo. CZHo$ ñdmJV Ho$ {bE OdbJoH$a Ho$ gmW-gmW hOmam| gh¶moJr Wo. H$B©¶m| H$s Am±I| Z‘ Wr. emh Zo CZgo Ho$db BVZm H$hm, ""YraO aImo, Bg amI _o§ go hr h‘ {’$a EH$ ~ma CS>mZ â|Jo!'' Am¡a emh AnZr JmS>r _| Ka H$s Amoa {ZH$b JE.

emh Oob ‘| Wo {’$a r FTIL H$m H$m‘H$mO gwMmé ê$ngo Omar Wm. BZ VrZ ‘{hZm| ‘| {H$gr H$s r VZ»dmh EH$ {XZ r Xoa go Zhr hþB© Wr. emh Ho$ H$m‘H$mO H$m VarH$m hr {Z¶moOZ~Õ ahm h¢. O~aXñV BÀN>me{º$ Ho$ ñdm‘r aho emh Xÿgao hr {XZ H$m‘H$mO g§^mbZo FTIL Ho$ AnZo Am°{’$g nhþ±Mo.

{gVå~a 2015 H$s ~mV Wr. {H$gr Zo emh H$mo CZHo$ Am°{’$g ‘| ñWm{nV lr JUoe H$s ‘y{V© go Añnï> AmdmO ‘| em¶X ¶h H$hVo gwZm Wm… ""^JdmZ, {H$g {bE ¶h g~?''

Oob Ho$ ~mX ^r emh Zo ha A{¾narjm go JwOaZo H$m {ZíM¶ {H$¶m. do ‘mZVo Wo, gË¶ CZHo$ gmW Wm. ‘w§~B© hmB©H$moQ>© Zo ^r CÝh| O‘mZV XoVo g‘¶ ñnï> eãXm| ‘| AnZo AmXoe ‘| {bIm Wm {H$ NSEL ‘m‘bo ‘| EH$ n¡gm ^r emh, NSEL ¶m FTIL Ho$ nmg Zhr Am¶m Wm.

{’$a nw{bg Zo CÝh| {JaâVma ³¶m| {H$¶m? emh Ho$ ì¶mdgm{¶H$ eÌwAm| Zo UPA-2 Ho$ Hw$N> ~‹S>o amOZr{Vkm| H$s ‘XX go CZHo$ gm‘«mÁ¶ H$m {dÜd§g {H$¶m Wm. Eogm H$aZo go ^maV Ho$ EH$ ~hþV ‘hÎdmH$m§jr {dH$mgH$Wm H$m hr Jbm Km|Q> {X¶m J¶m Wm. Bg ‘| Xoe H$m hr ZwH$gmZ Wm. Am¡a Bgr{bE ¶h {dÜd§g Bg Xoe Ho$ B{Vhmg H$m EH$ AñdñW H$aZodmbm AÜ¶m¶ Wm.

27

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{X„r Ho$ nÌH$mam| Ho$ Io‘| ‘| EH$ {XZ gyIo Am¡a nmZr H$s {H$„V H$mo boH$a Ja‘mJa‘ MMm© {N>‹S>r hþB© Wr. gwImJ«ñV BbmH$m| H$mo nmZr {X¶m OmE ¶m IPL Ho$ ‘¡XmZm| H$mo Bg ~mV H$mo boH$a ‘hmamï´> ‘| Jh‘m-Jh‘r hmo ahr Wr.

Sports Illustrated Ho$ g§nmXH$ VWm hm°H$s ñQ>ma YZamO {n„¡ na {H$Vm~ {bIZodmbo g§Xrn {‘l Zo H$hm, ""‘hmamï´> ‘| 25 go A{YH$ Jmoë’$ Ho$ ‘¡XmZ h¢ {OÝho§ IPL Ho$ ‘¡XmZm| go 50 JwZm A{YH$ nmZr H$s Amdí¶H$Vm hmoVr h¢. BZHo$ nmZr Ho$ BñVo‘mb na nm~§Xr bJm¶r J¶r h¢. bo{H$Z Q>rdr na {g’©$ IPL H$s hr MMm© ewê$ h¢.''

{‘l ghr Wo. CÝhm|Zo AmJo H$hm, ""Ü¶mZ ‘| aIZo O¡gr ~mV h§¡, M¡Zbm| H$s ^r EH$ Py§S> ‘mZ{gH$Vm hmoVr h¢. {H$gr Zo EH$ I~a Mbm Xr, ~g, ~mH$s g~ ^r CgHo$ nrN>o n‹S> JE. Agb ~mV H$moB© gmoMVm hr Zhr.''

Eogm hr Hw$N> NSEL ‘m‘bo ‘| ^r hþAm Wm. hpñVZmnwa Ho$ Hw${Q>b fS>¶§Ì> Ho$ g‘mZ hr ¶h ‘m‘bm Wm. hpñVZmnwa H$m ¶wÕ Ho$db 18 {XZ Mbm Wm Am¡a emh H$m ¶wÕ IË‘ hmoZo H$m Zm‘ Zhr bo ahm Wm. VrZ ~‹S>o {X½JOm| Zo ¶h fS>¶§Ì> aMm Wm bo{H$Z H$~, H$hm±, H¡$go ¶h g~ ‘yb àíZ nyN>Zo H$s Oê$aV A^r VH$ {H$gr ^r nÌH$ma Zo ‘hgyg Zhr H$s Wr. 20dr gXr Ho$ ‘hmZ AW©emór ’«o$S>[aH$ hm¶H$ Zo R>rH$ hr H$hm h¢… ""Hw$N> gÎmmYm[a¶m| H$s jwÐ ‘mZ{gH$Vm Ho$ H$maU ZB© {Xem H$s ImoO ‘| {ZH$bo Hw$N> bmoJm| H$m gXm hr Agr{‘V ZwH$gmZ hþAm h¢. g¥OZerb bmoJ gXm hr àdmh Ho$ {déÕ OmH$a, g‘mO Am¡a gaH$ma H$s AS>MZ| bm±KH$a, gd©g‘mdoeH$ {dH$mg Ho$ {bE ZB© {XemAm| H$m éI H$aVo h¢, ZB© H§$n{Z¶m± ñWm{nV H$aVo h¢, ~Xbmd H$m EH$ Z¶m amñVm, Z¶m n¶m©¶ IS>m H$aVo h¢. Agb ‘|, h‘| Eogo g^r bmoJm| H$m Am^ma ‘mZZm Mm{hE.''

hm¶H$ Ho$ AZwgma, J¡aOê$ar gaH$mar ~§{Xeo {dH$mg Ho$ ‘mJ© ‘| amoS>m ~ZVr h¢, Xoe H$mo nrN>o bo OmVr h¢. ^maV ‘| Vmo Am¡Úmo{JH$ {dH$mg Ho$ {bE à¶mg H$aZodmbm| H$mo

28

h‘mao amOZr{Vkm| Zo gXm hr eH$ H$s ZOa go XoIm h¢.

emh ^r Bg g~ Ho$ {bE AndmX Zhr Wo. do ¶eñdr Z hmoZo nmE± Bg{bE H$B© bmoJm| Zo AWH$ n[al‘ {H$E. EH$ gmYmaU JwOamWr n[adma ‘| OÝ‘ boH$a B§{O{Z¶[a¨J H$s {S>J«r hm{gb H$aZodmbo Am¡a àoaUmXm¶r AmË‘H$Wm n‹T>Zo ‘| é{M aIZodmbo emh H$mo AnZo Xoe Ho$ {bE Hw$N> H$aZo H$s Mmh ewê$ go ahr Wr. do ^maV H$m Zm‘ Xþ{Z¶m ‘| am¡eZ H$aZm MmhVo Wo, AnZo Xoedm{g¶m| Ho$ {bE amoOJma Ho$ Zd-ZdrZ Adga {Z‘m©U H$aZm MmhVo Wo.

2006 gmb H$s ~mV h¢… AW©OJV Ho$ {d»¶mV nÌH$ma nVr-nËZr gyMoVm Xbmb Am¡a Xodm{ef ~gw emh Ho$ Am°{’$g ‘| CZgo ~mVMrV H$a aho Wo. emh Zo CZgo H$hm… ""‘¢Zo nhbo hr V¶ H$a {b¶m Wm, B§{O{Z¶[a¨J H$aZo Ho$ ~mX A‘o[aH$m go MS H$aHo$ ñdXoe bm¡Q>H$a AnZo bmoJm| Ho$ {bE Hw$N> H$aZm h¢.''

90 Ho$ XeH$ ‘| The Financial Times, London ‘| emh H$m EH$ B§Q>aì¶y N>nm Wm {Og‘| CÝhm|Zo H$hm Wm… ""Bggo nhbo H$s ‘¢ 40 df© H$m hmo OmD±$, ‘wPo ^maV ‘| ì¶dgm¶ H$a Aa~nVr ~ZZm h¢§!14''

emh H$m ¶h H$hZm CZH$s ‘hÎdmH$m§jm Xem©Vm h¢. OrdZ ‘| ³¶m H$aZm h¢ BgH$m {ZíM¶ emh 8 df© Ho$ hmoZo VH$ H$a MwHo$ Wo, Eogm CZHo$ ~MnZ Ho$ gmWr H$hVo h¢.

"‘oH°${ZH$b' AWdm "Bbop³Q´>H$b' B§{O{Z¶[a¨J Ho$ ~Om¶ emh Zo "Bbo³Q´>m°{Z³g A°ÊS> Q>o{bH$å¶w{ZHo$eZ' B§{O{Z¶[a¨J ‘| {S>J«r àmá H$s Am¡a "~m°å~o ñQ>m°H$ E³gM|O' (BSE) ‘| ~rEgB© Am°ZbmB©Z Q´>oqS>J (BOLT) {gpñQ>‘ Bg ‘hÎdmH$m§jr àmoOo³Q> na H$m‘ H$aZo bJo. na§Vw BSE Zo ~rM ‘| hr ¶h àmoOo³Q> CMC H§$nZr H$mo hñVm§V[aV H$a {X¶m. O~ h‘ ¶h H$m‘ H$a gH$Vo h¢§ Vmo {’$a àmoOo³Q> ~mha H$s H§$nZr H$mo {X¶m J¶m, ¶h ~mV emh H$mo ~hþV ZmJdma JwOar. emh Am¡a CZH$o {‘Ì/gh¶moJr Xodm§J Zoambm Zo Hong Kong VWm Tokyo Stock Exchange Am¡a NASDAQ ‘| Hw$N> g‘¶ Ho$ {bE H$m‘ {H$¶m Wm bo{H$Z VH$ZrH$$ Ho$ O[aE {dH$mg gmYZo Ho$ ‘m‘bo ‘| ^maV A^r ~hþV {nN>S>m hþAm Wm, Bg ~mV H$m XmoZm| H$mo H$m’$s A’$gmog Wm.

{Og Xoe ‘| ~±H$m| Ho$ H§$ß¶wQ>arH$aU H$m {damoY hmoVm h¢, Ohm± ñQ>m°H$ ‘mH}$Q>g² ^r H§$ß¶wQ>arH$aU go {PPH$Vo h¢, Cg ì¶dñWm ‘| VH$ZrH$ go {dH$mg gmYZm EH$

14 http://www.ft.com/cms/s/0/a79ce93e-9b98-11db-aa70-0000779e2340. html#axzz4 Ay4uuOTx

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XþîH$a H$m¶© ~Z OmVm h¢. emh Am¡a Zoambm Zo ZB© amh MwZr. Bgr Xaå¶mZ CÝh| New York Stock Exchange Ho$ Merill Lynch Trading Platform go r C±Mo ‘wAmdOo H$s Am°’$a Wr bo{H$Z A~ Zm¡H$ar H$aZr hr Zhr ¶h XmoZm| Zo {ZíM¶ H$a {b¶m Wm.

1995 H$m gmb BZ XmoZm| Ho$ {bE Z¶r gw~h boH$a Am¶m. XmoZm| Zo 5 bmI ê$n¶m| H$m {Zdoe H$a Financial Technologies (India) Ltd. (FTIL) Zm‘H$ Q>o³Zm°bm°Or H§$nZr H$s ñWmnZm H$s. ñQ>m°H$ ‘mH}$Qg² H$s Xþ{Z¶m ‘| Oê$ar H$B© "gm°âQ>doAa gmoë¶weÝg' àXmZ H$aZodmbr ¶h H§$nZr Wr. emh Am¡a Zoambm XmoZm|hr 15-15 K§Q>o H$m‘ H$aVo. Hw$N> hr g‘¶ ‘| 5-10 bmoJm| H$s ¶h H§$nZr 5000 H$‘©Mm[a¶m| H$s H§$nZr ~Z J¶r.

ñQ>m°H$ d H$‘mo{S>Q>rO² ‘mH}$Q>g² H$m Q>o³Zm°bm°Or ~og A~ H$ar~-H$ar~ 80% FTIL Ho$ Q>o³Zm°bm°Or àm°S>³Qg² na {Q>H$m hþAm Wm.

Xþ{Z¶mâ ‘| ’¡$bZodmbm B§Q>aZoQ> H$m Omb A~ ^maV ‘| ^r ’¡$b ahm Wm. Bg H$m ’$m¶Xm ^maVr¶ ñQ>m°H$ ‘mH}$Q>g², MbZ, ~m°ÝSg² Ho$ gmW-gmW g‘wMo CÚmoJOJV H$mo hmo gHo$ Bg{bE emh Am¡a Zoambm Zo {XZ-amV H$‹S>r ‘ohZV H$s. AnZo gmW H$m‘ H$a aho H$‘©Mmar, B§{O{Z¶g©, BZ g^r H$mo àmoËgm{hV H$aZo Ho$ gmW hr AÀN>m doVZ {X¶m, H$m‘ H$aZo H$s ñdV§ÌVm Xr.

H$m¡Zgo H$m¶© Ho$ {bE {H$g àH$ma H$s à{V^m VWm H$m¶©Hw$ebVm H$m ì¶{º$ Amdí¶H$ h¢ ¶h emh ~hþV AÀN>r Vah OmZVo h¢. Eogo bmoJm| H$mo emh AnZo gmW OmoS>Vo JE. XeH$â ‘| FTIL Zo Xþ{Z¶mâ ‘| 10 gd©loð> E³gM|Om| H$s ñWmnZm H$a Xr. Eogm H$aZo ‘| emh H$mo H$B© H${R>ZmB©¶m| H$m gm‘Zm H$aZm nS>m, H$B© gaH$mar AZw‘{V¶m| Ho$ {bE bS>Zm nS>m. ¶hr Zhr, H$B© ~ma Vmo H$moQ>© go r Ý¶m¶ ‘m±JZm nS>m. ha ~ma CZHo$ ì¶mdgm{¶H$ eÌw, CZHo$ H$Vm©-YVm© amOZoVm Am¡a Zm¡H$aemhm| Zo emh H$m nyaOmoa {damoY {H$¶m bo{H$Z ha ~ma emh AOo¶ aho. MCX Vmo Xþ{Z¶mâ ‘| Z§~a 2 H$m E³gM|O ~Z J¶m. {H$gr g‘¶ MCX H$m amoOmZm Q´>oqS>J 1 bmI H$amoS> ê$n¶o BVZm A{YH$ Wm. AJñV 2010 ‘| Vmo "H$‘mo{S>Q>r â¶yMg©' Ho$ gm¡Xm| Zo "Ho${nQ>b ‘mH}$Q> â¶yMg©' Ho$ gm¡Xm| H$mo ^r nrN>o N>mo‹S> {X¶m Wm. Eogm nhbr ~ma hmo ahm Wm.

MCX H$s OÝ‘H$Wm Vmo Am¡a ^r amoMH$ h¢…

2002 ‘| FTIL Zo O~ H$‘mo{S>Q>r E³gM|O Ho$ bmBg|g Ho$ {bE AOu Xr Vmo Cg g‘¶ CZH$m gm‘Zm grYm "~m°å~o Am°BbgrS²>g A°ÊS>> Am°Bëg E³gM|O' AWm©V²

30

"~m°å~o H$‘mo{S>Q>r E³gM|O' O¡gr {X½JO H§$nZr Ho$ gmW hþAm. ‘w§~B© go {X„r VH$ g^r H$mo emh H$s {hå‘V na AmíM¶© hþAm ³¶m|{H$ do Z Vmo Q´>oS>a Wo Am¡a Z hr ~±H$a. {’$a ^r, Amdí¶H$ g^r VH$ZrH$s Oê$aVm| H$mo nyam H$a emh bmBg|g àmá H$aZo ‘| g’$b hmo JE Am¡a Ho$db 9 ‘{hZm| ‘| - 10 Zdå~a, 2003 - H$mo do ¶h E³gM|O "bmBd' H$aZo ‘| H$m{‘¶m~ hmo JE. bo{H$Z BVZm H$aZo na hr g§Vwï> hmo OmE§ do emh H¡$go?! 2005 ‘| CÝhm|Zo "’$m°aoZ EŠgM|O Q´>oqS>J ßb°Q>’$m°‘©' ewê$ H$aZo Ho$ {bE "’$m°aoZ E³gM|O S>rbg© Agmo{gEeZ Am°’$ B§{S>¶m' (FEDAI) Ho$ nmg AOu Xr Am¡a ¶h ^r bmBg|g àmá {H$¶m. Bg Vah ñWmnZ H$s J¶r IBS FOREX AmJo MbH$a FTIL H$s g~{g{S>¶ar ~Z J¶r.

2002 ‘| H|$Ð gaH$ma Zo amï´>r¶ ñVa na H$‘mo{S>Q>r E³gM|Om| H$mo "’$m°d©S>© H$m±Q´>±³Q>g² (ao½¶wboeZ) E°³Q>' (FCRA) Ho$ A§VJ©V ñdrH¥${V XoZo H$m ‘hÎdnyU© {ZU©¶ {b¶m. emh ^r H$‘mo{S>Q>rO² ‘| H$m‘ H$aZm MmhVo Wo. hOmam| df© nyd© Xþ{Z¶mâ ‘| ‘gmbm| H$m ì¶mnma H$aZodmbo ^maV Xoe H$mo do Q>mo³¶mo Am¡a Ý¶y`m°H©$ Ho$ ~rM H$m g~go ~ohVarZ "H$‘mo{S>Q>r Q´>oqS>J h~' ~ZmZm MmhVo Wo. nyd© Ho$ "{gëH$ ê$Q>' H$mo Z¶r {Xem XoZo H$m CZH$m gnZm em¶X A~ nyam hmoZo Om ahm Wm.

"ñQ>oQ> ~±H$ Am°\$ B§{S>¶m' (SBI) Zo ‘XX H$m hmW AmJo ~‹T>m¶m. SBI VWm 7 AÝ¶ ~±H$m| Zo 18% {Zdoe H$m {Oå‘m CR>m¶m. HDFC VWm NABARD ^r AmJo AmE. BZ à{V{ð>V {dÎmr¶ H§$n{Z¶m| Zo emh Ho$ CnH«$‘ ‘| CËgwH$Vm Xem©¶r Bg ~mV go Bg ~mV na ‘wha bJ J¶r {H$ emh ghr amñVo na Wo.

{H$gr g‘¶ JmoëS> S>o[ado{Q>dO² ‘| Q´>oqS>J H$aZodmbm MCX Xþ{Z¶m ‘| Z§~a 1 H$m E³gM|O ~Z J¶m. Mm§Xr H$s Q´>oqS>J ‘| MCX Xþ{Z¶m ‘| Z§~a 2 nmo{PeZ na Wm. H$ƒo Vob Ho$ gm¡Xm| ‘| amoO 1000 H$amoS> ê$n¶m| H$s Q´>oqS>J XO© H$a MCX {Vgao Z§~a na nhþ±M J¶m. Bg Vah MCX H$s YmVw Am¡a COm© ‘| Hw$b Q´>oqS>J à{V{XZ 50,000 H$amoS> ê$n¶m| Ho$ ^r nma Mbr J¶r Wr.

emh AÀN>r Vah OmZVo Wo - 140 go A{YH$ H¥${f CËnmX VWm 1400 go A{YH$ Am¡Úmo{JH$ CËnmX {Z‘m©U H$aZodmbo ^maV Xoe ‘| EH$ Am¡a H$‘mo{S>Q>r E³gM|O H$s Oê$aV Wr. A~ VH$ emh Xoe Ho$ ‘hmZJar¶ VWm ehar BbmH$m| ‘| 10 bmI go A{YH$ amoOJma H$m {Z‘m©U H$a MwHo$ Wo ¶h {ZîH$f© EH$ df© Ho$ gd}jU Am¡a Aä¶mg Ho$ ~mX à{V{ð>V "Q>mQ>m BpÝñQ>Q>çyQ> Am°’$ gmoeb gm¶Ýgog' (TISS) Zo {ZH$mbm Wm.

31

Ag§^d ‘mZr OmZodmbr ~mV| emh AmgmZr go H$a {XImVo Wo. BZ ‘| "b§S>Z ~mpëQ>H$ E³gM|O' (LBE) Ho$ gmW {H$¶m J¶m "’«o$Q> â¶yMg© H$m±Q´>°³Q>g²' VWm "{eH$mJmo ³bm¶‘oQ> E³gM|O' Ho$ gmW {H$¶m J¶m n¶m©daUr¶ àm°S>³Q>g² H$s ny{V©g§~§Yr A°J«r‘oÝQ> ^r em{‘b Wm.

"Xþ~B© JmoëS> A°ÊS>> H$‘mo{S>Q>rO² E³gM|O' (DGCX) na gmPm ñdê$n go hmoZodmbr Q´>oqS>J Ho$ H$maU {H$gr d¡pídH$ E³gM|O H$m gmPoXma ‘m{bH$mZm hH$ aIZodmbm MCX Xþ{Z¶m H$m nhbm H$‘mo{S>Q>r E³gM|O ~Z J¶m.

Hw$N> hr g‘¶ ‘| MCX Zo nhb H$aVo hþE NSEL ñWmnZ H$a Ho$ Xoeâ H$s H¥${f CËnmX ~mOma g{‘{V¶m± (APMC), N>moQ>o-~‹S>o {H$gmZ VWm Q´>oqS>J ³bm¶§Q>g² H$mo EH$ hr g‘¶ amï´>-ñVar¶ Bbo³Q´>m°{ZH$ E³gM|O na Q´>oqS>J H$aZo H$o {bE EH${ÌV bm`m. {H$gmZm| H$s Am{W©H$ g§nÞVm Am¡a OrdZ‘mZ ~‹T>mZo H$s Amoa emh Zo `h ~hþV ~S>m H$X‘ CR>m¶m Wm. NSEL H$mo ñWm{nV H$aZo H$s nhb H$aZodmbo MCX Zo AnZm "B{Z{e¶b npãbH$ Am°’$[a¨J' (IPO) bm¶m Vmo dh 54 JwZm "Amoda gãñH«$mB©~' hmo J¶m. Eogm [aH$m°S>© ñWm{nV H$aZodmbm dh Xþ{Z¶mâ _| Ho$db {Vgam H$‘mo{S>Q>r E³gM|O Wm. ¶m{Z Ho$db 135 {‘{b¶Z S>m°ba H$s Anojm H$aZodmbo MCX H$mo {ZdoeH$m| Zo 7 Aa~ S>m°ba XoZo H$s V¡¶mar Xem©¶r Wr. ¶h Bg ~mV H$m ÚmoVH$ Wm {H$ ~mµOma Am¡a {ZdoeH$m| ‘| emh Am¡a CZH$s H§$n{Z¶m| Ho$ à{V {H$VZm O~aXñV {dídmg Wm.

na Bg ‘| IoXOZH$ ~mV ¶h Wr {H$ ¶hr IPO bmZo H$s AZw‘{V {‘bZo Ho$ {bE - Vm{H$ MCX Ho$ eoAa H$s Q´>oqS>J BSE Am¡a NSE na hmo gHo$ - emh H$mo 8 df© JhZ g§Kf© H$aZm nS>m Wm. Am¡a BgHo$ nrN>o ^r NSE H$m hr hmW Wm. NSE Zhr MmhVr Wr {H$ emh Ho$ MCX H$s BSE/NSE na {bpñQ>¨J hmo. {’$a ^r àoaUmXm¶r AmË‘H$WmAm| VWm ~m°brdyS> H$s {’$ë‘m| go g§Kf© H$s àoaUm boZodmbo emh Zo ‘mZm| Amg‘mZ Ny> {b¶m Wm. 2008 Ho$ {díd{d»¶mV Forbes ‘¡JPrZ Ho$ AZwgma 1.1 Aa~ S>m°ba H$s ZoQ>dW© aIZodmbo {O¾oe emh {díd Ho$ 1014 do YZnVr ~Z MwHo$ Wo. AJbo hr df© ¶m{Z 2009 ‘| 1 {Q´>{b¶Z S>m°ba H$s Q´>oqS>J H$aZodmbm MCX "b§S>Z ‘oQ>b E³gM|O' (LME) H$mo nN>mS>Vo hþE Xþ{Z¶m H$m N>R>o Z§~a H$m H$‘mo{S>Q>r E³gM|O ~Z J¶m.

A~ VH$ emh Zo X{jU-‘Ü¶ A{’«$H$m-pñWV ~moËgdmZm go X{jU-nyd© E{e¶m Ho$ qgJmnya VH$ {díd{H$Vu‘mZ XO©Zâ E³gM|O IS>o H$a S>mbo Wo15. em¶X emh Zo ¶h

15 http://www.caravanmagazine.in/reportage/shah

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g~ g‘¶ go ~hþV nhbo H$a {XIm¶m Wm. ¶hr AJa do 2014 ‘| H$aVo Vmo do àYmZ‘§Ìr Za|Ð ‘moXr Ho$ Make in India H$m¶©H«$‘ Ho$ gdm}Îm‘ CXmhaU H$hbmVo.

‘w§~B© ì¶mnma OJV Ho$ H$B© bmoJ {O¾oe emh H$s VwbZm "B§Q>a H$m°pÝQ>Z|Q>b E³gM|O' (ICE) Ho$ à‘wI Oo’«$s ñàoea go H$aVo. XmoZm| Ho$ Zm‘ Ho$ AmÚmja JS Wo. EH$ nyd© Ho$ ì¶mnma {j{VO H$m Vmam Wm; Xÿgam npíM‘ Ho$! Xþ^m©½¶de, emh H$m gm‘«mÁ¶ Hw$N> amOZ¡{VH$ Am¡a ì¶mdgm{¶H$ eÌwAm| Ho$ Xþï> fS>¶§Ì H$m ~{b MT>m¶m J¶m Am¡a nyd© Ho$ ì¶mnma OJV H$m A^yVnyd© ZwH$gmZ hmo J¶m. Bg fS>¶§Ì Ho$ ’$bñdê$n emh H$mo OZ‘mZg ‘| ~XZm‘ {H$¶m J¶m; ¶hm± VH$ H$s CÝh| Oob {ÔdmZo ‘| ^r CZHo$ eÌw g’$b hmo JE. AmYw{ZH$ VH$ZrH$ H$m ¶h ~mXemh Oob ‘| Mmoa-CM¸$m|, VñH$a, IyZr-S>H¡$Vm| Ho$ gmW ahZo Ho$ {bE ‘O~ya H$a {X¶m J¶m. H$moB© Zhr OmZVm Wm BgH$m dmñV{dH$ H$maU ³¶m Wm. H$moB© Zhr OmZVm Wm {H$Z ~§X H$‘am| ‘| ³¶m fS>¶§Ì aMm J¶m Wm.

¶h dmñVd ‘hm^maV Ho$ A{^‘Ý¶y Ho$ {Ibm’$ aMo JE fS>¶§Ì Ho$ g‘mZ hr Wm. {Og Vah ‘hmnamH«$‘r ¶moÕmAm| Zo N>b Am¡a H$nQ> go A{^‘Ý¶y H$mo KoaH$a CgH$m dY H$a {X¶m R>rH$ Cgr Vah emh Ho$ amOZr{VH$ Am¡a ì¶mdgm{¶H$ eÌwAm|Zo ^r EH$ gmoMr-g‘Pr gm{Oe Ho$ VhV CZHo$ gm‘«mÁ¶ Ho$ Vhg-Zhg H$a {X¶m. Bg fS>¶§Ì H$m ‘yb 2007 ‘| KQ>r Hw$N> KQ>ZmAm| ‘| {‘bVm h¢. ¶h do {XZ Wo O~ emh Ho$ E³gM|Om| H$m Aíd‘oY gmar Xþ{Z¶m ‘| Yy‘ ‘Mm ahm Wm. BZ E³gM|Omo Zo AnZr ‘wha ‘Ü¶-nyd©, A{’«$H$m VWm qgJmnya Ho$ gmW-gmW {dídâ ‘| bJm¶r Wr. FTIL J«wn H$m ¶h ¶e Hw$N> bmoJm| H$s Bfm©âr Am±Im| ‘| H$m±Q>o H$s Vah My^ ahm Wm. CZH$s ObZ {ZamYma Zhr Wr - 2007 VH$ ^maV Ho$ V‘m‘ H$‘mo{S>Q>r S>o[ado{Q>dO² E³gM|Om| H$m 90% Q´>oqS>J AHo$bo MCX na hmo ahm Wm!

grYo amñVo emh H$s MCX ³¶m {H$gr r H§$nZr go Xmo hmW H$aZm {H$gr Ho$ r ~g H$s ~mV Zhr Wr. Am¡a Bgr{bE, H$‘mo{S>Q>r E³gM|O H¥${f ‘§Ìmb¶ Ho$ AYrZ hmoVo hþE ^r emh Ho$ {hVeÌwAm| Zo {dÎm ‘§Ìmb¶ Ho$ Hw$N> A{V ‘hÎdnyU© ì¶{º$ VWm Zm¡H$aemhm| go gm±R>-Jm±R> H$so Am¡a, AMmZH$ AZhmoZr Ho$ H«$‘e… AÜ¶m¶ àma§^ hmo JE. AnZm {Oå‘m Zm hmoVo hþE ^r {dÎm ‘§Ìmb¶ Ho$ ghg{Md Ho$.nr. H¥$îUZ Zo H¥${f ‘§Ìmb¶ Ho$ H$m‘H$mO ‘| XIb XoZm Ama§^ H$a {X¶m.

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19 {Xg§~a 2007 H$mo BÝhr H¥$îUZ ‘hme¶ Zo EH$ ‘gm¡Xm V¡¶ma {H$¶m.16 Bg ‘gm¡Xo ‘| CÝhm|Zo emh Ho$ NSEL Ho$ {damoY ‘| NSE Ho$ NCDEX H$s Va’$Xmar H$aVo hþE {bIm… NSE, ICICI, LIC d NABARD BZ Mma g§ñWmAm| Zo {‘bH$a NCDEX H$_mo{S>Q>r EŠgM|O IS>m {H$¶m h¢. níMmV, Bg E³gM|O ‘| n§Om~ Z¡eZb ~±H$ (PNB), H°$Zam ~±H$ (Canara Bank), {H«${gb (Crisil), BâH$mo (IFFCO), B. g§ñWmAm| H$mo ^r {hñgoXmar Xr J¶r. ICICI Zo AnZo eoAg© ~oMZo Ho$ ’$bñdê$n ICE VWm Goldman Sachs O¡gr {dXoer H§$n{Z¶m± ^r NCDEX ‘| eoAahmoëS>a ~Z gH$s.

NCDEX Zo H¥${f VWm YmVw CËnmXm| ‘| Q´>oqS>J ewê$ H$s Am¡a H¥${f CËnmXm| H$s Q´>oqS>J ‘| AÝ¶ E³gM|O H$mo nrN>o ^r N>moS> {X¶m. na§Vw {nN>bo gdm dfm] ‘| NCDEX T>bmZ na h¢. Xmo df© nyd© 50% go ^r A{YH$ hmoZodmbo NCDEX H$m ‘mH}$Q> eoAa A~ 13% VH$ Am J¶m h¢. Hw$N> à‘wI g§MmbH$ d eoAahmoëS>am| Ho$ AZwgma NCDEX ‘| nwZ… àmU ’y§$H$Zo Ho$ {bE NSE Zo NCDEX ‘| g~go ~S>m eoAahmoëS>a hmoZm Oê$ar h¢. A^r NCDEX ‘| NSE H$m {hñgm 15% ¶m{Z LIC d NABARD Ho$ {OVZm hr h¢. ¶{X LIC d NABARD AnZm 5% go 6% {hñgm NSE H$mo ~oM| V^r ¶h g§^d h¢'' (H¥$îUZ Zo Bg ‘wÔo H$mo A§J«oOr ‘X' Bg Aja go Xem©¶m Wm).

‘gm¡Xo ‘| H¥$îUZ Zo AmJo {bIm Wm…""MCX H$mo MwZm¡Vr XoZo Ho$ {bE NCDEX H$mo Bg Vah nwZ{O©drV H$aZm Amdí¶H$ h¢. Eogm H$aZo go "H$‘mo{S>Q>r S>o[ado{Q>dO² ‘mH}$Q>g²' H$mo àmoËgmhZ {‘boJm, CZH$m {Z¶‘Z ^r gwMmé ê$n go hmo gHo$Jm. ‘¢Zo Bg ‘wÔo na {dÎm g{Md go ~mV H$a br h¢. CZH$s Am¡a {dÎm ‘§Ìr H$s g§‘{V Ho$ ~mX, {dÎm g{Md LIC d NABARD go ~mV H$aHo$ ¶h H$adm b|Jo. ¶h g~ H$admZo Ho$ {bE NSE/NCDEX {Z¶‘ZH$Vm©Am| H$s Amdí¶H$ AZw‘{V¶m± bo boJ|17.''

H¥$îUZ Ho$ Bg {ddmXmñnX ‘gm¡Xo na H|$Ðr¶ {dÎm ‘§Ìr nr. {MXå~a‘ Zo AZw‘{V XoVo hþE AnZo hñVmja ^r {H$E Wo.

16 18 ‘B© 2010 H$s RTI AOu Ho$ O~md ‘| lr. E. Ho$. {gÝhm, Ada g{Md, Ho$ÝÐr¶ gmd©O{ZH$ gyMZm A{YH$mar, {dÎm {d^mJ (H¡${nQ>b ‘mH}$Q>), {ÛVr¶ ~mOma à^mJ, {dÎm ‘§Ìmb¶, ^maV gaH$ma, Zo 9 OyZ 2010 H$mo ôOm hþAm nÌ H«$‘m§H$ 13/03/SM/2008 - Vol-II

17 18 ‘B© 2019 H$s RTI AOu Ho$ O~md ‘| lr. E. Ho$. {gÝhm, Ada g{Md, Ho$ÝÐr¶ gmd©O{ZH$ gyMZm A{YH$mar, {dÎm {d^mJ (H¡${nQ>b ‘mH}$Q>), {ÛVr¶ ~mOma à^mJ, {dÎm ‘§Ìmb¶, ^maV gaH$ma, Zo 9 OyZ 2010 H$mo ôOm hþAm nÌ H«$‘m§H$ 13/03/SM/2008 - Vol-II

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AmíM¶© H$s ~mV ¶h Wr {H$ ¶h ‘gm¡Xm ~ZmZodmbo H¥$îUZ VWm Cg na hñVmja H$aZodmbo nr. {MXå~a‘ H$m Cn^moº$m ‘§Ìmb¶ go H$moB© g§~§Y hr Zhr Wm. BVZm hr Zhr, MCX ¶m NCDEX O¡go H$‘mo{S>Q>r E³gM|O CZHo$ {dÎm ‘§Ìmb¶ Ho$ A§VJ©V ^r Zhr AmVo Wo {’$a ^r BZ XmoZm| Zo NSE H$mo geº$ H$aZo ‘| Eogm CËgmh Š`m| OVm¶m? ¶h H$X‘ CR>mZo Ho$ nrN>o CZH$s ³¶m ‘§em Wr?

¶h ‘gm¡Xm AJbo n¥ð> na XoI|.

35

JmonZr¶

AW© {d^mJH|$Ðr¶ {dÎm ‘§Ìmb¶

1) ""NSE, ICICI, LIC d NABARD BZ Mma g§ñWmAm| Zo {‘bH$a NCDEX H$_ mo{S>Q>r EŠgM|O IS>m {H$¶m h¢. níMmV, Bg E³gM|O ‘| n§Om~ Z¡eZb ~±H$ (PNB), H°$Zam ~±H$ (Canara Bank), {H«${gb (Crisil), BâH$mo (IFFCO), B. g§ñWmAm| H$mo ^r {hñgoXmar Xr J¶r. ICICI Zo AnZo eoAg© ~oMZo Ho$ ’$bñdê$n ICE VWm Goldman Sachs O¡gr {dXoer H§$n{Z¶m± ^r NCDEX ‘| eoAahmoëS>a ~Z gH$s.

2) NCDEX Zo H¥${f VWm YmVw CËnmXm| ‘| Q>oqS>J ewê$ H$s Am¡a H¥${f CËnmXm| Ho$ Q>oqS>J ‘| AÝ¶ E³gM|O H$mo nrN>o ^r N>moS> {X¶m. na§Vw {nN>bo gdm dfm] ‘| NCDEX T>bmZ na h¢. Xmo df© nyd© 50% go ^r A{YH$ hmoZodmbm NCDEX H$m ‘mH}$Q> eoAa A~ 13% VH$ Am J¶m h¢. Hw$N> à‘wI g§MmbH$ d eoAahmoëS>am| Ho$ AZwgma NCDEX ‘| nwZ… àmU ’y§$H$Zo Ho$ {bE NSE Zo NCDEX ‘| g~ go ~S>m eoAahmoëS>a hmoZm Oê$ar h¢. A^r NCDEX ‘| NSE H$m {hñgm 15% ¶m{Z LIC d NABARD Ho$ {OVZm hr h¢. ¶{X LIC d NABARD AnZm 5% go 6% {hñgm NSE H$mo ~oM| V^r ¶h g§ d h¢'' (H¥$îUZ Zo Bg ‘wÔo H$mo A§J«oOr ‘X' Bg Aja go Xem©¶m Wm).

3) MCX H$mo MwZm¡Vr XoZo Ho$ {bE NCDEX H$mo Bg Vah nwZ{O©drV H$aZm Amdí¶H$ h¢. Eogm H$aZo go H$‘mo{S>Q>r S>o[ado{Q>dO² ‘mH}$Q>g² H$mo àmoËgmhZ {‘boJm, CZH$m {Z¶‘Z ^r gwMmé ê$n go hmo gHo$Jm.

4) ‘¢Zo Bg ‘wÔo na {dÎm g{Md go ~mV H$a br h¢. CZH$s Am¡a {dÎm ‘§Ìr H$s g§‘{V Ho$ ~mX, {dÎm g{Md LIC d NABARD go ~mV H$aHo$ ¶h H$adm b|Jo. ¶h g~ H$admZo Ho$ {bE NSE / NCDEX {Z¶‘ZH$Vm©Am| H$s Amdí¶H$ AZw‘{V¶m± bo boJ|.''

S>m°. Ho$.nr. H¥$îUZghg{Md (CM)

19/12/2007

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Jm¡aVb~ h¢, ¶h ‘gm¡Xm, O~ H¥$îUZ Zo V¡¶ma {H$¶m Wm V~ MCX ¶m NCDEX CZHo$ {dÎm ‘§Ìmb¶ Ho$ {Z¶‘Zm§VJ©V Zhr ~pëH$ Cn^moº$m ‘§Ìmb¶ Ho$ {Z¶‘Zm§VJ©V AmVm Wm. {’$a ^r H¥$îUZ Zo AnZr Am{YH$m[aH$ ‘¶m©XmAm| H$mo bm±KVo hþE NSE O¡gr EH$ {ZOr H§$nZr na H¥$nmÑï>r S>mbZodmbm ¶h ‘gm¡Xm V¡¶ma {H$¶m.

¶h ‘gm¡Xm gmd©O{ZH$ hmoVo hr H¥$îUZ Ho$ Bg njnmV Ho$ {Ibm’$ MCX Zo 10 OwbmB© 2012 H$mo H|$Ðr¶ gmd©O{ZH$ {d^mJ VWm H|$Ðr¶ XjVm Am¶moJ ‘| {eH$m¶V XO© H$aVo hþE CZHo$ {Ibm’$ AZwemgZ §J H$aZo Ho$ {bE H$m¶©dmhr H$aZo H$s ‘m§J H$s.

XjVm Am¶moJ Zo H¥$îUZ H$s Om±M ewê$ H$aVo hr CZH$m V~mXbm AmZZ’$mZZ H$Zm©Q>H$ ‘| H$a {X¶m J¶m. bo{H$Z My±{H$ H$Zm©Q>H$ ‘| H$m±J«og H$s hr gÎmm Wr Bg{bE {MXå~a‘ Ho$ H$ar~r aho H¥$îUZ {X„r ‘| hr ~Zo aho Am¡a dhr go H$Zm©Q>H$ Ho$ à{V{ZYr Ho$ ê$n ‘| H$m‘H$mO {Z^mVo aho.

H|$Ðr¶ {dÎm ‘§Ìmb¶ Ho$ EH$ ~‹S>o A{YH$mar Ho$ AZwgma H¥$îUZ Ho$ Bg ‘gm¡Xo Zo CZH$s nmob Imob Xr Wr. ¶h ‘gm¡Xm Bg ~mV H$m hr ÚmoVH$ Wm {H$ H¥$îUZ H$m ‘§Ìmb¶ NSE H$s AJwdmB© H$aZo Ho$ {bE {H$gr ^r hX VH$ Om gH$Vm Wm.

AmO Ho$ ñnYm©Ë‘H$ ¶wJ ‘| Ho$db {O¾oe emh Am¡a FTIL H$m {dÜd§g H$aZo Ho$ {bE, ~mOma go ñnYm© hr Zï> hmo OmE `hr H¥$îUZ Am¡a CZHo$ g‘W©H$ MmhVo W|. Bg A{YH$mar Ho$ AZwgma H¥$îUZ H$m ¶h ‘gm¡Xm emh Am¡a FTIL Ho$ {dÜd§g hoVy CR>m¶m J¶m nhbm H$X‘ Wm.

BYa ‘r{S>¶m NSE Am¡a BSE Ho$ A§VJ©V ¶wÕ H$mo H$~ H$m gmd©O{ZH$ H$a MyH$m Wm. NSE Zo BSE H$mo H$~ H$m nrN>o N>moS> {X¶m Wm. "NSE H$ao gmo H$m¶Xm' Eogm hr Hw$N> ‘mhm¡b ~Zm hþAm Wm. dOh r Hw$N> Eogr hr Wr - NSE H$m H$|Ðr¶ {dÎm ‘§Ìmb¶ hr Zhr, {Z¶m‘H$ SEBI na ^r Imgm X~X~m Wm Am¡a dh ^r Bg H$Xa {H$ H$B© ~ma Vmo Eogm àVrV hmoVm, ‘mZmo ~mOma {Z¶m‘H$ SEBI Zhr, NSE h¢!

dmñVd ‘| NSE EH$ àm¶doQ> H§$nZr h¢§ na§Vw, gaH$ma Ho$ ‘O~yV g‘W©Z Ho$ H$maU OZ‘mZg ‘| YmaUm ¶h Wr H$s dh EH$ amï´>r¶ H§$nZr h¢ Am¡a Bgr YmaUm H$m ’$m¶Xm NSE CR>mVr Am ahr Wr. Bgr H$maU NSE H$m ~mOma ‘| Imgm X~X~m Wm, CgH$m EH$m{YH$ma Wm. {dS>§~Zm ¶h Wr {H$ {Og NSE H$m OÝ‘ BSE H$m EH$m{YH$ma Zï> H$aZo Ho$ {bE hþAm Wm; AmO dh ñd¶§ EH$m{YH$maemhr H$m à{VH$ ~Z ~¡R>r Wr.

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NSE Ho$ H$maU BSE hr Zhr, H$ar~-H$ar~ 20 ñQ>m°H$ E³gM|Om| H$m ^mar ZwH$gmZ hþAm Wm.

Eogo ‘mhm¡b ‘| NSE Zm‘H$ ‘hmgÎmm H$mo H$moB© Q>¸$a Xo gH$Vm h¢ ¶h gmoMZm ^r {h‘mH$V Wr. Am¡a {O¾oe emh Zo Eogm {g’©$ gmoMm hr Zhr, ~pëH$ H$a {XIm¶m. emh Ho$ EH$-go-~‹T>H$a EH$ E³gM|O Xoe-{dXoe ‘| Aìdb ~Z|. {O¾oe emh Zo NSE Ho$ EH$m{YH$ma H$mo gwa§J bJm {X¶m - CgH$s ‘mH}$Q> ‘moZmonm°br VmoS>H$a aI Xr.

NSE Ho$ AmH$mAm| Ho$ {bE ¶h ~hþV ~S>m PQ>H$m Wm. emh OmZVo Wo CZHo$ {damoYH$m| ‘| CZHo$ {Ibm’$ Ûof, ObZ ~T>Zo bJr Wr. bo{H$Z do BgHo$ Am{X hmo MwHo$ Wo. AnZo E³gM|O ewê$ H$aZo Ho$ {bE CÝh| h‘oem {Z¶‘ZH$mar g§ñWm ¶m gaH$mar à{V~§Ymo Ho$ {Ibm’$ Ý¶m¶mb¶ ‘| bS>Zm nS>m Wm. Am¡a ha ~ma do ¶eñdr ^r hþE Wo. emh H$mo ñnYm© go O~aXñV bJmd ahm h¢. na do h‘oem MmhVo {H$ ñnYm© {Z{d©f hmo. CÝhm|Zo H$^r Zhr gmoMm Wm {H$ H$moB© CZHo$ {Ibm’$ H$nQ> H$aoJm, N>b Am¡a AÝ¶m¶ go CZH$m {dÜd§g H$aoJm Am¡a ¶hr CZH$s ~hþV ~S>r ^yb Wr.

emh Am¡a FTIL Ho$ {Ibm’$ VËH$mbrZ {dÎm ‘§Ìmb¶ Zo A³Qy>~a 2004 ‘| EH$ Ho$ ~mX EH$ H$X‘ CR>mZm ewê$ H$a {X¶m. V~ Bg ~mV Ho$ {bE à¶mg {H$E JE {H$ Cn^moº$m ‘§Ìmb¶ Ho$ A§VJ©V AmZodmbo H$‘mo{S>Q>r E³gM|O {dÎm ‘§Ìmb¶ Ho$ AYrZ bmE OmE§.

2007 ‘| Am¶ H$a {d^mJ Zo FTIL J«wn na N>mnm ‘mam. Eogm nhbr ~ma hmo ahm Wm. BZ N>mnm| H$s H$moB© OmZH$mar {Z¶‘ZH$mar g§ñWm ¶m g§~§{YV ‘§Ìmb¶ H$mo ^r Zhr Xr J¶r Wr. BZ N>mnm| go {ZînÞ Vmo Hw$N> hþAm Zhr Am¡a Zm hr ¶h N>mno emh Ho$ nmg 300 H$amoS> ê$n¶o hmoZo H$s JbV-gbV [anmoQ>© ‘| H$moB© VÏ¶ Tw>§T> nmE. FTIL Ho$ {hV¡fr h¡amZ ah JE.

BgHo$ ~mdOyX H|$Ðr¶ {dÎm ‘§Ìmb¶ Zo NSE H$s ‘moZmonm°br ~aH$ama aIZo Ho$ {bE AnZo à¶mg Omar aIo. NSE Ho$ EH$m{YH$ma Ho$ OVZ Ho$ {bE ¶h Z¶m {Z¶‘ bm¶m J¶m {H$ ~±H$m| Ho$ Abmdm H$moB© ^r ì¶{º$ ¶m H§$nZr {H$gr ^r EH$ E³gM|O ‘| 5% go A{YH$ ‘m{bH$mZm hH$ Zhr bo gH$Vr Wr.

BYa SEBI Am¡a RBI Zo "H$aÝgr S>o[ado{Q>dO² Q´>oqS>J' ~mOma Ho$ {bE Iwbm {H$¶m Wm {OgHo$ MbVo ñQ>m°H$ E³gM|O A°goQ ³bmg ‘| bmBg|g >Ho$ {bE AOr© H$a gH$Vo Wo. MCX VWm FTIL Zo g§¶wº$ ê$n go ewê$ {H$E MCX-SX Zo ñQ>m°H$ E³gM|O Ho$

38

bmBg|g Ho$ {bE AOu Xr bo{H$Z "ñQ>m°H$ Q´>oqS>J' O¡go ‘hÎdnyU© goJ‘|Q> H$s ~Om¶ MCX-SX H$mo Ho$db "H$aÝgr S>o[ado{Q>dO² Q´>oqS>J' H$m bmBg|g {X¶m J¶m. ñQ>m°H$ VWm H°${nQ>b ‘mH}$Q> Ho$ AÝ¶ bmBg|g MCX-SX H$mo {‘bo Oê$a bo{H$Z H$‹S>o Ý¶m¶mb¶rZ g§Kf© Ho$ ~mX hr.

{Z¶‘m| H$m C„§KZ H$aVo hþE NSE H$o {àS>oQ>ar àm¶qgJ H$aZo Ho$ {Ibm’$ MCX-SX Zo "H$m°pån{Q>eZ H${‘eZ Am°’$ B§{S>¶m' (CCI) go {eH$m¶V H$aZo na NSE H$mo ^mar Ow‘m©Zm ânmB© H$m AmXoe {X`m J`m.

BYa, {~Zm H$moB© ñnï>rH$aU {XE SEBI, MCX-SX H$mo "B{¹$Q>r ñQ>m°³g' H$m bmBg|g XoZm 3 dfm] VH$ Q>mbVr ahr. bo{H$Z ‘mM© 2012 ‘| ‘w§~B© hmB©H$moQ>© Am¡a AmJo grYo gwàr‘ H$moQ>© Ho$ AmXoe XoZo na SEBI H$mo ¶h bmBg|g XoZm hr nS>m. 18

‘w§~B© hmB©H$moQ>© Zo AnZo AmXoe ‘| ñnï> hr H$hm Wm {H$ eoAa ~mOma g§~§Yr {Z¶‘m| H$mo SEBI Zo JbV T>§J go nT>m Wm, BZ {Z¶‘m| Ho$ R>rH$ go A‘b ‘| bmZo Ho$ {bE gaH$ma Ho$ AÝ¶ {Z¶‘ ^r ghr T>§J go g‘PZo Oê$ar h¢.

Securities Contracts Regulation Act (SCRA) H$s Ymam 18A Ho$ AZwgma, A{YH¥$V ñQ>m°H$ E³gM|O na {H$E JE VWm g§~§{YV "p³bA[a¨J hmCg' na {ZpíMV {H$E "S>o[ado{Q>dO² H$m±Q´>±³Q>g²' hr d¡Y hmoVo h¢. MCX-SX Ho$ àdV©H$m| Zo AÝ` eoAaYmaH$m| Ho$ gmW {H$E "~m¶~°H$ A°J«r‘oÝQ>' ¶h "Am°ßeZ A°J«r‘oÝQ' h¢, AV… do Ymam 18A H$m C„§KZ H$aZodmbo h¢, ¶h SEBI H$m ¶w{º$dmX SEBI Ho$ H$maU ~VmAmo Zmo{Q>g ‘| ¶m {’$a CgHo$ nyU©H$m{bH$ gXñ¶ Ho$ AmXoe ‘| Zhr hmoZo Ho$ H$maU hmB©H$moQ>© Zo Im[aO H$a {X¶m.

em¶X H$moQ>© ¶h gy{MV H$aZm MmhVm Wm {H$ ñQ>m°H$ E³gM|O Ho$ ñdm{‘Ëd H$mo boH$a ~ZmE JE {Z¶‘ AYyao h¢ VWm CZ‘| gwYma H$s Oê$aV h¢. Bg{bE SEBI Zo AmJo MbH$a RBI Ho$ ^yVnyd© JdZ©a {~‘b OmbZ H$s AÜ¶jVm ‘| EH$ g{‘{V JR>Z H$s na Bg g{‘{V Zo ^r ñQ>m°H$ E³gM|O Ho$ ñdm{‘Ëd VWm ‘wZm’$m, {bpñQ>¨J, BË¶m{X g§~§Yr Am¡a ^r {Z¶‘ E³gM|O na hr bmXZo H$s gyMZmE§ H$s.

em¶X BZ {Z¶‘m| H$mo bmXZo Ho$ ~mao ‘| OmbZ nhbo hr V¶ H$a MwHo$ Wo ³¶m|{H$ AË¶{YH$ {Z¶‘ bmXH$a hr ñnYm© H$mo amoH$m Om gH$Vm Wm. ñnï> Wm, ¶{X OmbZ H$mo E³gM|O Ho$ {Z¶‘m| H$s BVZr hr qMVm hmoVr Vmo do ¶h {Oå‘oXmar SEBI ¶m AÝ¶

18 http://compat.nic.in/upload/PDFs/augustorders-2013/22_08_2013.pdf

39

Eogr {H$gr g§ñWm H$mo XoZo H$s gyMZm H$a gH$Vo Wo bo{H$Z Eogm H$aZm ^maVr¶ ~mOma ì¶dñWm Ho$ {hV ‘| Zhr Wm, Eogm OmbZ H$m H$hZm Wm.

E³gM|O Ho$ ñdm{‘Ëd Ho$ ~mao ‘| ¶{X SEBI Zo H$moB© ñnï> Zr{V Omar H$s hmoVr Vmo ^r ¶h ‘m‘bm {~Zm H$moQ>©-H$Mhar Ho$ hr hb hmo gH$Vm Wm. MCX-SX na Omo {Z¶‘ SEBI bmXZm MmhVr Wr, dmñVd ‘| CZH$s Amdí¶H$Vm, "{S>å¶wÀ¶wAbmBPoeZ' hoVy ~«moH$g© Ho$ X~X~o ‘| ahZodmbo BSE O¡go EŠgM|Om| Ho$ {bE Wr. nhbo hr go Omo E³gM|O "{S>å¶wÀ¶wAbmB©ÁS>' Wo, CZHo$ {bE ¶h {Z¶‘ Imgo hr Zhr Wo.

Am¡a {’$a {Og ~mV H$s emh Ho$ eÌw ‘mZm| Am±Im| ‘| Vob S>mbH$a ~m±Q> OmoV aho Wo, dh KQ>Zm OwbmB© 2013 ‘| KQ> J¶r - NSEL ‘| no‘|Q> {S>’$m°ëQ> hmo J¶m. Omo H$‘mo{S>Q>rO E³gM|O, VËH$mbrZ àYmZ‘§Ìr S>m°. ‘Z‘mohZ qgJ Ho$ Bg Üò`-Ñ{ï> Ho$ AZwgma dmñVd _| Am`m {H$, Xoeâ Ho$ {H$gmZm| H$mo ñnm°Q> ‘mH}$Q> Ho$ ‘mÜ¶‘ go CZHo$ CËnmX Ho$ {bE A{YH$ Am¡a ~ohVa ‘yë¶ {X¶m Om gHo$, dh AMmZH$ "no‘|Q> H«$mB{gg' Ho$ Koao ‘| Am J¶m.

~mOma ‘| Eogm g§H$Q> H$moB© Z¶r ~mV Zhr Wr. O~ H$^r Eogm H$moB© g§H$Q> hmoVm, {dÎmr¶ g§ñWmAm| H$s ‘XX go CZ na ‘mV H$s J¶r Wr. NSE ¶m BSE na O~-O~ Eogm H$moB© g§H$Q> Am¶m V~-V~ gaH$ma Zo Zr{V-{Z¶‘m| H$s nhb H$a, CZH$mo {Xbmgm XoVo hþE BZ g§H$Q>mo§ na ‘mV H$s Wr.

NSEL Ho$ ‘m‘bo ‘| BgHo$ {~bHþ$b {dnarV hþAm. Omo X§S>mË‘H$ H$m¶©dmhr nhbo {H$gr E³gM|O na Zhr hþB© dh NSEL na H$s J¶r. nhbr ~ma {H$gr E³gM|O Ho$ ì¶dñWmnZ ¶m {’$a Cg H$s ‘yb H§$nZr Ho$ ~moS>© gXñ¶m| na, CgHo$ àdV©H$m| na H$moB© H$m¶©dmhr H$s J¶r.

³¶m Eogm {g’©$ Bg{bE {H$¶m J¶m Wm {H$ emh Am¡a CZHo$ FTIL J«wn H$mo CÜdñV {H$¶m Om gHo$?

emh Ho$ eÌwAm| H$s H$moB© H$‘r Zhr Wr. AZwemgZ ^§J H$aZo H$s H$m¶©dmhr ^wJV MwHo$ H¥$îUZ Vmo BZ‘| AJ«Ur Wo. bo{H$Z emh H$mo Q>mJ}Q> H$aZm BVZm AmgmZ ^r Zhr Wm. Bgr{bE, BZ ~S>o Zm¡H$aemhm| Zo AnZm bú¶ MCX H$mo ~Zm¶m ³¶m|{H$ emh H$s H$m‘¶m~r ‘| ~hþV ^mar {hñgm Bg MCX H$m Wm {Ogna Xoeâ Ho$ H$‘mo{S>Q>r S>o[ado{Q>dO² ‘mH}$Q>g² H$r 80% Q´>oqS>J hmo ahr Wr.

40

MCX na h‘bm H$aZo Ho$ {bE AMmZH$ EH$ {XZ H|$Ðr¶ {dÎm ‘§Ìmb¶ Zo H$‘mo{S>Q>r S>o[ado{Q>dO² ‘mH}$Q>g² na H$‘mo{S>Q>r Q>m§P°³eZ Q>°³g (CTT) bJm {X¶m. 2008-09 Ho$ AnZo ~OQ> Ho$ ^mfU ‘| {dÎm‘§Ìr nr. {MXå~a‘ Zo ¶h 0.17% CTT bJmZo H$m àñVmd aIm.

³¶m {dÎm‘§Ìr Zhr OmZVo Wo {H$ Eogo {H$gr H$a go "hoqOJ ‘mH}$Q>' ‘mZo OmZodmbo "H$‘mo{S>Q>r â¶yMg©' ‘mH}$Q> ‘| Q´>oqS>J H$aZo Ho$ {bE ì¶dgm¶r {hM{H$MmE§J|? ¶m {’$a Eogm hr hmo Bg{bE {dÎm‘§Ìr {MXå~a‘ Zo OmZ~yPH$a$ Eogm {H$¶m?

"H$‘mo{S>Q>r S>o[ado{Q>ìO E³gM|Om|' Zo BgHo$ {Ibm’$ {ZdoXZ XoZo na Bg {df¶ H$mo àYmZ‘§Ìr S>m°. ‘Z‘mohZ qgJ Zo AnZr Am{W©H$ gbmhH$ma g{‘{V Ho$ AÜ¶j S>m°. gr. a§JamOZ H$mo gm¢nm. S>m°. a§JamOZZo gbmh Xr, A^r Ho$ {bE CTT H$mo Xÿa hr aIm OmE. {MXå~a‘ Am¡a CZHo$ {dÎm ‘§Ìmb¶ H$mo ~S>m PQ>H$m bJm. ‘r{S>¶m Zo ^r CTT H$s VrIr AmbmoMZm H$s. CTT H$mo {dH$mg{damoYr ~Vm¶m J¶m. Am{Ia CTT W§S>o ~ñVo ‘| nS> J¶m. bo{H$Z {MXå~a‘ ^r hma ‘mZZodmbm| ‘| go Zhr Wo. do Hw$N> df© em§V aho Am¡a {’$a AMmZH$ 2013 Ho$ ~OQ> ‘| CÝhm|Zo J¡aH¥${f CËnmXm| na CTT bJmZo H$s {’$ago KmofUm H$a Xr. {MXå~a‘ Zo H$hm, ""{g³¶w[aQ>rO ‘mH}$Q> VWm H$‘mo{S>Q>rO ‘mH}$Q>g² ‘| hmoZodmbo S>o[ado{Q>ìO Q´>oqS>J ‘| H$moB© ’$H©$ Zhr h¢. Ho$db A°goQ>g² hr AbJ hmoVo h¢!''

H$‘mo{S>Q>r ~mOma H$m H|$Ðq~Xþ aho ‘w§~B© eha ‘| CTT Ho$ {Ibm’$ O¡go g¡bm~ C’$ZH$a Am J¶m. ~mOma ‘| ¶hr ‘mÝ¶Vm ~Z J¶r Wr {H$ YmVw d COm© ‘| Q´>oqS>J H$aZodmbo VWm FTIL H$s A{YH$ {hñgoXmar aIZodmbo MCX H$m ZwH$gmZ H$aZo Ho$ {bE hr CTT H$mo Wm|nm J¶m Wm.

¶{X gM‘wM hr A§S>abmBªJ A°goQ>g² H$mo N>moS>H$a H$‘mo{S>Q>rO d {g³¶w[aQ>rO S>o[ado{Q>ìO ‘| H$moB© ’$H©$ hr Zhr Wm Vmo {dÎm ‘§Ìmb¶ Zo CTT go H$aÝgr VWm H¥${f CËnmXm| H$mo ³¶m| ANy>Vm aIm Wm?

BgH$m ^r H$maU ñnï> Wm… MCX Ho$ à{VñnYu NCDEX na ‘w»¶V… H¥${f CËnmXm| H$s hr Q´>oqS>J hmoVr Wr! Om{ha gr ~mV Wr, CTT H$m {ZU©¶ NCDEX Ho$ {hV ‘| Wm. Eogm àVrV hmo ahm Wm O¡go NCDEX H$s ^bmB© Ho$ {bE H$moB© AË¶{YH$ H$ï> bo ahm Wm!

A~ J¡aH¥${f CËnmXm| na CTT bJmZo go H$‘mo{S>Q>r E³gM|Om| Ho$ Q´>oqS>J ‘| 6% H$s H$‘r Am J¶r. BgH$m grYm n[aUm‘ ¶h hþAm {H$ J¡aH$mZyZr S>ã~m ‘mH}$Q> H$s Q´>oqS>J

41

600% go ~‹T> J¶r. Bggo Xoe H$m ^mar ZwH$gmZ hþAm.

EH$ Am¡a VarHo$ go FTIL H$mo Koam J¶m. {H$gr Zo FTIL Ho$ ODIN Zm‘H$ "Q´>oqS>J gmoë¶weZ gm°âQ>doAa' Ho$ {Ibm’$ {eH$m¶V H$a Xr {OgHo$ n[aUm‘ñdê$n ODIN H$mo dm°M{bñQ> na aIm J¶m. ¶h ~mV Am¡a h¢ {H$ {eH$m¶V H$mo ~mX ‘| a’$m-X’$m H$a {X¶m na§Vw {’$a r ODIN H$mo ~mOma go ~{hîH¥$V H$aZo Ho$ à¶mg Omar ah|.

ODIN Xoeâ Ho$ ~«moH$g© H$s nhbr ng§X ahm h¢. CgH$m ‘mH}$Q> eoAa AmO ^r 80% h¢. TCS, Technikrone, Reuters, NSEIT, B. g^r H§$n{Z¶m| H$mo ODIN Imgr MwZm¡Vr ~Zm hþAm Wm. "Q´>mÝg’$mo‘}{Q>d S>odbn‘|Q>' ‘| H$m¶© H$aZodmbr H§$nZr Frost & Sullivan Ho$ AZwgma ODIN ^maV Ho$ 10 bmI go A{YH$ H§$ß¶wQ>a Q>{‘©Zëg na Cn¶moJ ‘| bm¶m Om ahm Wm. Am¡a ¶hr ~mV NSE H$s Am±Im| H$m H$mQ>m ~Zr hþB© Wr.

{’$a NSE Zo ³¶m {H$¶m? NSE Zo ~«moH$g© H$mo AàË¶j ê$n go gy{MV H$aZm ewê$ H$a {X¶m {H$ ¶{X do ODIN H$m hr à¶moJ H$aVo aho Vmo {’$a NSE go {H$gr àH$ma H$s ‘mÝ¶VmE±/AZw‘{V B. H$s Anojm Z H$a|!

NSE Zo {’$a ~«moH$g© H$mo ODIN Ho$ ~Xbo AnZm hr gm°âQ>doAa ‘wh¡¶m H$am¶m Am¡a dh ^r ‘wâV ‘| Omo {H$ {Z¶‘m| H$m gamga C„§KZ Wm. "H$m°pån{Q>eZ E°noboQ> Q´>m¶ã¶wZb' (CAT) Zo NSE H$s Bg H$aVyV H$mo VH$ZrH$-AmYm[aV {dH$mg Ho$ {bE Amdí¶H$ ñnYm© ‘| ~mYm S>mbZo H$m Xmofr nm¶m. AV… NSE H$mo FTIL Ho$ {Ibm’$ {H$E g^r Amamon dmng boVo hþE ODIN H$mo "dm°M{bñQ>' go hQ>mZm nS>m. bo{H$Z AnZr haH$Vm| go ~mO AmE§ dh NSE H¡$gr!

H$aÝgr â¶yMg© ‘| MCX-SX H$s VoOr H$mo XoIH$a NSE Zo MCX-SX H$mo B§Q>aoñQ> aoQ> â¶yMg© H$m bmBg|g Zm {‘bo Bg{bE SEBI VWm gaH$mar V~H$m| ‘| H$mo{ee| ewê$ H$a Xr. SEBI Zo r Hw$N> H$maU XoH$a MCX-SX H$mo B{¹$Q>r VWm B§Q>aoñQ> aoQ> â¶yMg© ‘| bmBg|g XoZo go Mm¡Wr ~ma ‘Zm H$a {X¶m bo{H$Z AmJo Mb H$a ‘w§~B© hmB©H$moQ>© Zo SEBI H$mo MCX-SX H$s AOu na nwZ… {dMma H$aZo Ho$ AmXoe {XE. MCX-SX Zo {’$a go AOu H$r Vmo SEBI Zo ZE {Z¶‘ bmJy H$a {XE. Bgr SEBI Zo bmBg|g Ho$ {bE NSE VWm BSE H$mo {~Zm {H$gr {X¸$V Ho$ bmBg|g AXm H$a {XE.

~±qH$J VWm ~r‘m joÌ ‘| AnZo eoAg© ~oMH$a {H$gr H§$nZr ‘| go AnZm {hñgm H$‘ H$aZo Ho$ {bE àdV©H$m| H$mo {d{eï> g‘¶ {X¶m OmVm h¢. bo{H$Z àdV©H$ 5% go

42

A{YH$ {Zdoe Zhr aI nmE Eogo {Z~ªY MCX-SX na ewê$ go hr bmXo JE Wo. {Og E³gM|O H$s A^r Q´>oqS>J ^r ewê$ Zhr hþB© Wr, CgHo$ {bE eof 95% {Zdoe ~mha go OwQ>mZm H$ar~-H$ar~ Ag§^d Wm.

B{¹$Q>r, â¶yMg© A°ÊS>> Am°ße§g (F&O) ¶m AÝ¶ {H$gr ‘mÜ¶‘ go Q´>oqS>J H$aZo H$s AZw‘{V Zm hmoZo na ^r {Zdoeg§~§Yr ¶h {Z~ªY bmXo JE Wo. {H$gr ^r gwaV ‘| MCX-SX B{¹$Q>r ‘mH}$Q> ‘| H$X‘ Zm aIZo nmE§ ¶hr _§em Bg g~ Ho$ nrN>o H$s Wr.

Xþ{Z¶mâ ‘| VH$ZrH$s joÌm| H$s H§$n{Z¶m±, E³gM|O ewê$ H$aZo ‘| AJ«Ur Wr bo{H$Z ¶hm± ^maV ‘| Eogm H$a {XImZo H$s H$mo{ee H$aZo dmbr FTIL na Vah-Vah Ho$ {Z~ªY bJmE Om aho Wo. ~±H$m| H$mo E³gM|O ewê$ H$aZo ‘| H$moB© ag Zhr Wm. bo{H$Z CÝh| 26% VH$ {Zdoe H$aZo H$s Ny>Q> Xr J¶r Wr. MCX-SX H$s gXñ¶Vm H$s BÀNw>H$ Hw$N> g§ñWmE§ NSE VWm BSE H$s ^r gXñ¶ Wr. Bg{bE CZH$s Ah©Vm H$s Om±M H$aZm AmgmZ Wm. {’$a ^r MCX-SX Ho$ ‘m‘bo ‘| Bg Om±M ‘| b§~m g‘¶ bJ J¶m. ì¶dgm¶ Ho$ ~Om¶ BZ g~ ~mVm| H$s ny{V© ‘| ^r MCX-SX H$mo AnZm A‘yë¶ g‘¶ VWm COm© ~~m©X H$aZr nS> ahr Wr. emh {’$a ^r em§V Wo bo{H$Z CZH$m ¶h g§Kf© g‘má hmoZo H$m Zm‘ hr Zhr bo ahm Wm.

NSE H$s ‘moZmonm°br H$m EH$ Am¡a CXmhaU gm‘Zo Am¶m… {dÎm VWm eoAa ~mOmag§~§Yr gaH$ma H$s g^r g{‘{V¶m±/‘§S>bm| ‘| go FTIL H$mo ~mha H$a {X¶m J¶m. Hw$N> N>moQ>o E³gM|Om| H$mo "dëS>© ’o$S>aoeZ Am°’$ E³gM|Oog²' (WFE) H$s gXñ¶Vm AmgmZr go {‘b J¶r Wr na§Vw Bgr WFE H$s gXñ¶Vm H$m Xþén¶moJ H$aVo hþE NSE Zo MCX H$s nyU©H$m{bH$ gXñ¶Vm Ho$ {bE {H$E JE MCX Ho$ à¶mgm| H$m nyaOmoa {damoY {H$¶m.

MCX VWm MCX-SX H$mo "gmD$W E{e¶Z ’o$S>aoeZ Am°’$ E³gM|Oog²' (SAFE) H$m ^r gXñ¶ ~ZZo Zhr {X¶m J¶m O~{H$ MCX Xþ{Z¶m H$m Z§~a 2 H$m E³gM|O ~Z J¶m Wm.

O~ MCX/MCX-SX Ho$ nmg SAFE H$s AÜ¶jVm Am`r Vmo {damoYr E³gM|O Bg‘| go ~mha hmo JE. em`X Eogo {H$gr ^r g§¶wº$ T>m±Mo ‘| CÝh| ahZm ng§X Zhr Wm {OgH$s AJwdmB© FTIL J«wn H$a ahm hmo. Xþ{Z¶mâ H$s H§$n{Z¶m| H$mo ^r ^maV ‘| hmoZodmbo H$m¶©H«$‘m| Ho$ àm¶moOH$ ¶m nmQ>©Za Ho$ ê$n ‘| ^r FTIL Ho$ E³gM|Om| H$mo boZo go ‘Zm {H$¶m J¶m.

43

Bg KQ>ZmH«$‘ H$mo H$ar~ go XoIZoodmbo ‘w§~B© ì¶mnma OJV ‘| ~g EH$ hr gdmb ~ma-~ma ga CR>m ahm Wm - H$m¡Z Wm dh Omo {O¾oe emh go Bg H$Xa Z’$aV H$aVm Wm?

44

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14 Aà¡b, 2016 ¶h {XZ ^maV ‘| H$B© H$maUm| go ‘hÎdnyU© ~Z J¶m Wm. Xoeâ ‘| H$B© amÁ¶ AnZr-AnZr gm§ñH¥${VH$ na§nam Ho$ AZwgma Zddf© ‘Zm aho Wo. BYa amOYmZr {X„r ‘| àYmZ‘§Ìr Za|Ð ‘moXr EH$ ZE nd© H$s ewédmV H$a aho Wo. ~«moH$g© VWm {~Mm¡{b¶m| H$mo Xÿa H$aVo hþE {H$gmZ AnZo CËnmXm| H$mo ~oM gHo$ Eogo ‘mÜ¶‘ H$mo amï´>r¶ H¥${f ~mOma AWdm e-NAM Zm‘H$ EH$ Bbo³Q´>m°{ZH$ ‘mH}$Q> H$mo Cg {XZ ‘moXrOr Zo Xoe H$mo g‘{n©V {H$¶m Wm. OëXr hr Xoe Ho$ ha EH$ amÁ¶ H$s B©-‘§Sr BgHo$ A§VJ©V AmZodmbr Wr.

_moXrOr Zo H$hm, ‘mM© 2018 VH$ Bg e-NAM Ho$ A§VJ©V AmZodmbo 365 WmoH$ ~mOmam| H$s g§»¶m 585 VH$ nhþ±MZo H$s g§^mdZm h¢. àYmZ‘§Ìr Zo ¶h ^r H$hm {H$ Bg e-NAM Ho$ H$maU {H$gmZ Am¡a gm‘mÝ¶OZ XmoZmo§ H$mo bm^ hmoJm. Bg {XZ H$m ¶h à‘wI g‘mMma Xoeâ Ho$ g^r M¡Zbm| Zo àgm[aV {H$¶m.

BYa ‘w§~B© ‘| Xmo A{V{d{eï> ì¶{º$ Q>rdr na "bmBìh' {XIm¶r Om ahr ¶h I~a XoI aho Wo. EH$ Wo ‘wHo$e A§~mZr Am¡a Xÿgao Wo {O¾oe emh!

2006 ‘|, ¶m{Z EH$ XeH$ nyd©, ‘wHo$e A§~mZr Zo ~«moH$g© Am¡a {~Mm¡{b¶m| H$mo Xÿa H$aVo hþE "’$m‘© Qw> ’$moH©$' ¶h ‘hÎdmH$m§jr ¶moOZm Xoe Ho$ gm‘Zo aIr Wr. gãOr, ’$b, YmZ, B. H¥${f CËnmX grYo {H$gmZm| go IarXH$a gm‘mÝ¶ J«mhH$m| VH$ nhþ±MmZodmbr ¶h ¶moOZm Wr. bo{H$Z Xoe H$s ì¶dñWm ‘| X~§J ~Zo ~«moH$a Am¡a CZHo$ amOZr{VH$ VWm ì¶mdgm{¶H$ AmH$mAm| Zo Bg ¶moOZm H$mo ‘ma {Jam¶m. A§~mZr Zo H¥${f H$mo Ë¶mJH$a AnZm bú¶ IZrO Vob VWm Q>o{bH$m°‘ joÌ na H|$ÐrV {H$¶m.

{dS>§~Zm ¶h Wr {H$ ‘moXrOr Omo 2016 ‘| H$aZm Mmh aho Wo {~bHw$b dhr ~mV {O¾oe emh H$s MCX d NSEL BZ H§$n{Z¶m| Zo VËH$mbrZ àYmZ‘§Ìr S>m°. ‘Z‘mohZ qgJ Ho$ {dOZ Ho$ AZwgma H$B© df© nhbo hr H$a {XIm¶m Wm.

45

Am{W©H$ gd}jU Zo19 ^r H¥${f CËnmXm| Ho$ Bg àH$ma Ho$ B©-~mOma H$s ‘m§J H$s Wr. ¶moOZm Am¶moJ ^r Bg Vah Ho$ ñnm°Q> ‘mH}$Q> H$m ‘hÎd OmZVm Wm Bg{bE CgZo ^r BgH$s hm‘r âr Wr. a§JamOZ g{‘{V Zo ^r BgH$m AZw‘moXZ {H$¶m Wm.

2004 ‘| emh Zo gaH$ma Ho$ gm‘Zo NSEL H$m àñVmd aIm Am¡a dh ‘§Oya hmoVo hr df©â ‘| NSEL ñWm{nV ^r H$a {XIm¶m. Hw$N> hr g‘¶ ‘| 6 amÁ¶m| Zo H¥${f CËnmX ~mOma g{‘{V H$mZyZ Ho$ A§VJ©V NSEL H$mo bmBg|g {X¶m ³¶m|{H$ CZHo$ amÁ¶ H$s ¶h g{‘{V¶m± {H$gmZm| H$r hr Oo~| Imbr H$aZo ‘| bJr hþB© Wr. NSEL na Xoeâ Ho$ {H$gmZ Xoeâ Ho$ ~mOma ‘| H$hr ^r - Ohm± CÝh| Xm‘ C{MV bJo - AnZr H$‘mo{S>Q>rO ~oM gH$Vo Wo. ñnm°Q> ‘mH}$Q> H$m ¶hr ’$m¶Xm Wm.

NSEL Zo Hw$N> gaH$mar H§$n{Z¶m| Ho$ {bE r Q´>oqS>J H$s {OZ‘| go Hw$N> Bg àH$ma Wo…

1) 2008 ‘| NAFED Zo Am§Y« àXoe Ho$ {H$gmZm| go H$nmg IarXZo Ho$ {bE NSEL H$mo {Z¶wº$ {H$¶m. NSEL Zo Ý¶yZV‘ J°a§Q>r àmB©g ‘| dh {H$gmZm| go Z {g’©$ IarXm ~pëH$ Cgo AÀN>r Vah {~ZH$a, JR>mZm| ‘| bmXH$a NAFED H$mo gm¢nm. Bg ‘mÜ¶‘ go Hy$b 206 H$amoS> ê$n¶m| H$s Q´>oqS>J ‘| NSEL Zo Am§Y« Ho$ 14,000 {H$gmZm| Ho$ ~±H$ ImVo ‘| MoH$ O‘m {H$E.

2) 2010-11 ‘| NSEL Zo "’y$S> H$m°nm}aoeZ Am°’$ B§{S>¶m' (FCI) Ho$ {bE ’$m°d©S>© Am°³eZ Ho$ ‘mÜ¶‘ go 1.48 bmI Q>Z Johÿ± H$s {~H«$s H$s Q´>oqS>J H$s.

3) Bgr àH$ma H$s {Zbm‘r Ho$ ‘mÜ¶‘ go NSEL na NAFED Zo 850 H$amoS> ê$n¶m| Ho$ 8.73 bmI H$nmg H$s JR>mZm| H$s {~H«$s H$s.

4) H$B© gaH$mar g§ñWmAm| Ho$ {bE NSEL Zo Am¶mV H$s J¶r Xmb H$s {~H«$s H$s {OgH$m ’$m¶Xm Xmb VWm Cggo OwS>r à{H«$¶m H$m ì¶dgm¶ H$aZodmbo H$B© N>moQ>o-~S>o Q´>oS>g© H$mo hþAm.

5) "{Zbm§Mb BñnmV {ZJ‘ {b.'Zo ^r NSEL Ho$ ‘mÜ¶‘ go Xoeâ Ho$ Q´>oqS>J ³bm¶§Q>g² H$mo H$ƒo bmoh H$s {~H«$s H$s.

6) nyd© H$s Q>|S>a nÕVr H$s VwbZm ‘| NSEL na Mmdb, ~mOam, B. YmZ H$s {Zbm‘r go NAFED H$mo A{YH$ bm^ hmo ahm Wm ³¶m|{H$ ¶h {Zbm‘r EH$ hr g‘¶ gmao Xoeâ ‘| hmoVr Wr.

19 Am{W©H$ gd}jU 2002-03 n[aÀN>oX 8.66

46

MoÞB©pñWV H¥${f CÚmoJ Am¶wº$ H$mo {bIo nÌ ‘| JwOamV amÁ¶ H¥${f {dnUZ ‘§S>b Zo ñnï> {H$¶m {H$ NSEL H$mo ‘mH}$Q> bmBg|g JwOamV H¥${f ‘mH}$qQ>J VWm J«m‘rU AW© ‘§S>b Ho$ g§MmbH$ Zo {X¶m Wm. JwOamV ‘| H$B© OJh NSEL Zo aoÊS>r Ho$> ~rOm| Ho$ joÌ ‘| nhb H$s Wr. ‘§S>b Ho$ AZwgma, NSEL {H$gmZm| H$mo ‘§S>r Ho$ Xm‘ go H$ar~-H$ar~ XþJZo Xm‘ {XE Wo. NSEL {H$gmZm| go BgHo$ ~Xbo H$moB© r H$a, Xbmbr, ¹$m°{bQ>r Om±M H$s ’$s, {H$gr ^r àH$ma Ho$ {S>brdar MmO}g, B. Zhr dgybVr Wr. ‘§S>r H$m gaMmO© ^r NSEL {H$gmZm| go Zhr ~pëH$ Q´>oS>g© go boH$a Cgo ‘§S>b Ho$ nmg O‘m H$aVr Wr.20

dmñVd ‘| g~go Á¶mXm H¥${f gog BH$Æ>m H$aZodmbo JwOamV amÁ¶g‘oV H$B© amÁ¶m| H$s H¥${f CËnmX ~mOma g{‘{VAm| Ho$ ‘mH}$Q> go OwS>r g^r ì¶mdgm{¶H$ g§ñWmAm| ‘| NSEL nhbo Z§~a na Wr. BgHo$ ~mdOyX AJñV 2013 ‘| VËH$mbrZ {dÎm ‘§Ìr {MXå~a‘ ¶h ~¶mZ Xo ~¡R>o Wo {H$ ""NSEL nhbo {XZ go hr J¡aH$mZyZr T>§J go H$m¶© H$a ahr Wr!''

NSEL Zo H¥${f CËnmXm| H$s IarX-{~H«$s H$aZodmbm| H$mo ì¶mnma Ho$ {bE EH${ÌV bmH$a "^maV' Am¡a "B§{S>¶m' Ho$ ~rM H$s Xÿar H$mo H$‘ {H$¶m Wm bo{H$Z BVZm hr H$m’$s Zhr Wm. Xoeâ H$s Q´>oqS>J Ho$ {bE ~S>o n¡‘mZo na ñQ>m°H$ H$mo g§J«{hV H$aHo$ aIZm ^r Xoe ‘| ~S>r g‘ñ¶m Wr. Bgo hb H$aZo Ho$ {bE emh Zo "Z°eZb ~ëH$ h°ÊS>qbJ H$m°nm} aoeZ' (NBHC) Zm‘H$ EH$ Am¡a H§$nZr ñWm{nV H$a Xoeâ ‘| JmoXm‘m| H$m Omb {~N>m {X¶m. BVZm hr Zhr, {OZ Q´>oqS>J ³bm¶§Q>g² VWm {H$gmZm| H$s H$‘mo{S>Q>rO BZ JmoXm‘m| ‘| aIr OmVr Wr, CÝh|, Bg H$‘mo{S>Q>rO H$s EdO ‘| ~±H$m| go H$O© ‘wh¡¶m H$amZo H$s gw{dYm ^r emh Zo CnbãY H$am Xr. amoOJma Ho$ ZE Adga {Z‘m©U hmo, J«m‘rU ^maV ‘| A{YH$V‘ {Zdoe hmoH$a dhm± ^r AW©ì¶dñWm ‘O~yV hmo, ¶hr emh H$s ¶h g~ H$aZo Ho$ nrN>o ‘§em Wr. {H$gmZ Ho$ hmW ‘O~yV hmo ¶hr A§~mZr VWm emh MmhVo Wo.

e-NAM Ho$ ‘mÜ¶‘ go àYmZ‘§Ìr ‘moXr ^r ¶hr H$aZm MmhVo h¢. e-NAM Zo ewê$ ‘| JwOamV, Vob§JUm, CÎma àXoe, ‘Ü¶ àXoe, PmaI§S>, amOñWmZ, h[a¶mUm VWm {h‘mMbg‘oV 12 amÁ¶m| H$mo EH${ÌV {H$¶m.

BZ amÁ¶m| ‘| gaH$ma Zo Johÿ±, ‘¸$B©, Amby, ‘Q>a, H$nmgg‘oV 25 H¥${f CËnmXm| H$s Q´>oqS>J Ho$ {bE AZw‘{V Xr. CÎma àXoe ‘| 6 ‘§{S>¶m± ewê$ hmo J¶r, Vob§JUm ‘| ^r Am¡a 5 ‘§{S>¶m± OyS>Zodmbr Wr. gmYmaU ì¶dñWm ‘|, EH$ ‘§S>r Ho$ {H$gmZ H$mo Xÿgar ‘§S>r

20 lr. Ho$. Oo. Omoer, ì¶dñWmnH$s¶ g§MmbH$, JwOamV amÁ¶ H¥${f {dnUZ ‘§S>b, Jm§YrZJa, Zo lr AVwb AmZ§X, m.à.go.,Am¶wº$, H¥${f {dnUZ Ed‘² H¥${f CÚmoJ, MoÞB©, H$mo 31 OwbmB© 2009 H$mo {bIm nÌ H«$‘m§H$ GMB/NSEL/234/2009

47

‘| Cgr H$‘mo{S>Q>rO H$m ^md nVm Zhr hmoVm h¢ bo{H$Z e-‘§S>r ‘| OJh-OJh Ho$ ^md nVm MbVo h¢§ {OgHo$ H$maU H$moB© ^r {H$gmZ AnZr H$‘mo{S>Q>rO {Og ‘§S>r ‘| A{YH$ ^md {‘b ahm hmo Cg‘| ~oM gH$Vm h¢. ¶hr Bg e-NAM H$s ñWmnZm H$m CÔoí¶ Wm. {~bHw$b ¶hr CÔoí¶ 2005 ‘| NSEL Zo g’$b H$a {XIm¶m Wm.

EH$ amOZoVm Am¡a CgHo$ Zm¡H$aemhm| Ho$ Hw${Q>b fS>¶§Ì H$m {eH$ma hmoZo VH$ NSEL bJmVma N>moQ>o-~‹S>o {H$gmZ VWm Q´>oqS>J ³bm¶§Q>g² Ho$ {hV Ho$ {bE H$m¶© H$a ahr Wr.

""A§~mZr Am¡a emh H$s ¶moOZmAm| go àYmZ‘§Ìr ‘moXrOr H$m H$m¶© AmgmZ hmo J¶m hmoVm,'' Zr{V Am¶moJ Ho$ gXñ¶ VWm {d»¶mV AW©emór {ddoH$ Xo~«mo¶ Zo ‘wPgo H$hm. g‘mOemór Am{ef Z§Xr H$m ^r ¶hr ‘mZZm Wm.

""Hw${Q>b amOZoVm Am¡a CZHo$ hñVH$m| Zo gXm hr h‘mao {H$gmZm| H$m Jbm Km|Q>m h¢. A§~mZr Am¡a emh Omo 10 df© nyd© H$aZm MmhVo Wo dhr ~mV A‘b ‘| bmZo Ho$ {bE ‘moXrOr H$mo AmO Ho$ {XZ H$s àVrjm H$aZr nS>r. Bggo ¶hr ñnï> hmoVm h¢ {H$ ^maV ‘| Jar~m| Ho$ {hV H$s ~mV Hw$‘©J{V go hmoVr h¢,'' Xo~«moo¶ Zo H$hm.

A§~mZr H$m ñdßZ ì¶mnm[a¶m| H$s amOZr{V H$m ~{b MT>m¶m J¶m Am¡a emh H$m dmñVd amOZoVmAm| Ho$ fS>¶§Ì H$m, bo{H$Z Xoe {dH$mg Ho$ EH$ O~aXñV ~Xbmd H$mo My±H$ J¶m!

Xo~«mo¶ Ho$ AZwgma ""¶h XmoZm| CÚmoJnVr {H$gmZm| H$mo ~«moH$a Am¡a {~Mm¡{b¶m| Ho$ M§Jwb go ‘wº$ H$amZm MmhVo Wo. A³ga, ¶h ~«moH$a hr gmhþH$ma ~ZH$a {H$gmZm| H$mo H$O© ‘wh¡¶m H$amVo h¢ {OgHo$ H$maU {H$gmZ AnZr H$‘mo{S>Q>rO BÝht ~«moH$g© H$mo ~oMZo Ho$ {bE ‘O~ya hmo OmVo h¢. Bgr Xþï>MH«$ H$mo A§~mZr Am¡a emh ôXZm MmhVo Wo bo{H$Z CÝh| Eogm Zhr H$aZo {X¶m.''

¶{X 10 df© nyd© Eogm hmo J¶m hmoVm Vmo h‘mam {H$gmZ H$~ H$m ñdV§Ì hmo MwH$m hmoVm. AnZm ‘mb ~¡bJmS>r ¶m Q´>°³Q>a ‘| MT>mZo go nhbo hr dh AÀN>o Xm‘ na Am°ZbmBZ ‘§S>r ‘| ~oM MyH$m hmoVm.

Z§Xr Zo H$hm, ""’$m‘© Qw> ’$moH©$ go ì¶mnmar Am¡a J«mhH$ XmoZm| H$m hr bm^ hmo J¶m hmoVm. Am°ZbmBZ Q´>oqS>J ‘| H$moB© ^r Q´>oqS>J ³bm¶§Q>g² EH$ hr g‘¶ AZoH$ {dH«o$VmAm| H$mo, Ohm± Mmho dhm AnZr H$‘mo{S>Q>rO ~oM gH$Vm h¢.''

48

bo{H$Z AmO H$m dmñVd ³¶m h¢? ‘§S>r ‘| nhþ±MVo hr {H$gmZ ~«moH$g© Ho$ hmW H$m {Ibm¡Zm ~ZHo$ ah OmVm h¢. ~«moH$a hr H¥${f H$‘mo{S>Q>rO H$m Xm‘ V¶ H$aVo h¢, H$^r ~T>mVo Vmo H$^r KQ>mVo h¢ bo{H$Z Omo r md V¶ hmoVm h¢ Cgr md na ~oMZo H$mo {H$gmZ ‘O~ya hmo OmVm h¢.

³¶mo§ ~oMVm h¢ {H$gmZ AnZm ‘mb {H$gr ^r H$s‘V na? ³¶m|{H$, Xþ~mam Q´>mÝgnmoQ>© na n¡gm IM© H$aHo$ gmam ‘mb Ka bo OmZm, {’$a ¶hr g~ IM© H$aHo$ ZE go ‘§S>r ‘| ~oMZo Ho$ {bE bmZm, ¶h CgH$s Am{W©H$ j_Vm Ho$ nao hmoVm h¢. ~§na ’$gb hmoZo na ^r {H$gmZ H$s hmbV Eogr hr hmoVr h¢. H$‘ Xm‘ na ~oMZo na ^r ZwH$gmZ Am¡a dmng bo OmE Vmo ^r ZwH$gmZ Eogr Xmohar {ddeVm H$m dh {eH$ma hmo OmVm h¢. Eogr pñWVr ‘| H$B© ~ma Bg {H$gmZ Zo ZH$mamË‘H$ H$X‘ CR>m¶m h¢; H$B© ~ma AnZr Q>mo_°Q>mo ¶m ß¶mO O¡gr ’$gb H$mo 2-4 n¡go ‘| ~oMZo Ho$ ~Om¶ \$gb go âo Q´>°³Q>a gS>H$ na hr Imbr H$a dh hVme, {Zame hmoH$a Imbr hmW Ka bm¡Q>m h¢!

Bg g~ H$m gaH$ma ¶m h‘mar ¶§ÌUm na H$^r Hw$N> n[aUm‘ hþAm ¶m Zhr ¶h H$^r gm‘Zo Zhr Am¶m. Xg dfm] ‘| {O¾oe emh Zo {Og ñdßZ H$mo ¶WmW© ‘| CVmam Wm Cgo Hw$N> Hw${Q>b amOZoVm VWm ~S>o Zm¡H$aemhm| Zo {‘Å>r ‘| {‘bm {X¶m Wm. {X„r ‘| amOZ¡{VH$ ~«moH$g© Ho$ gmW {‘bH$a gm±R>Jm±R> H$aZo Ho$ ~Om¶ emh H$mo VH$ZrH$s CÚmoOH$Vm H$s H$ënZmAm| Ho$ {dñVma ‘| hr é{M ahr h¢. AmO {~bHw$b ¶hr VH$ZrH$s CÚmoOH$Vm CZgo {N>Z br J¶r h¢. emh Ho$ {Ibm’$ H$moB© ^r Ý¶m¶mb¶rZ {ZU©¶ Z hmoVo hþE ^r BZ Zm¡H$aemhm| Zo CZgo MCX, "Xþ~B© Jm°ëS> A°ÊS> H$‘mo{S>Q>r E³gM|O' (DGCX), "qgJmnya ‘H]$Q>mB©b E³gM|O' (SMX), "½bmo~b ~moS>© Am°’$ Q´>oS>' (GBOT), "~mog© A{’«$H$m' (BA), "~mharZ ’$m¶Zm§{e¶b E³gM|O' (BFX), "E‘grE³g ñQ>m°H$ E³gM|O Am°’$ B§{S>¶m' (MCX-SX), "B§{S>¶Z EZOu E³gM|O' (IEX) d "Z°eZb ñnm°Q> E³gM|O {b{‘Q>oS>' (NSEL) Ho$ gmW-gmW g^r {díd{H$Vu‘mZ E³gM|O {N>Z {bE Wo.

Eogm H¡$go hmo gH$Vm h¢? ¶m {’$a, h‘mao ^maV ‘| Eogm Hw$N> ^r hmo gH$Vm h¢?

14 ’$adar 2016 H$mo àYmZ‘§Ìr Za|Ð ‘moXr Zo CZH$s Make in India Zm‘H$ ‘hÎdmH$m§jr ¶moOZm H$s KmofUm H$s. Bg ¶moOZm H$m ~moY{MÝh CÝhm|Zo qgh H$s à{V‘m H$mo aIm.

Am¡Úmo{JH$ AdOmam| go {M{ÌV {H$E JE Bg ~moY{MÝh go do Xoe H$s Apñ‘Vm, CgH$s CÚmoJerbVm H$s VmH$V Xem©Zm MmhVo Wo. ^maVr¶ na§nam ‘| qgh em¡¶©, gm‘Ï¶©

49

Am¡a O~aXñV AmË‘{dídmg H$m àVrH$ ‘mZm OmVm h¢.

Xoe Zo ^r Bg ‘hÎdmH$m§jr ¶moOZm H$mo ~S>o H$m¡Vyhb go XoIm. bo{H$Z Bgr Xoe Zo EH$ ~hþV ~S>r KQ>Zm H$mo ZOaA§XmO H$a {X¶m Wm.

12 ’$adar 2016 H$mo H|$Ðr¶ H$m°nm}aoQ> ‘§Ìmb¶21 Zo (MCA) EH$ {d{MÌ AmXoe Omar H$a àmU{dhrZ H$a {XE JE NSEL H$mo Xoeâ ‘| MCX g{hV Xþ{Z¶mâ ‘| Xg E³gM|O {Z‘m©U H$aZodmbr FTIL ‘| {dbrZ H$aZo H$m {ZU©¶ {H$¶m Wm.

BgHo$ Xmo hr {XZmo§ ~mX àYmZ‘§Ìr ‘moXr Zo Made in India ¶moOZm Ho$ {àË¶W© amoS> emo {H$¶m {Og‘| CÝhm|Zo Xþ{Z¶mâ H$s H§$n{Z¶m| H$mo ^maV ‘| {Zdoe H$aZo H$m AmdmhZ {H$¶m. bo{H$Z Bg H$m¶©H«$‘ ‘| "EH$bm Mbmo ao' H$s YwZ na 10 df© nyd© hr Bgr Made in India Ho$ ñdßZ H$mo dmñVd ‘| CVmaZodmbo ì¶{º$ ¶m J«wn H$m C„oI H$aZm ‘moXrOr ^yb JE!

¶hm±, ¶h Ü¶mZ ‘| boZm Oéar h¡ {H$ MCA Ûmam NSEL - FTIL Ho$ ~bmV² {dbrZrH$aU O¡go H$R>moa AmXoe go VWm Bg ‘m‘bo ‘| nyd© ‘| {XE JE AÝ¶ A¶mo½¶ AmXoem§o Ho$ H$maU Xoe VWm CgH$s AW©ì¶dñWm H$m hr ^mar ZwH$gmZ h¢.

"dëS>© BH$m°Zm°{‘H$ ’$moa‘', "B§S>mo-¶wEg {~µOZog ’$moa‘' g{hV {hbar p³b¨Q>Z, ‘m. amï´>n{V AãXþb H$bm‘ O¡go {X½JOm| Zo {OÝh| gamhm CZ {O¾oe emh O¡go CÚmoOH$ Ho$ gmW Eogr H$moB© H$m¶©dmhr H$aZm Xoe Ho$ {bE H$moB© Jm¡ad H$s ~mV Zhr Wr. AnZr Am¶w Ho$ 35 df© ^r nyao H$aZo go nhbo {O¾oe emh Xoe Am¡a Xþ{Z¶m ‘| AnZr à{V^m Am¡a H$m¡eb Ho$ {bE ‘ehÿa hmo MwHo$ Wo.

bo{H$Z BZ g~ ~mVm| H$mo gm’$ AZXoIm H$a MCA Zo NSEL H$mo FTIL Ho$ gmW O~aZ {dbrZ H$aZo Ho$ {bE CÝhr g~ H$maUm| H$mo AmJo ~T>m¶m Wm Omo FMC Ho$ VËH$mbrZ à‘wI a‘oe A{^foH$ Zo {XE Wo. {gVå~a 2015 ‘| {dÎm ‘§Ìmb¶ Zo Bg FMC H$mo SEBI ‘| {dbrZ H$a {X¶m Wm. Bg{bE, A~ FMC go ñnï>rH$aU H$s ^r H$moB© g§^mdZm Zhr Wr.

Xoe Ho$ dm¶Xm ~mOma Ho$ {Z¶m‘H$ Ho$ ê$n ‘| H$m¶© H$aZodmbr g§ñWm H$m ApñVËd hr Zï> H$a {X¶m J¶m Wm.

³¶m|H$a Eogm {H$¶m J¶m hmoJm ^bm?

21 http://www.mca.gov.in/Ministry/pdf/Notice_NSEL_FTIL.pdf

50

NSEL/ FTIL BZ Xmo {ZOr H§$n{Z¶m| H$mo Ho$db FMC Ho$ H$hZo na {dbrZ H$aZo H$m {ZU©¶ boZo go nhbo MCA Zo NSEL àH$aU H$s Vh ‘| OmH$a ¶h OmZZo H$s H$mo{ee ^r Zhr H$s {H$ Bg àH$aU Ho$ {bE {Oå‘oXma H$m¡Z Wm ¶m {’$a Agb ‘| hþAm ³¶m Wm.

Bg{bE FMC Ho$ Bg {d{b{ZH$aU Ho$ àñVmd H$mo {H$gr Hw${Q>b fS>`§Ì> H$s ~y Am ahr Wr.

fS>`§Ì Vmo {Z…g§e¶ Wm hr, Am¡a BgHo$ {bE H$mJOmV Ho$ g~yV ^r Wo {OZH$m nyd© ‘| C„oI {H$¶m J¶m h¢. BZ_|, {MXå~a‘ Ho$ {dÎm ‘§Ìmb¶ Ho$ ghg{Md Ho$.nr. H¥$îUZ H$m 19 {Xgå~a, 2007 H$m dh ‘gm¡Xm ^r Wm Omo Bg fS>`§Ì H$mo gm’$ COmJa H$a ahm Wm. ¶h ‘gm¡Xm ñnï> ê$ngo MCX d FTIL Ho$ {damoY ‘| Wm bo{H$Z NSE VWm CgH$s H§$n{Z¶m| H$mo ¶m {’$a NSEL, FTIL Ho$ ~bmV² {d{b{ZH$aU H$mo {MXå~a‘ H$m Omo nwaOmoa g‘W©Z Wm CgH$s O‹S>| 2003 ‘| hr ZOa Am J¶r Wr O~ {MXå~a_ UPA-1 H$s gaH$ma ‘| {dÎm‘§Ìr Wo. Cg UPA-1 gaH$ma ‘| eaX ndma H¥${f ‘§Ìr Wo Am¡a H$‘mo{S>Q>r ‘mH}$Q>g² CZHo$ Cn^moº$m {d^mJ Ho$ A§VJ©V Wm. V~ ^r {MXå~a‘ Zo H¥${f ‘§Ìr H$o gmW H$B© ~¡R>H|$ H$a H¥${f ‘§Ìmb¶ Ho$ A§VJ©V AmZodmbo H$‘mo{S>Q>r S>o[ado{Q>dO² ‘mH}$Q>g² d CZHo$ {dÎm ‘§Ìmb¶ Ho$ A§VJ©V AmZodmbo {g³¶w[aQ>r ‘mH}$Q>g² H$mo EH$ hr {Z¶‘ZH$mar g§ñWm Ho$ A§VJ©V bmZo H$s OmoaXma H$mo{ee H$s Wr.

{MXå~a‘ H$s Bg H$mo{ee Ho$ nrN>o EH$ {deof H$maU ^r Wm. Aà¡b 2002 ‘| MCX H$m {Z‘m©U hþAm Wm. gmbâ ‘| Bgo H|$Ð gaH$ma H$s Amdí¶H$ g^r AZw‘{V¶m± ^r {‘b J¶r Wr bo{H$Z {MXå~a‘ Zo "H$ÝdO©Ýg' H$m ‘wÔm CnpñWV {H$¶m {OgHo$ {bE H¥${f ‘§Ìr eaX ndmaOrZo CZHo$ {d^mJ Ho$ g{Md lr dOmhV h{~~w„mh H$s AÜ¶jVm ‘| AÜ¶¶Z Ho$ {bE EH$ Am§Va-‘§Ìmb¶rZ Q>mñH$ ’$m°g© H$m {Z‘m©U H$a {X¶m.

Bg Q>mñH$ ’$mog© Zo Eogo H$ÝdO©Ýg Ho$ H$B© ’$m¶Xo {JZmE O¡go {H$ Eogm H$aZo go H$‘mo{S>Q>r ‘mH}$Q>g² H$s d¥{Õ hmoJr, {H$gmZm| H$mo ’$m¶Xm hmoJm, B.22. bo{H$Z Bg {ZîH$f© H$m H$moB© AmYma Zhr Wm Zm hr BgHo$ {nN>o H$moB© AZw^d{gÕ VÏ¶ ¶m H$moB© VH©$ Wm; ¶h Ho$db EH$ AZw‘mZ ‘mÌ Wm. O¡go, Q>mñH$ ’$mog© ¶h ‘mZ Ho$ Mbm Wm {H$ "H$ÝdO©Ýg' go {g³¶w[aQ>rO² ‘mH}$Q> H$s Q´>oqS>J ‘| d¥{Õ hmoJr Am¡a BgH$m ’$m¶Xm H$‘mo{S>Q>rO² ‘mH}$Q>g² H$mo ^r hmoJm. BgH$m H$maU ¶h {H$ ñQ>m°H$ ‘mH}$Q>g² nyU©V…

22 http://www.sebi.gov.in/cms/sebi_data/commodities/Report11.pdf

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ñd¶§M{bV hmoZo Ho$ H$maU CZHo$ 5000 go A{YH$ Am°ZbmB©Z ZoQ>dH©$ Ho$ ‘mÜ¶‘ go do "Am°S>©a-‘°{M§J' VWm B§Q>aZoQ> Q´>oqS>J H$s ^r gw{dYm àXmZ H$aVo h¡§. Ho$db Hw$N> ê$n¶m| H$s bmJV go ñQ>m°H$ ‘mH}$Q> H$s ¶hr ì¶dñWm H$‘mo{S>Q>rO² ‘mH}$Q>g² Ho$ {bE ^r à¶wº$ hmo gH$Vr h¢ Eogm ¶w{º$dmX Q>mñH$ ’$mog© Zo {H$¶m. Q>mñH$ ’$mog© H$mo Eogm ^r bJm H$s XmoZm| ~mOmam| H$m EH${ÌH$aU H$aZo go IM© ‘| ^r ~MV hmoJr. dmñVd ‘| BVZr H$mJOr ImZmny{V© H$s dOh {g’©$ EH$ hr Wr… FTIL Am¡a {O¾oe emh H$mo EH$ ñdV§Ì H$‘mo{S>Q>r S>o[ado{Q>ìh E³gM|O MbmZo go amoH$Zm Vm{H$ NSE H$mo ~T>mdm {X¶m Om gHo$!

bo{H$Z amï´>r¶ ñVa na H$‘mo{S>Q>rO² ‘mH}$Q> MbmZo Ho$ ~mao ‘| Q>mñH$ ’$mog© Zo Eogo EH${ÌH$aU H$s H${_¶m| na ^r H$Q>mj S>mbm. Q>mñH$ ’$mog© Zo H$hm {H$ ñQ>m°H$ ‘mH}$Q> ‘| hmoZodmbo CVma-MT>mdm| H$m n[aUm‘ Ho$db CZ‘| {Zdoe H$aZodmbmo§ na hr hmoVm h¢. BgHo$ {dn[aV, H$‘mo{S>Q>rO² ‘mH}$Q>g² ‘| hmoZodmbo CVma-MT>mdm| H$m n[aUm‘ g‘wMo Xoe H$s AW©ì¶dñWm na hmoVm h¢ ³¶m|{H$ BZ‘| H¥${f Am¡a H¥${f-AmYm[aV CËnmXm| H$s IarX-{~H«$s hmoVr h¢. Am¡a Bgr{bE {H$gmZm| Am¡a H¥${f-CËnmX IarXZodmbo Q´> oqS>J ³bm¶§Q>g² H$o {hV H$m ajU H$aZm gaH$mar Zr{V H$m {hñgm ~Z OmVm h¢. H$‘mo{S>Q>rO² ‘mH}$Q> Am¡a ñQ>m°H$ ‘mH}$Q> Ho$ ‘yb CÔoí¶ ‘| H$m’$s {^ÞVm h¢. ñQ>m°H$ ‘mH}$Q> H$m CÔoí¶ ñQ>m°H$ ¶m ~m°ÊS>g² Ho$ ‘mÜ¶‘ go H§$n{Z¶m| Ho$ {bE Ho$db ny±Or OwQ>mZm hmoVm h¢. dmñVd ‘| Q>mñH$ ’$mog© ^r ¶h ^br-^m±{V g‘P J¶m Wm {H$ "H$‘mo{S>Q>r â¶wMg© Q´> oqS>J' Ho$ {bE {g³¶w[aQ>r Q´> oqS>J go A{YH$ ì¶mnH$ kmZ Amdí¶H$ hmoVm h¢.

H$‘mo{S>Q>r H$s qH$‘Vmo ‘| CVma-MT>mdm| Ho$ H$B© H$maU hmoVo h¢. O~{H$ ñQ>m°H$ ‘mH}$Q> ‘| CVma-MT>md AW©ì¶dñWm Ho$ gm‘mÝ¶ ~Xbmd go hmoVo ahVo h¢. BZ XmoZm| ~mOmam| VWm BZHo$ E³gM|Omo§go g§~§{YV g^r ‘hÎdnyU© bmoJm| H$s à{V{H«$¶m OmZZo Ho$ {bE Q>mñH$ ’$mog© Zo AnZr [anmoQ>© H¥${f ‘§Ìmb¶ Ho$ Cn^moº$m {d^mJ H$mo gm¢nr bo{H$Z BZ g^r bmoJm| go ^mar {damoY hmoZo Ho$ H$maU Bg [anmoQ>© H$m AmJo Hw$N> Zhr hmo gH$m.

BYa, MCX, NCDEX O¡go E³gM|Omo§ ‘| VoOr ~aH$ama ahr bo{H$Z {MXå~a‘ Iwe Zhr Wo. 2005 ‘| CÝhm|Zo H¥${f‘§Ìr eaX ndmaOr Ho$ {Zdmg na H$ÝdO©Ýg H$mo AmJo H$aZo Ho$ {bE {’$a EH$ ~¡R>H$ ~wbm¶r {Og‘| H$‘mo{S>Q>r VWm {g³¶w[aQ>r ‘mH}$Q>g² {Z¶‘ZH$mar g§ñWmAm| Ho$ gXñ¶, B. g^r em{‘b Wo. Bg ~¡R>H$ ‘|

52

CnpñWV ‘oao {dídgZr¶ gyÌm| Ho$ AZwgma NCDEX Ho$ à{V{Z{Y¶m| H$mo N>moS>H$a H$‘mo{S>Q>r S>o[ado{Q>dO² E³gM|Og§~§Yr g^r à{V{Z{Y¶m| Zo H$ÝdO©Ýg H$m {damoY {H$¶m. AV… H$‘mo{S>Q>r d {g³¶w[aQ>rO² ‘mH}$Q>g² Xmo nyU©V… {^Þ joÌ h¢ Bg ~mV H$mo AYmoao{IV H$aVo hþE Bg ~¡R>H$ H$s [anmoQ>© {dÎm‘§Ìr {MXå~a‘ H$mo gm¢nr J¶r. "Commodity Exchanges are not Stock Exchanges.'23 Am¡a "Death Trap for Commodity Futures'24 ¶h Xmo emoY-{Z~§Y ^r {MXå~a‘ H$mo {XE JE.

"{g³¶w[aQ>rO²' d "~m°ÊS>g²' Am¡a H$‘mo{S>Q>r ‘| {H$gr ^r àH$ma H$s g‘mZVm Zhr h¢, XmoZm| {^Þ àH$ma h¢ Am¡a Bg{bE BÝh| EH${ÌV H$aZm Xoe H$s AW©ì¶dñWm H$mo ZwH$gmZXo¶ h¢ Bg ~mV H$mo ñnï> H$aZodmbo§ H$B© VÏ¶ BZ {Z~§Ym| ‘| {XE JE Wo.

BZ emoY-{Z~§Ym| Ho$ H$maU {MXå~a‘ H$mo AnZm "H$ÝdO©Ýg' H$m EO|S>m Hw$N> g‘¶ Ho$ {bE hr ³¶m| Z hmo, Ë¶mJZm nS>m. bo{H$Z Hw$N> hr g‘¶ ‘| {MXå~a‘ Hw$N> Eogm {Z¶‘Z bo AmE {H$ ~S>o go ~S>o E³gM|O ì¶dgm¶r ^r H$m±n CR>|.

13 Zdå~a, 2006 H$mo {MXå~a‘ Ho$ {dÎm ‘§Ìmb¶ Ho$ AYrZ H$m¶© H$aZodmbr eoAa ~mOma H$s {Z¶‘ZH$mar g§ñWm SEBI Zo A{YH¥$V ñQ>m°H$ E³gM|Om| H$s npãbH$ eoAahmopëS>¨Jg§~§Yr "‘°Za Am°’$ BZ{H«$qPJ A°ÊS> ‘|Q>oqZJ npãbH$ eoAahmopëS>¨J' (MIMPS) H$s {Z¶‘mdbr Omar H$s.

Bg MIMPS Ho$ AZwgma, {H$gr ^r ñQ>m°H$ E³gM|O ‘| Ý¶wZV‘ 51% B{¹$Q>r eoAa H°${nQ>b grYo OZVm go AmZm Oê$ar Wm. Xÿgar H$moB© ^r ì¶{º$, àË¶j ¶m AàË¶j ê$n go, Eogo {H$gr ñQ>m°H$ E³gM|O Ho$ noS>-An B{¹$Q>r H°${nQ>b ‘| 5% go A{YH$ {hñgm Zhr aI gH$Vr Wr. {Vgao, SEBI H$s nydm©Zw‘{V Ho$ {~Zm O~ VH$ H$moB© ^r ì¶{º$ ¶m J«wn "{’$Q> A°ÊS> àm°na' Zm hmo V~ VH$ do Eogo A{YH¥$V ñQ>m°H$ E³gM|O Ho$ noS>-An B{¹$Q>r H°${nQ>b ‘| 1% go A{YH$ {hñgm Zhr aI gH$Vo Wo.

Am¡a "{’$Q> A°ÊS> àm°na' Ho$ {bE {ZåZ {Z¶‘m| H$s Ah©Vm ~Vm¶r J¶r Wr…

1) Eogr ì¶{º$/g§ñWm gm‘mÝ¶ ñVa na à{V{ð>V hmoZr Mm{hE. BgHo$ Abmdm, ZrMo {XE JE AmYmam| na do Iao CVaZo Mm{hE.

23 lr ‘Yw nmdgH$a, Economic and Political Weekly, 27 Zdå~a 2004, n¥. H«$. 82-8524 lr ‘Yw nmdgH$a, Economic and Political Weekly, 1 OZdar 2005, n¥. H«$. 14-19

53

A) Am{W©H$ pZð>m

~) gmI Ed‘² M[aÌ

H$) àm‘m{UH$Vm

2) ZrMo {XE hþE {Z¶‘m| na ^r Eogr ì¶dñWm Iar CVaZr Mm{hE.

A) Eogr ì¶º$s/g§ñWm AWdm CgHo$ {hñgoXma ¶m nyU©H$m{bH$ g§MmbH$m| H$mo H$^r ^r {H$gr ^r Ý¶m¶mb¶ Zo Z¡{VH$ AY… nVZ, Am{W©H$ AnamY AWdm "{g³¶w[aQ>rO²' Ho$ {H$gr ^r A{Y{Z¶‘m| Ho C„§KZ Ho$ {bE Xmofr Zm R>ham¶m hmo.

~) ({H$gr ^r A{YH¥$V g§ñWm) Zo Eogr ì¶º$s/g§ñWm H$mo ~§X {H$E OmZo Ho$ AmXoe Zm {XE hmo.

H$) Eogr ì¶º$s/g§ñWm AWdm CgHo$ {hñgoXmam| VWm nyU©H$m{bH$ g§MmbH$m| H$mo {Xdm{b¶m Kmo{fV Zhr {H$¶m J¶m hmo AWdm Eogo {H$gr ‘m‘bo ‘| do A^r ^r {bá hmo.

S>) {H$gr ^r {Z¶m‘H$ Zo Eogr g§ñWm, CgHo$ {hñgoXma AWdm nyU©H$m{bH$ g§MmbH$m| H$mo "H°${nQ>b ‘mH}$Q>' Ho$ "{g³¶w[aQ>rO' ‘| H$m‘ H$aZo go ¶m CZH$m ì¶mdgm{¶H$ Cn¶moJ H$aZo go à{V~§Y {H$¶m hmo ¶m CZHo$ ~mao‘| nm[aV {H$E JE Eogo {H$gr AmXoe H$mo A^r VrZ df© nyao Zm hþE hmo.

B) "H°${nQ>b ‘mH}$Q>g²' à^m{dV hmo Eogm {H$gr ^r àH$ma H$m AmXoe Eogr g§ñWm, CgHo$ {hñgoXma AWdm nyU©H$m{bH$ g§MmbH$m| Ho$ {Ibm’$ Zm {X¶m J¶m hmo ¶m CZHo$ ~mao ‘| nm[aV {H$E JE Eogo {H$gr AmXoe H$mo A^r VrZ df© nyao Zm hþE hmo.

’$) {H$gr Ý¶m¶mb¶ Zo Eogr ì¶º$s H$mo ‘mZ{gH$ gwpñW{V ‘| Zm hmoZo H$s Xem ‘| nm¶m hmo Am¡a Bg g§~§Y ‘| {X¶m J¶m Ý¶m¶mb¶rZ AmXoe dV©‘mZ pñW{V ‘| ^r bmJy hmo.

J) Eogr ì¶º$s/g§ñWm Am{W©H$ gwpñWVr ‘| Zm hmo.

Eogo à{V~§Y Ho$db nwamZo ñQ>m°H$ E³gM|O Ho$ "AmYw{ZH$sH$aU' AWdm "H$m°nm} aoQ>m¶PoeZ' Ho$ {bE Am¡a CZHo$ ñdm{‘Ëd ‘| n[ad©VZ Ho$ {bE Amdí¶H$ hmo gH$Vo h¢.

54

23 {Xgå~a, 2008 H$mo SEBI Zo H§$nZr A°³Q> H$s Ymam 4 Ho$ AZwgma {dÎmr¶ H§$n{Z¶m| Ho$ BZ {Z¶‘m| ‘| ~Xbmd H$aVo hþE ñQ>m°H$ E³gM|O, {S>nm°{PQ>ar, p³bA[a¨J H$m°nm}aoeZ, ~±H$, ~r‘m H§$nZr VWm gmd©O{ZH$ {dÎmr¶ g§ñWm, Am{X H$mo àË¶j dm AàË¶j ê$ngo ñd¶§ AWdm g§¶wº$ ê$n go A{YH¥$V ñQ>m°H$ E³gM|Om| ‘| 15% VH$ "noS>-An B{¹$Q>r H°${nQ>b' boZo H$s AZw‘{V ~hmb H$s.

~mOma {díbofH$m| Ho$ AZwgma SEBI Zo ¶h g~ NSE Ho$ ’$m¶Xo Ho$ {bE {H$¶m Wm. CÔoí¶ ¶hr Wm {H$ NSE ‘| ~±H$ ¶m {dÎmr¶ g§ñWmAm| H$s {hñgoXmar H$mo {Z¶{‘V {H$¶m Om gHo$. BgHo$ Abmdm Eogr g§ñWmAm| H$mo FTIL Ho$ MCX-SX ‘| bmH$a MIMPS {Z¶‘m| Ho$ A§VJ©V MCX-SX Ho$ àdV©H$m| H$m {hñgm H$‘ H$aZm ^r BZ CÔoí¶m| ‘| em{‘b Wm.

BZ g^r {Z¶‘m| ‘| {H$E JE ~Xbmd g‘PZo Ho$ {bE Omo ~mV g‘PZm ~hþV Oê$ar h¢ dh ¶h {H$ BZ {Z¶‘m| Ho$ ~Xbmd Ho$ Xm¡amZ SEBI Ho$ ~moS>© na H|$Ðr¶ {dÎm ‘§Ìmb¶ Ho$ à{V{ZYr Wo d[að> IAS A{YH$mar Ho$.nr. H¥$îUZ!

19 {Xgå~a, 2007 H$mo H¥$îUZ Zo V¡¶ma {H$E ‘gm¡Xo go ñnï> hmoVm h¢ {H$ BZ gmao {Z¶‘m| ‘| ~Xbmd {g’©$ Bg{bE bmE JE Vm{H$ NSE H$mo ~mOma ‘| à^mdembr ~Zm¶m Om gHo$ Am¡a MCX-SX H$mo Iwbo Vm¡a na ì¶dgm¶ H$aZo go amoH$m Om gHo$.

MIMPS H$s {Z¶‘mdbr {ZOrH$aU, Iwbr ñnYm© VWm ny±OrdmX H$s {deofVmAmo§ Ho$ {Ibm’$ Wr. Iwbr ì¶mnma Zr{V Am¡a ny±OrdmXr Ho$ VÎdmo§ na AmYm[aV 1990 Ho$ XeH$ ‘| ^maV Zo d¡pídH$sH$aU H$s Zr{V ñdrH$maZo Ho$ ~mX, ^maVr¶ AW©ì¶dñWm H$mo {dH${gV H$aZo Ho$ {bE "àm¶‘ar' d "S>o[ado{Q>dO² ‘mH}$Q>g²' g{hV g§nyU© {ZOr joÌ H$mo h‘mao Xoe Zo ~T>mdm XoZm Oê$ar Wm. na§Vw gmd©O{ZH$ ~±H$m| H$s ‘XV go 1992 ‘| H$s J¶r NSE H$s ñWmnZm hr {ZOrH$aU Am¡a Iwbr ñnYm© Ho$ {Ibm’$ Wr.

1996-97 ‘| H|$Ðr¶ {dÎm‘§Ìr {MXå~a‘ Zo NSE H$mo A{YH$ e{º$embr ~ZmZo H$s R>mZ br Am¡a n[aUm‘ñdê$n EH$ eVH$ go ^r Á¶mXm nwamZr BSE H$s O‹S>o {hb J¶r. O~ BSE H$m ~wam hmb hþAm Vmo Am¡am| H$m ³¶m H$hZm! H$B© N>moQ>o-~‹S>| E³gM|Om| Zo ^r X‘ VmoS> {X¶m. {ZOrH$aU Am¡a Iwbr ñnYm© H$m Jbm Km|Q>Zo Ho$ {bE hr MIMPS O¡go à{V~§Y bmE JE ³¶m|{H$ MCX Am¡a FTIL H$mo ñQ>m°H$ E³gM|O joÌ ‘| Am¡a ZE CnH«$‘ IS>o H$aZo go amoH$Zo ‘| hr {MXå~a‘ Ho$ H$ar~r IAS A’$ga H¥$îUZ H¥$VH¥$Ë¶ hmo aho Wo.

55

{’$a ^r 14 AJñV 2008 H$mo MCX d FTIL H$s 51:49 {hñgoXmar aIZodmbm MCX-SX, 10 bmI ê$n¶m| H$s "noS>-An H°${nQ>b' Ho$ gmW, MCX H$s g~{g{S>¶ar Ho$ ê$n ‘| ‘mH}$Q> ‘| ñWm{nV hmo hr J¶m!

MCX, FTIL VWm gmd©O{ZH$ ~±H$ Am¡a AÝ¶ gaH$mar joÌm| H$s {dÎmr¶ g§ñWmAm| H$s ‘XV go MCX-SX H$m eoAa H°${nQ>b ~T>Vm J¶m.

n[aUm‘V… 31 ‘mM© 2009 VH$ MCX-SX H$s àdV©H$ FTIL d MCX H$s {hñgoXmar H«$‘e… 38.01% d 31.89% hmo J¶r Am¡a MCX-SX H$m "noS> An H°${nQ>b' 135 H$amoS> ê$n¶o hmo J¶m.

15 {gVå~a 2008 H$mo SEBI Zo SCRA H$s Ymam 4 Ho$ AZwgma MCX-SX H$mo ñQ>m°H$ E³gM|O H$m XOm© Xo Vmo {X¶m bo{H$Z gmbâ ‘| MCX-SX, MIMPS 2006 VWm SEBI Zo g‘¶-g‘¶ na Omar {H$E g^r {Z¶‘m| H$m nmbZ ^r H$aoJm, Eogr g»Vr ^r H$a Xr.

ñWmnZm Ho$ Ho$db df©â ‘| hr MIMPS Ho$ {Z¶‘m| H$m nyar Vah go nmbZ H$aZo H$s g»Vr H$aZo H$s ‘§em hr MCX-SX Ho$ amñVo ‘| amoS>o IS>o H$aZm Wr Vm{H$ dh 100% H$m¶©aV hmoH$a g^r àH$ma Ho$ {dÎmr¶ CËnmXm| ‘| Q´>oqS>J H$aZodmbm ñQ>m°H$ E³gM|O Z ~Z gHo$.

Xÿgar ‘hÎdnyU© ~mV ¶h Wr, MCX-SX H$mo ñQ>m°H$ E³gM|O Ho$ ê$n ‘| ‘mÝ¶Vm Vmo {‘b J¶r Wr {’$a ^r dh Ho$db "H$aÝgr S>o[ado{Q>dO² Q´>oqS>J' Ho$ {bE hr Wr. ewédmVr AZw‘Vr EH$ gmb Ho$ {bE A‘o[aH$s S>m°ba-^maVr¶ énE ‘| {^Þ {S>brdar H$mbmd{Y Ho$ "H$aÝgr â¶wMg© Q´>oqS>J' Ho$ {bE hr Wr. dñVwV… "H$aÝgr S>o[ado{Q>dO²' Am¡a "H$‘mo{S>Q>r S>o[ado{Q>dO²' H$m H$ar~r g§~§Y h¢ ³¶m|{H$ {dXoer MbZ Ho$ {d{Z‘¶ ‘| hmoZodmbo CVma-MT>mdm| H$m n[aUm‘ Xoe-{dXoe ‘| hmoZodmbo H$‘mo{S>Q>rO² Q´>oqS>J na àË¶j ê$n go hmoVm h¢. Bg{bE, {dXoer MbZ Ho$ {d{Z‘¶ Ho$ Xam| H$s Omo{I‘ H$‘mo{S>{Q>O ‘| hmoZodmbo {dXoer Q´>oqS>J H$m A{d^mÁ¶ A§J hm¡Vr h¢ Zm {H$ {g³¶w[aQ>rO Q´>o{S§>J H$m. ñQ>m°H$ Q´>oqS>J H$m BZgo Imgm g§~§Y Zhr hmoVm ³¶m|{H$ "{g³¶w[aQ>rO² S>o[ado{Q>dO²' AWdm "B{¹$Q>r â¶wMg© A°ÊS> Am°ßeÝg' ‘| Q´>oqS>J H$aZodmbo {ZdoeH$ BZ joÌm| H$s CZH$s OmZH$mar Am¡a AZw^d Ho$ AmYma na hr Q´>oqS>J H$aVo h¢.

56

BgHo$ {dn[aV, H$‘mo{S>Q>rO² H$s Am¶mV-{Z¶m©V H$aZodmbo Q´>oS>g© Ho$ Am¶mV-{Z¶m©V g§~§Yr {ZU©¶, AbJ-AbJ Xoem| go hmoZodmbr H$‘mo{S>Q>rO Am¡a CZHo$ CËnmXmo§ H$s, dV©‘mZ VWm ^{dî¶ ‘| hmoZodmbr ‘m§J H$s ny{V© H$aZm, BZ Xoem| go IarX-{~H«$s H$aZodmbo Q´>oS>g© Ho$ gmW gm¡hmX©nyU© g§~§Y ~ZmE aIZm, à{VÛ§Xr¶m| H$mo Xÿa aIZm, B. AZoH$ H$maUmo na {Z^©a hmoVo h¢. Bg{bE, d¡pídH$ na§nam Ho$ AZwgma "H$aÝgr S>o[ado{Q>dO²', MCX O¡go "H$‘mo{S>Q>r E³gM|Oog²' H$m hr {hñgm hmoZm Mm{hE Wo.

na§Vw ¶{X Eogm hmoZo {X¶m OmVm Vmo MCX S>o[ado{Q>dO² Ho$ joÌ ‘| NSE H$mo H$m±Q>o H$s Q>¸$a XoVm Am¡a ¶hr {dÎm ‘§Ìmb¶ Zhr MmhVm Wm. Bg{bE {dÎm‘§Ìr {MXå~a‘ Zo RBI Am¡a SEBI O¡gr ñdm¶Îm g§ñWmAm| H$mo AmXoe Xo {X¶m {H$ "H$aÝgr S>o[ado{Q>dO²' d "B§Q>aoñQ> aoQ> S>o[ado{Q>dO²' ñQ>m°H$ E³gM|Oog H$m hr {hñgm ah|Jo. Bgr H$maU FTIL d MCX Ho$ nmg MCX-SX Ho$ ê$n ‘| AnZm ñQ>m°H$ E³gMo§O {Z‘m©U H$aZo Ho$ Abmdm H$moB© Am¡a n¶m©¶ hr Zhr ~Mm Wm.

Bg Vah MCX-SX H$s ewédmV Vmo hmo J¶r. ‘mÝ¶Vm XoZo Ho$ ~mX, ewê$ ‘| SEBI Zo A‘o[aH$Z S>m°ba-ê$n¶m d níMmV ê$n¶m-{~«{Q>e nm¢S>, én¶m-¶wamo, ê$n¶m-OnmZr ¶oZ ‘| Q´>oqS>J H$aZo H$s AZw‘{V Xo Xr.

RBI Zo ^r 15 {gVå~a, 2009 VH$ BZ {dXoer MbZm| ‘| "’$m°aoZ E³gM|O ‘°ZoO‘|Q> A°³Q>' (FEMA) 1999 H$s Ymam 10 Ho$ AZwgma Q´>oqS>J H$aZo H$s AZw‘{V Xo Xr. SEBI Zo MCX-SX H$s ‘mÝ¶Vm 15 {gVå~a 2010 VH$ ~‹T>m Xr bo{H$Z MIMPS {Z¶‘m| Ho$ Abmdm Am¡a ^r H$B© {Z¶‘ bmX {XE. BZ {Z¶‘m| Ho$ AZwgma, nhbo H$s eVm] H$s eV à{VeV ny{V© hmoZo VH$, ñQ>m°H$ E³gM|O nhbo go AZw‘{Vàmá "{g³¶w[aQ>rO²' joÌ ‘| hr Q´>oqS>J H$a gH$Vo Wo, AÝ¶ {H$gr ^r joÌm| ‘| Zhr!

7 Aà¡b 2010 H$mo "B{¹$Q>r H°$e' (B{¹$Q>r) d "B{¹$Q>r S>o[ado{Q>dO²' (â¶wMg© A°ÊS> Am°ße§g) ‘| Q´>oqS>J H$aZo H$s AZw‘{V nmZo Ho$ {bE MCX-SX Zo SEBI Ho$ nmg AmdoXZ {X¶m. BgHo$ A{V[aº$ MCX-SX Zo SEBI go "B§Q>aoñQ> aoQ> â¶wMg©', "ñ‘m°b A°ÊS> {‘{S>¶‘ E§Q>aàm¶Oog' (SME) d "å¶wMwAb ’§$S²>g' (MF) ‘| Q´>oqS>J H$aZo H$s AnZr BÀN>m ^r àX{e©V H$s. Odm~ ‘| SEBI Zo MCX-SX H$mo Zmo{Q>g ôO H$a gy{MV {H$¶m {H$ MCX-SX H$m ¶h AmdoXZ ñdrH$maZm OZ{hV d ì¶mnma{hV H$mo Ü¶mZ ‘| aIVo hþE g§^d Zhr h¢.

57

SEBI Zo BgH$m H$maU Bg àH$ma {X¶m…

A) MCX-SX ‘| FTIL d MCX H$s eoAa H°${nQ>b A^r ^r 38.01% d 33.89% h¢.

~) MCX-SX H$s "eoAa H°${nQ>b' H$‘ H$aHo$ MIMPS {Z¶‘m| H$s ny{V© H$aZo H$m VarH$m g‘mYmZH$maH$ Zhr h¢. ñdm{‘Ëd Ho$ A{YH$ma d Am{W©H$ {hVg§~§Ymo H$m {dH|$ÐrH$aU A^r ^r R>rH$ go Zhr hþAm h¢ ³¶m|{H$ MCX VWm FTIL Zo MCX-SX ‘| AnZm {hñgm Hw$b eoAa H°${nQ>b Ho$ 5% VH$ Zhr bm¶m h¢. BgHo$ Abmdm, "B{¹$Q>r eoAg©' d "dm°a§Q>g²' A^r ^r MCX d FTIL Ho$ nmg hr h¢.

H$) ‘w§~B© hmB©H$moQ>© go "H°${nQ>b [aS>³eZ ñH$s‘' Ho$ {bE AZw‘{V boVo g‘¶ MCX-SX Zo Ý¶m¶mb¶ H$mo ¶h ~mV Zhr ~Vm`r {H$ Eogr ñH$s‘ Ho$ {bE CÝhm|Zo SEBI Ho$ nmg AmdoXZ Zhr {H$¶m Wm Am¡a Zm hr CÝh| SEBI go Eogr H$moB© AZw‘{V {‘br Wr.

MCX-SX Am¡a CgHo$ àdV©H$m| Zo "~m¶~°H$' go OwS>r OmZH$mar ^r Ý¶m¶mb¶ H$mo Zhr Xr. Eogm H$aZm gƒr B©‘mZXmar Am¡a {Zð>m H$m A^md Xem©Vm h¢. Bg{bE, MCX-SX {H$gr ^r àH$ma Ho$ {dÎmr¶ CËnmXm| Ho$ VWm AÝ¶ joÌ ‘| H$m¶© H$aZo Ho$ {bE "¶mo½¶' VWm "H$m¶©j‘' Zhr h¢ (Zm°Q> {’$Q> A°ÊS> àm°na).

S>) MIMPS {Z¶‘m| Ho$ AZwgma MCX-SX Ho$ XmoZm| àdV©H$ EH$ hr ì¶dñWmnZ Ho$ A§VJ©V AmVo h¢. "g~ñQ>±{e¶b A°{¹${PeZ Am°’$ eoAg© A°ÊS> Q>oH$Amodg© ao½¶wboeZ' 2011 H$s Ymam 2(I) Ed_² H§$nZr H$mZyZ H$s Ymam 370(1B) Ho$ AZwgma Bg àH$ma go EH${ÌV H$m‘ H$aZodmbr ì¶º$s/g§ñWm A‘mÝ¶ H$ama Xr OmVr h¢. Bg{bE, ‘mÝ¶Vmàmá ñQ>m°H$ E³gM|O hmoH$a ^r MCX-SX, MIMPS {Z¶‘m| H$m C„§KZ H$aVm h¢.

B) MCX-SX Ho$ eoAahmoëS>g© Zo "H°${nQ>b [aS>³eZ ñH$s‘' H$mo AZw‘moXZ XoZo Ho$ ~mX ~m¶~°H$ H$m ApñVËd ~MVm h¢ ¶m Zhr ¶h ‘wÔm {^Þ h¢. bo{H$Z àW‘ÑîQ>çm, ¶hr àVrV hmoVm h¢ {H$ MCX-SX Ho$ àdV©H$m| Zo "{g³¶w[aQ>rO H$m±Q´>±³Q>g² (ao½¶wboeZ) A°³Q>, 1956' H$m C„§KZ H$aVo hþE "’$m°d©S>© H$m±Q´>°³Qg²' Q´>oqS>J H$s h¢§ Am¡a Bgr{bE àdV©H$m| Zo MCX-SX go {H$¶m hþAm {d{Zdoe H$mZyZ-gå‘V Zhr h¢.

58

dmñVd ‘|, SEBI Ho$ BZ g~ {ZîH$fm} Ho$ {dn[aV, MIMPS {Z¶‘m| H$s ny{V© Ho$ {bE hr MCX-SX Zo AnZo ì¶dñWmnH$s¶ ‘§S>b d eoAahmoëS>g© H$s nydm©Zw‘{V Ho$ AZwgma, CZHo {bE aIr J¶r {d{hV ‘¶m©Xm go A{YH$ eoAam| H$mo aÔ H$aHo$, ~Xbo ‘| CÝho dm°a§Q>g² {XE Wo. ¶h g~ H§$nZr H$mZyZ H$s Ymam 100-104 d 391-393 Ho$ A§VJ©V A§‘b ‘| bm¶r J¶r "ñH$s‘ Am°’$ [aS>³eZ H$‘ A°a|O‘|Q>' Ho$ AZwgma hr {H$¶m J¶m Wm.

n[aUm‘V… MCX-SX ‘| ~±H$m| H$m eoAahmopëS>¨J 89% VH$ ~T> J¶m Am¡a FTIL VWm MCX H$m eoAahmopëS>¨J 5% VH$ Am J¶m {Og‘| MCX-SX Ho$ "Eåßbm°¶r ñQ>m°H$ Am°ßeZ ßb°Z Q´>ñQ' H$m ^r 1% {hñgm Wm.

12 ‘mM© 2010 H$mo ‘w§~B© hmB©H$moQ>© Zo ^r Bg pñH$_ H$mo ‘mÝ¶Vm Xo Xr. Bg ñH$s‘ Ho$ A§VJ©V {H$gr ^r eoAaYmaH$ H$mo, ha aÔ hmoZodmbo eoAa Ho$ ~Xbo MCX-SX H$mo EH$ én¶m Xo¶ Wm Am¡a ¶h aH$‘ H§$nZr H$mo eoAaYmaH$m| go àmß¶ CZH$s "Z ã¶mO, Z dmngr' ñdê$n Ho$ dm°a§Qg² Ho$ ~Xbo g‘m¶mo{OV H$s OmZodmbr Wr.

MIMPS {Z¶‘m| VWm AÝ¶ eVm}§ Ho$ AYrZ ahH$a àË¶oH$ dm°a§Q>YmaH$ H$mo EH$ ê$n¶m à{V eoAa Ho$ Xa go H§$nZr Ho$ "’w$„r noS>-An B{¹$Q>r eoAg©' H$m {hñgm boZo H$m n¶m©¶ {X¶m J¶m Wm bo{H$Z, {H$gr ^r àH$ma H$m ‘VXmZ H$aZo AWdm bm^m§e àmá H$aZo Ho$ A{YH$ma Zhr {XE JE Wo.

ñH$s‘ Ho$ A§VJ©V MCX H$mo 63.41 H$amoS> Ed_² FTIL H$mo 56.24 H$amoS> dm°a§Q>g² {XE JE Wo. bo{H$Z BZ "dm°a§Q>g²' H$m ê$nm§VaU MCX-SX Ho$ eoAg© ‘| H$aZo H$m n¶m©¶ Zhr {X¶m J¶m Wm. {’$a ^r XmoZm| H§$n{Z¶m| Ho$ ì¶dñWmnH$s¶ ‘§S>bm| Zo AJñV 2010 ‘|, BZ‘| go H$moB© ^r H§$nZr MIMPS {Z¶‘m| H$m C„§KZ H$aVo hþE AnZm eoAahmopëS>¨J Zhr ~T>mEJr, Eogo àñVmd nm[aV {H$E Omo SEBI H$mo ^r {XE JE.

Eogo _|, FTIL d MCX H§$nZr H$mZyZ Ho$ A§VJ©V Xmo {^Þ H§$n{Z¶m± hmoZo Ho$ ~mdOyX {H$gr Vah H$s gm±R>-Jm±R> Ho$ VhV H$m‘ H$a ahr Wr ¶h SEBI H$m AZw‘mZ hr JbV Wm.

Bg ZmoQ>rg Ho$ ~mX SEBI Ho$ $gXñ` S>m°. Ho$.E‘. A~«mh‘ H$s g{‘{V Zo MCX-SX H$m ¶wº$sdmX gwZm Vmo Oê$a bo{H$Z 23 {gVå~a, 2010 H$mo MCX-SX H$m AmdoXZ H$B© H$maU XoVo hþE ZH$ma {X¶m25.

25 http://www.sebi.gov.in/cmorder/MCXExchange.pdf

59

H$B©¶m| H$mo ¶h H$maU ~S>o AOr~ bJ| ³¶m|{H$ MCX-SX H$mo ñQ>m°H$ E³gM|O Ho$ ê$n ‘| ‘mÝ¶Vm Vmo Xr J¶r Wr Am¡a Cgr g‘¶ MCX-SX H$m°nm}aoQ> ^r hmo J¶m Wm Am¡a "{S>å¶wÀ¶wAbmBO²' r. {’$a r AÝ¶ ñQ>m°H$ E³gM|Om| H$s m±{V MCX-SX H$mo B{¹$Q>r d S>o[ado{Q>ìhO ‘| Q´>oqS>J H$aZo H$s AZw‘{V Zhr Xr Om ahr Wr. Bg{bE MIMPS Ho$ {Z¶‘ ghr ‘m¶Zm| ‘| MCX-SX H$mo bmJy hr Zhr hmoVo Wo. AmíM¶© H$s ~mV Wr {H$, MCX-SX H$m AmdoXZ ZH$maVo dº$ SEBI Zo BÝhr MIMPS {Z¶‘m| H$m AmYma {b¶m Wm Omo dmñV{dH$Vm Am¡a {dYr XmoZm| go hr H$mogmo§ Xya Wm.

MCX-SX H$m AmdoXZ ZH$maVo g‘¶ EH$ Am¡a H$maU Omo SEBI Zo AmJo ~‹T>m¶m Wm dh MCX-SX Ho$ àdV©H$m| Zo Hw$N> eoAg© {dÎmr¶ g§ñWmAm| H$mo ~oMVo g‘¶ CZHo$ gmW {H$E JE "~m¶~°H$' A°J«r‘oÝQ g§~§Yr Wm. CXmhaU Ho$ Vm¡a na, 31 ‘mM© 2008 H$mo MCX-SX Zo PNB H$mo 2.97% eoAg© AJ«Vm VÎd na {XE Am¡a gmW hr CÝh| dmng ~oMZo H$m n¶m©¶ ^r {X¶m.

1) {Zdoe H$s VmarI go 3 df© nyao hmoZo na PNB H$mo CgHo$ {Zdoe na 16% gmYmaU Xa go [aQ>Z© {‘boJm.

2) {Zdoe H$s VmarI go EH$ df© nyU© hmoZo na FTIL ¶m CgHo$ à{V{ZYr PNB go ¶h eoAg© dmng IarX (~m¶~°H$) gH|$Jo.

3) ¶{X PNB ¶h eoAg© (FTIL H$mo) ~oMZo Ho$ ~Om¶ AnZo nmg hr aIZo H$m {ZU©¶ H$a| Vmo PNB H$mo {X¶m OmZodmbm "A°ewAS>© aoQ> Am°’$ [aQ>Z©' Zhr {‘boJm Am¡a ^{dî¶ ‘| FTIL ¶h eoAg© IarXZo Ho$ {bE ~mÜ¶ Zhr hmoJr.

18 OwbmB©, 2009 H$mo FTIL Zo AnZo 7.18 H$amoS> ê$n¶m| Ho$ MCX-SX Ho$ eoAg© gmd©O{ZH$ joÌ H$s H§$nZr "B§S>pñQ´>¶b ’$m¶ZmÝg H$m°nm}aoeZ Am°’$ B§{S>¶m' (IFCI) {b{‘Q>oS> H$mo ~oM {XE. 20 AJñV, 2009 H$mo MCX-SX Zo MCX d "B§’«$mñQ´>³Ma {bqPJ A°ÊS> ’$m¶Zm§{e¶b g{d©goO {b{‘Q>oS>' (IL&FS) Ho$ gmW EH$ "eoAa nM}g A°J«r‘|Q>' (SPA) {H$¶m {OgHo$ AZwgma IL&FS Zo MCX-SX Ho$ 159.12 H$amoS> ê$n¶m| Ho$ eoAg© boZo H$s gh‘Vr Xem©¶r.

Bgr {XZ, emh Ho$ n[adma go g§~§{YV VWm FTIL ‘| eoAa H°${nQ>b aIZodmbr La-Fin Financial Services Limited Zo IL&FS H$mo "EpŠPQ> Am°ßeZ' XoZodmbm nÌ {bIm.

60

Bg Vah Ho$ ~m¶~°H$ A°J«r‘oÝQ H$aZm MCX-SX Ho$ {bE Oê$ar Wm ³¶m|{H$ Cg g‘¶ MCX-SX Ho$ EH$ eoAa H$s H$s‘V {H$VZr hmo gH$Vr h¢ ¶h V¶ H$aZo O¡gr pñWVr Zhr Wr. ¶h eoAg© IarXZodmbr H§$nZr ¶h ‘mZ Ho$ MbVr Wr {H$ AmO Zhr Vmo H$b SEBI, MCX-SX H$mo B{¹$Q>r, B{¹$Q>r S>o[ado{Q>ìO, å¶wÀ¶wAb ’§$S> BZ joÌmo§ ‘| Q´>oqS>J H$aZo H$s AZw‘{V XoJr.

~m¶~°H$ Ho$ Abmdm H$moB© Xÿgam amñVm ^r Zhr Wm AÝ¶Wm SEBI Ho$ AmXoemZwgma {Zdoe H$‘ H$aZo Ho$ {bE MCX-SX H$mo ZwH$gmZ CR>mVo hþE eoAg© ~oMZo nS>Vo.

PNB, IL&FS Ed_² IFCI Zo ~m¶~°H$ g§~§Yr AZw~§Y H$aZo Mmho {OgHo$ MbVo MCX-SX Am¡a CgHo$ àdV©H$ ¶h ~m¶~°H$ AJ«r‘oÝQ> H$aZo na ~mÜ¶ hmo JE.

MCX-SX Am¡a CgHo$ àdV©H$m| Zo MIMPS {Z¶‘m| H$m nmbZ H$aVo hþE ì¶{º$JV eoAaYmaH$m| H$m {hñgm SEBI Ho$ H$WZmZwgma H$‘ {H$¶m {’$a ^r SEBI Ho$ gXñ¶ H¥$îUZ Zo AnZo nX H$m Xþê$n¶moJ H$aVo hþE SEBI H$mo MCX-SX H$m àñVmd Zm‘§Oya H$aZo Ho$ {bE ~mÜ¶ {H$¶m Vm{H$ MCX-SX B{¹$Q>r, B{¹$Q>r S>o[ado{QìhO å¶wÀ¶wAb ’§$S>, SME, BË¶m{X joÌm| ‘| Q´>oqS>J Zm H$a gHo$.

ñnï> Wm {H$ {H$gr ~S>r hñVr H$mo NSE Ho$ {bE H$moB© ^r à{VÛ§Xr E³gM|O ñdrH$m¶© Zhr Wm. J§Xr amOZr{V H$m hr ¶h {hñgm Wm. eVH$â go ^r A{YH$ g‘¶ go H$m¶©aV BSE H$mo ^r Vmo Bgr Vah go hr H$‘Omoa {H$¶m J¶m Wm Zm?

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AÜ¶m¶ 4

H$nQ> Am¡a Jham hþAm

emh d FTIL H$mo ~a~mX H$aZo Ho$ gmao à¶mg Ag’$b hmoVo XoIH$a {X„r ‘| gÎmm H$m ‘Om MI aho CZHo$ AZoH$ {hVeÌwAm| Zo EH$ Z¶m fS>¶§Ì aMm. Bg fS>¶§Ì ‘| à‘wI ^y{‘H$m {Z^mZodmbo H$moB© Am¡a Zhr ~pëH$ FMC Hoo$ AÜ¶j a‘oe A{^foH$ hr Wo.

NSEL d FTIL H$mo nyar Vah CÜdñV H$aZo Ho$ {bE A~ EH$ ZB© gm{Oe aMr J`r Am¡a Bg gm{Oe H$s ê$naoIm V¡`ma H$aZodmbr H$‘mo{S>Q>rO² ‘mH}$Q>g²² H$s {Z¶‘ZH$mar g§ñWm FMC H¥${f ‘§Ìmb¶ Ho$ Cn^moº$m {d^mJ go g§b¾ Wr.

Bgr gm{Oe Ho$ MbVo, 12 OwbmB©, 2013 H$mo A{^foH$ Ho$ EH$ àñVmd na Bg Cn^moº$m {d^mJ Zo NSEL H$mo EH$-{Xdgr¶ ’$m°d©S>© H$m±Q´>°³Q>g² Q´>oqS>J H$aZo go amoH$ {X¶m Am¡a nhbo go {H$E H¥${f Ed‘² VËg‘ H$‘mo{S>Q>rO H$m±Q´>°³Q>g² H$mo CZH$s {d{hV VmarIm| Ho$ ^rVa {ZpíMV H$aZo H$m AmXoe {X¶m.

NSEL Ho$ n¡am| Vbo O‘rZ gaH$ J¶r. NSEL 11 {XZm| go A{YH$ {S>brdar H$mbmd{Y Ho$ H$m±Q´>°³Q>g² H$aHo$ "Zm°Z Q´>m§g’$ao~b ñno{g{’$H$ {S>brdar' (NTSD) H$m°ÝQ´>³Qg² H$r Q´>oqS>J H$a ahr h¢ Am¡a Eogo H$m±Q´>°³Q>g² FCRA Ho$ A§VJ©V NSEL H$mo Xr J¶r Ny>Q> Ho$ AZwgma Zhr h¢, Eogr AmnÎmr boVo hþE Cn^moº$m {d^mJ Zo NSEL H$mo "H$maU ~VmAmo Zmo{Q>g' nhbo hr ôO Xr Wr.

22 OwbmB© 2013 H$mo Bg Zmo{Q>g H$m CÎma XoVo hþE NSEL Zo Cn^moº$m {d^mJ H$mo ¶h {b{IV AmídmgZ {X¶m Wm {H$ NSEL Zo FCRA H$s Ny>Q> H$m C„§KZ Zhr {H$¶m Wm {’$a ^r, EH$ {Oå‘oXma d H$mZyZ H$s MmaXrdmar ‘| ahH$a H$m¶© H$aZodmbr H$m°nm}aoQ> H§$nZr hmoZo Ho$ H$maU, ¶{X H$ht 11 {XZ go A{YH$ {S>brdar H$mbmd{Y Ho$ H$m±Q´>°³Q>g² hþE ^r hmo Vmo CÝh| T+ 10 ¶m Cggo H$‘ {S>brdar H$mbmd{Y Ho$ H$aVo hþE VWm Q´>oqS>J ³bm¶§Q>g² Ho$ {hV H$mo Ü¶mZ ‘| aIVo hþE, Q´>m§P°³eZg² C{MV VarHo$ go H$aHo$ Q´>oqS>J AMyH$ aIZo H$m dh nyam à¶mg H$aoJr.

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NSEL H$mo H$m±Q´>°³Q>g² Ho$ {bE gaH$ma Zo Zmo{Q>g oOm h¢ Bg EH$ hr ~mV Zo ~mOma ‘| hS>H§$n ‘Mm {X¶m. NSEL Ho$ Q´>oqS>J ³bm¶§Q>g² Zo OëX~mOr ‘| AnZr AÝ¶ à{V~ÕVmAm| Ho$ {bE JmoXm‘m| go H$‘mo{S>Q>rO CR>mZm Ama§^ H$a {X¶m Am¡a Bgr OëX~mOr ‘| H$B© Q´>oqS>J ³bm¶§Q>g² EH$-{Xdgr¶ ’$m°d©S©> H$m±Q´>°³Q>g² H$s {S>brdar H$s {d{hV VmarI VH$ Zhr nhþ±M nmE. CgH$m n[aUm‘ Hw$N> Bg Vah hþAm… 31 OwbmB© 2013 VH$ H$B© Q´>oqS>J ³bm¶§Q>g² br hþB© aH$‘ Ho$ ~Xbo ‘| Xo¶ H$‘mo{S>Q>rO H$s {S>brdar XoZo ‘| MyH$ JE.

Cn^moº$m {d^mJ Zo AMmZH$ Xr hþB© Bg VmarI Ho$ nhbo ¶h H$m±Q´>°³Q>g² {ZpíMV H$aZo H$s OëX~mOr _| hr 5600 H$amoS> ê$n¶m| H$m no‘|Q> {S>’$m°ëQ> hmo J¶m {Ogo amoH$m ^r Om gH$Vm Wm.

¶hm±, H$‘mo{S>Q>rO² ‘mH}$Q> Ho$ ì¶dgm¶g§~§Yr Hw$N> ~mV| OmZ boZm Oê$ar h¢. O¡go {H$, H$‘mo{S>Q>rO ~oMZodmbo Q´>oqS>J ³bm¶§Q>g² H$‘-go-H$‘ ñQ>m°H$ AnZo nmg boH$a aIVo h¢. E³gM|O ßb°Q>’$m°‘© Ho$ Abmdm AÝ¶ ³bm¶§Q>g² Ho$ gmW ^r do H$‘mo{S>Q>rO H$s Vwa§V AWdm AJbr {H$gr ’$m°d©©S>© {S>brdar Ho$ {bE {~H«$s H$a aho hmoVo h¢. O¡go-O¡go H$‘mo{S>Q>rO {~H$Vr h¢, d¡go-d¡go ¶h Q´>oqS>J ³bm¶§Q>g² Am¡a A{YH$ ñQ>m°H$ boH$a JmoXm‘ ‘| aIVo h¢ bo{H$Z ~hþV Á¶mXm ñQ>m°H$ BH$Æ>m H$aHo$ Zhr aIVo h¢.

g§jon ‘|, O¡go ~±H$ T>oa gmam n¡gm {VOmoar ‘| aIZo H$s$ ~Om¶ Ho$db CVZm hr AnZr {VOmoar ‘| aIVr h¢ {OVZm {H$ ImVoXmam| H$mo EH$ {XZ ‘| {ZH$mbZm Oê$ar nS> gH$Vm h¢. R>rH$ d¡go hr H$‘mo{S>Q>r Ho$ Q´>oqS>J ³bm¶§Q>g² CZH$o {Z¶{‘V IarXXmam| Ho$ {bE Amdí¶H$ ñQ>m°H$ hr JmoXm‘ ‘| aIH$a IarXo hþE ñQ>m°H$ na CZH$m IM© H$‘ go H$‘ aIZo H$s H$mo{ee H$aVo h¢, Am¡a ¶h àm‘m{UH$ Q´>oqS>J H$s arV ^r h¢. AMmZH$ AZ{JZV ImVoXmam| Zo AnZr gmar O‘m ny±Or dmng ‘m±JZo go {H$gr ^r ~±H$ H$m Ma‘amZm {OVZm ñdm^m{dH$ h¢ CVZm hr ñdm^m{dH$ NSEL H$m ^r Wm.

ZE H$m±Q´>°³Q>g² H$aZo H$s AZw‘{V Zhr, Omo H$m±Q´>°³Q>g² nhbo go hþE h¢ CÝh| {Z¶V VmarI (S>çy S>oQ) go nhbo hr {ZpíMV H$a| Bg Cn^moº$m {d^mJ Ho$ AmXoe Zo NSEL Ho$ gmao IarXXmam| ‘| H$‘mo{S>Q>rO H$s {S>brdar Ho$ {bE EH$ hr hS>H§$n ‘Mm {X¶m {OgHo$ H$maU dhr hþAm {OgH$m S>a Wm: H$B© Q´>oqS>J ³bm¶§Q>g² H$‘mo{S>Q>rO H$s {S>brdar H$aZo ‘| MyH$ JE. Cn^moº$m {d^mJ Ho$ Cnamoº$ AmXoe H$m nmbZ H$aVo hþE NSEL Zo 11 {XZ go A{YH$ {S>brdar H$mbmd{Y Ho$ EH$-{Xdgr¶ ’$m°d©S>© H$m±Q´>°³Q>g² H$mo H$‘ H$aHo$ 10 {XZ Ho$ {S>brdar H$mbmd{Y Ho$ EH$-{Xdgr¶ ’$m°d©S>© H$m±Q´>°³Q> H$mo {ZpíMV

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H$aZo H$m à¶mg ^r {H$¶m bo{H$Z Bg ^JXS> Ho$ MbVo no‘|Q> {S>’$m°ëQ> hmo J¶m {Ogo, O¡gm {H$ nhbo H$hm Om MwH$m h¢, amoH$m ^r Om gH$Vm Wm.

{S>’$m°ëQ> hmoVo hr, H$‘mo{S>Q>rO H$s IarXXmar H$aZodmbo Q´>oqS>J ³bm¶§Q>g² Zo AnZo Amn H$mo {ZdofH$ ~VmZm ewé H$a {X¶m Am¡a Bg Vah H$s PyR>r I~a§o ’¡$bmZo bJo. BZ IarXXmar H$aZodmbo Q´>oqS>J ³bm¶§Q>g² H$s no_|Q> H$m {S>’$m°ëQ>, H$‘mo{S>Q>rO ~oMZodmbo Q´>oqS>J ³bm¶§Q>g² Zo {H$¶m Wm VWm ~«moH$g© Zo BZ IarXXmar H$aZodmbo Q´>oqS>J ³bm¶§Q>g² H$mo Q´>oqS>J Ho$ {bE ’w$gbm¶m Wm.

NSEL ewê$ hmoZo Ho$ ~mX {ZOr VWm gmd©O{ZH$ ~±H$ BZdS>© / AmCQ>dS>© no‘|Q>g² Ho$ {bE p³bA[a¨J ~±H$ Ho$ én ‘| H$m¶© H$aVr Am¶r Wr {OgHo$ MbVo NSEL H$s gmar Q´>oqS>J gwMmé én go Omar Wr. {’$a ^r Cn^moº$m {d^mJ Zo AMmZH$ Cgo ³¶m| amoH$Zm Mmhm ¶h EH$ ahñ¶ ~Zm hþAm Wm Am¡a BgH$m ôX em¶X {MXå~a‘, H¥$îUZ VWm A{^foH$ H$s E³gMo§Om§o H$s J§Xr amOZrVr ‘| {N>nm hþAm h¢. NSEL / FTIL H$mo dH«$Ñï>r go XoIZodmbo {O¾oe emh Ho$ {hVeÌwAm| Ho$ {bE NSEL {S>’$m°ëQ> EH$ daXmZ gm{~V hmo J`m. CÝhmo§Zo {’$a hmH$m bJm¶m, Am¡a Q´>oqS>J ßb°Q>’$m°‘© na Am¡a A{YH$ ^JXS> ‘M J¶r.

~mOma ‘| {g’©$ EH$ hr I~a Wr. Ý¶yO M¡Zbm| Zo "~«oqH$J Ý¶yO' Xo Xr: nbâ ‘| hr "no‘|Q> {S>’$m°ëQ>' H$m ê$nm§Va "no‘|Q> ñH°$‘' ‘| hmo J¶m. bo{H$Z Agbr I~a Wr H$hm±?

dmñVd ‘|, H$‘mo{S>Q>rO IarXZodmbo Q´>oqS>J ³bm¶§Q>g² H$mo CZHo$ ~«moH$g© Zo hr NSEL Ho$ H$m±Q´>°³Q>g² Ho$ ~mao ‘| ‘wZm’$m ~T>m-MT>mH$a ~Vm¶m Wm Am¡a "A°ewAS>© [aQ>Z©' H$m AmídmgZ XoH$a NSEL na Q´>oqS>J H$aZo Ho$ {bE àmoËgm{hV {H$¶m Wm. bo{H$Z I~am| ‘| ¶h dmñVd Wm hr Zhr, CZ‘| A’$dmE§ hr A{YH$ Wr. H$moB© ^r Bg dmñV{dH$Vm H$s Vh VH$ OmZo Ho$ {bE V¡¶ma Zhr Wm Am¡a Bgr{bE NSEL {S>’$m°ëQ> H$m gM gm‘Zo Zhr Am¶m Wm. {S>’$m°ëQ> H$m H$maU {~bHw$b gm’$ Wm: H$‘mo{S>Q>rO ‘mH}$Q> ‘| Cn^moº$m {d^mJ H$s ~odOh Kygn¡R>, {OgHo$ {nN>o XþañW {Xëbr H$s J§Xr amOZrVr hr Wr.

Bg gM H$mo g‘PZo Ho$ {bE h‘| BZ ’$m°d©S>© H$m±Q´>°³Q>g² H$mo g‘PZm Oê$ar h¢…

NSEL na à‘wI Vm¡a na T+2 VWm T+25 Eogo Xmo àH$ma Ho$ EH$-{Xdgr¶ ’$m°d©S>© H$m±Q´>°³Q>g² hmoVo Wo. T+2 ‘| Q´>oS> Ho$ AJbo {XZ {S>brdar Ano{jV Wr Am¡a T+25 ‘| no‘|Q> d {S>brdar T+25 do {XZ Ano{jV Wr ³¶m|{H$ NSEL

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H$mo no‘|Q> VWm {S>brdar Xmo AbJ-AbJ {XZ H$aZo H$s AZw‘{V Zhr Wr na§Vw NTSD H$m±Q´>°³Q>g² ‘| Bg àH$ma H$s AZw‘{V hmoVr h¢§. ¶{X gaH$ma T+25 H$m±Q´>°³Q>g² H$mo AZw‘Vr XoZm Zhr MmhVr Vmo dh "’$m°d©S>©' eãX H$o ~Om¶ "aoS>r {S>brdar' eãX H$m à¶moJ H$aVr.

FCRA H$s Ymam 27 Ho$ A§VJ©V ñnm°Q> E³gM|O Ho$ gmao EH$-{Xdgr¶ "’$m°d©S>© H$m±Q´>°³Q>g²' H$mo AndmX H$ama XoVo g‘¶ gaH$ma H$m ¶hr CÔoí¶ Wm. {’$a ¶h H$m±Q´>°³Q>g² FCRA H$m C„§KZ H¡$go hmo JE?

T+25 ^r EH$-{Xdgr¶ ’$m°d©S>© H$m±Q´>°³Q>² hr Wm. NSEL g{hV VrZ ñnm°Q> E³gM|Om| H$mo FCRA H$s Ymam 27 Ho$ A§VJ©V g^r EH$-{Xdgr¶ ’$m°d©S>© H$m±Q´>°³Q>g² H$r Ny>Q> XoZodmbr 7 OyZ 2007 H$s gaH$mar A{YgyMZm (J°PoQ>) ‘| Bg ~mV H$m H$moB© C„oI Zhr Wm {H$ ¶h Ny>Q> g^r ’$m°d©S>© H$m±Q´>°³Q>g² Ho$ {bE Wr ¶m {’$a Hw$N> hr ’$m°d©S>© H$m±Q´>°³Q>g² Ho$ {bE Wr.

Cn^moº$m ‘§Ìmb¶ Zo ^r ¶h H$^r ñnï> Zhr {H$¶m Wm bo{H$Z J°PoQ> ‘| "àmo{dOÝg Am°’$ FCRA' Eogm ñnï> eãXà¶moJ {H$¶m J¶m Wm Am¡a ¶h ~mV ñnï> Wr {H$ gmao EH$-{Xdgr¶ ’$m°d©S>© H$m±Q´>°³Q>g² H$mo FCRA Ho$ {Z¶‘m| go Ny>Q> Xr J¶r h¢. BgHo$ ~mdOyX FMC Zo NSEL Ho$ BZ ’$m°d©S>© H$m±Q´>°³Q>g² na AmnÎmr OVmVo hþE Cn^moº$m ‘§Ìmb¶ H$mo NSEL E³gM|O ~§X H$aZo H$m hr AmJ«h {H$¶m.

ñnï> Wm, FMC à‘wI a‘oe A{^foH$ {dÎm ‘§Ìmb¶ Ho$ AW© {d^mJ ‘| aMo JE fS>¶§Ì H$mo hr A§Om_ Xo aho Wo. Xÿgam, NSEL Zo FCRA H$s Ymam 14A/14B Ho$ A§VJ©V 11 {XZ go A{YH$ {S>brdar H$mbmd{Y Ho$ NTSD H$m±Q´>°³Q>g² H$aZo H$s AZw‘{V ‘m§JVo hþE AmdoXZ {H$¶m ^r Wm bo{H$Z Cn^moº$m ‘§Ìmb¶ Zo Cgo R>§S>o ~ñVo ‘| S>mb {X¶m Wm.

¶hm± ¶h OmZ boZm ^r Oê$ar hmoJm {H$ Cn^moº$m ‘§Ìmb¶ Ho$ àYmZ gbmhH$ma Zo ’$mBb H«$. 12/3/003-IT ‘| ñnï> {H$¶m Wm {H$, ""gaH$ma Zo "FCR A‘|S>‘|Q> {~b 2010' ‘| FCRA H$s Ymam 2(1) Ho$ AZwgma 11-{Xdgr¶ H$m±Q´>°³Q>g² H$m H$mbmd{Y 30 {XZ VH$ ~T>mZo H$m àñVmd aIm h¢ Am¡a gmW hr FMC Zo ^r COm© joÌ Ho$ NTSD H$m±Q´>°³Q>g² H$mo FCRA go Ny>Q> XoZo H$mo gå‘{V Xem©¶r h¢.''

Bgr ’$mBb ‘| BZ ‘hmoX¶m Zo ¶h ^r {bIm Wm {H$ FCRA H$s Ymam 27 Ho$ A§VJ©V

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gmoZo Ho$ gm¡Xo H$aZo Ho$ {bE ~±H$m| H$mo 180 {XZm| VH$ no‘|Q> d {S>brdar H$aZo H$s Ny>Q> Xr J¶r Wr. Bg{bE CÝhm|Zo gbmh Xr {H$ {S>brdar H$s {‘¶mX 30 {XZ VH$ H$s Om gH$Vr h¢. CÝhm|Zo AmJo {bIm {H$, ""ñnm°Q> E³gM|Om| Ho$ {Z¶‘Z Ho$ {bE O~ VH$ H$moB© {dñV¥V {dYo¶H$ Zhr bm¶m OmVm V~ VH$ FMC, FCRA H$s Ymam 14(B) Ho$ A§VJ©V NSEL H$m n§OrH$aU H$aZo H$m {dMma H$ao§.''

Eogm H$aZm H$mZyZZ Wm Bgr{bE àYmZ gbmhH$ma Zo ¶h ~mV FMC H$mo gy{MV H$s Wr ³¶m|{H$ NTSD H$m±Q´>°³Q>g² H$mo FCRA bmJy Zhr Wm Am¡a ¶{X ¶hr H$m±Q´>°³Q>g² H$moB© ‘mÝ¶Vmàmá E³gM|O H$aVm Vmo CÝh| àYmZ gbmhH$ma Zo bmJy hmoZo H$s ~mV H$hr Wr Am¡a gmW hr ¶h ^r H$hm Wm {H$ ¶{X BZ àmdYmZm| go Ny>Q> MmhVo h¢ Vmo CÝh| FCRA H$s Ymam 14(B) Ho$ A§VJ©V n§OrH$aU Amdí¶H$ hmoJm ³¶m|{H$, FCRA H$s Ymam 21 Ho$ AZwgma {H$gr ^r àH$ma Ho$ H$‘mo{S>Q>rOg§~§Yr ’$m°d©S>© H$m±Q´>°³Qg² H$aZm, CgHo$ {bE O‘rZ g§nmXZ H$aZm `m g§ñWm IS>r H$aZm H$mZyZZ X§S>mË‘H$ AnamY Wm.

àYmZ gbmhH$ma H$s gyMZm Ho$ AZwgma ‘§Ìmb¶m| Ho$ g{Mdm| Zo ñdrH¥${V XoZo na ¶h ’$mB©b Cn^moº$m ‘§Ìmb¶ Ho$ amÁ¶‘§Ìr àm. Ho$. dr. Wm°‘g Ho$ nmg J`r bo{H$Z ñdrH¥${V XoZodmbo g{Md H$m V~mXbm hmo J¶m Wm Am¡a CÝh| ZE g{Md H$s gbmh A^r àmá Zhr hþB© Wr. Bg{bE Wm°‘g ‘hmoX¶ Zo AnZm {ZU©¶ àb§{~V aIm.

AmJo OwbmB© 2013 ‘| Cn^moº$m ‘§Ìmb¶ Zo NSEL Ho$ H$m±Q´>°³Q>g² ñW{JV H$aZo Ho$ ~mX FMC H$mo {dÎm ‘§Ìmb¶ Ho$ AW© {d^mJ Ho$ A§VJ©V bm¶m J¶m Ohm± A{V[aº$ g{Md Wo H¥$îUZ! FMC Ho$ _w{I`m Wo A{^foH$! {dÎm‘§Ìr Wo {MXå~a‘! EH$ hr ‘§Ìmb¶ ‘| `h VrZm| e{º$embr bmoJ BH$Æ>o AmH$a A~ AnZm fS>`§Ì A{YH$ à^mdembr VarHo$ go A_b _| bm gH$Vo Wo.

NSEL àH$aU H$s ImoO~rZ H$aVo g_` Eogm ZOa AmVm h¢ {H$ Ho$db Xmo "noAS>© H$m±Q´>°³Q>g²' go ânya Xbmbr nmZo Ho$ {bE Hw$N> {d{eï> ~«moH$g© Zo NSEL na {~H«$s H$aZodmbo Hw$N> Q´>oqS>J ³bm¶§Q>g² Ho$ gmW {‘bH$a NSEL H$m Xþén`moJ {H$¶m. NSEL Zo ~ma-~ma gy{MV H$aZo na ^r {H$ Eogm H$aZm J¡aH$mZyZr h¢§ CÝhm|Zo EH$ Zhr gwZr.

FMC d A{^foH$ Zo BZ ~«moH$g©/Q´>oqS>J ³bm¶§Q>g² Ho$ Bg J¡aH$mZyZr ì`dhma H$mo b§~o g‘¶ VH$ ZOaA§XmO H$a {X¶m. NSEL Zo ~ma-~ma OVmZo Ho$ ~mX ^r ~«moH$a d H$‘mo{S>Q>rO ~oMZodmbo Q´>oqS>J ³bm¶§Q>g² {Z¶‘m| go nbm¶Z H$aVo aho d A{^foH$ BZ

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g~H$mo OmZ~yPH$a ZOaA§XmO H$aVo aho. Eogm H$aZo Ho$ nrN>o CZHo$ AmH$mAm| H$m hoVy ñnï> Wm. AJa A{^foH$ MmhVo Vmo "{S>’$m°ëQ>' hmoVm hr Zhr m {\$a, ¶{X do {S>\$m°pëQ>¨J Q´>oS>g© VWm YmoHo$~mO ~«moH$g© na H$m¶©dmhr H$aVo Vmo H$‘mo{S>Q>rO IarXZodmbo Q´>oqS>J ³bm¶§Q>g² Ho$ {S>’$m°ëQ> ‘| AQ>Ho$ n¡go ^r Vwa§V {‘b OmVo bo{H$Z A{^foH$ Eogm Zhr MmhVo Wo. ‘wZm’o$ H$mo boH$a ~«moH$g© Ho$ ~hH$mdmo§ Ho$ H$maU hr NSEL na H$‘ {S>brdar H$mbmd{Y H$s Q´>oqS>J, BZ ³bm¶§Q>g² H$mo ’$m¶Xo‘§X {XIm`r Xr. BÝhr Q´>oqS>J ³bm¶§Q>g² H$mo ‘w§~B© hmB©H$moQ>© Ho$ Ý¶m¶mYre lr. A^¶ {R>ngo Zo "~moJg Q´>oS>g©' H$hm h¢§ 26.

{\$a ^r FMC Zo BZ Q´>oqS>J ³bm¶§Q>g² Ho$ {Ibm’$ H$moB© ^r H$m¶©dmhr Zhr H$s, ~pëH$ ¶h {Oå‘oXmar NSEL na S>mb Xr {Ogo NSEL AmO ^r {Z^m ahm h§¡.

NSEL na Q´>oqS>J H$aVo g‘¶ H$‘mo{S>Q>rO H$s {~H«$s H$aZodmbo Q´>oqS>J ³bm¶§Q>g² NSEL H$mo EH$ "Am°’$a boQ>a' {X¶m H$aVo Wo {Ogna NSEL AnZo "Bbo³Q´>m°{ZH$ {gñQ>‘' go "H$m°åß¶wQ>amBÁS> doAahmD$g' agrX|, "A°bmoHo$eZ [anmoQ>©g²' Ho$ ‘mÜ¶‘ go BZ Q´>oqS>J ³bm¶§Q>g² H$mo gy{MV H$aVr Wr. JmoXm‘ Ho$ ñQ>m°H$ H$m ^r nyao 4000 H$amoS> ê$n¶m| H$m {~‘m Wm. NSEL na hmoZodmbo Q´>m§P°³eZg² na "d°Q>' ^r âm OmVm Wm. Bg{bE Q´>oqS>J ^bo hr Bbo³Q´>m°{ZH$ ‘mÜ¶‘ go H$s OmVr Wr, bo{H$Z ewédmV ‘| EH$-Xÿgao Ho$ {bE AOZ~r aho ¶h IarX-{~H«$s H$aZodmbo Q´>oqS>J ³bm¶§Q>g² H$mbm§Va ‘| "d°Q>' d "{S>brdar' H$s agrXm| na XO© AÝ¶ Q´>oqS>J ³bm¶§Q>g² Ho$ Zm‘, nVm, B. Ho$ H$maU EH$-Xÿgao H$mo OmZZo bJo Wo. IarX H$aZodmbo Q´>oqS>J ³bm¶§Q>g² ^r O~ Mmho V~ JmoXm‘ ‘| OmH$a H$‘mo{S>Q>rO H$s JwUdÎmm, B. H$r nS>Vmb H$a gH$Vo Wo Am¡a Eogm CÝhm|Zo {H$¶m ^r.

ñd`§ H$mo NSEL Ho$ "{ZdoeH$' ~VmZodmbo AZoH$ N>Ùr Q´>oqS>J ³bm¶§Q>g² Zo VWm CZH$s EdO _| CZHo$ ~«moH$g© Zo gmbâ ‘| H$ar~-H$ar~ 50 ~ma JmoXm‘m| H$mo ^|Q> Xr. `m{Z gmYmaUV… hâVo ‘| EH$ ~ma. {’$a ^r BZ bmoJm| Zo H$^r ^r H$‘mo{S>Q>rO H$s {S>brdar Zhr _m±Jr Am¡a Zm hr br. T+2 $H$m±Q´>°³Q> H$s H$‘mo{S>Q>rO IarXZo VWm T+25$H$m±Q´>°³Q> H$s H$‘mo{S>Q>rO ~oMZo ‘| hmoZodmbo ‘wZm’o$ ‘| hr CÝh| A{YH$ é{M Wr bo{H$Z gaH$ma Zo AMmZH$ AmXoe Xo {X¶m {H$ NSEL Ho$ ’$m°d©S>© H$m±Q´>°³Q>g² amoH$ {XE OmE Am¡a BZ VWmH${WV "{ZdoeH$m|' Ho$ ‘§gy~m| na nmZr {’$a J¶m.


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RTI Ho$ _mÜ`_ go àmá {H$E JE nÌ Ûmam BZ ~«moH$g© VWm Q´>oqS>J ³bm¶§Q>g² Zo NSEL H$m {H$g Vah Xþén`moJ {H$`m ¶h ^r {gÕ hmo J¶m. 2008 go hr FMC H$‘mo{S>Q>rO ‘mH}$Q> H$s {Z¶‘ZH$mar g§ñWm Wr Am¡a CgHo$ nmg {Z¶‘Z Ho$ g^r Amdí¶H$ A{YH$ma hmoZo Ho$ ~mdOyX ^r FMC à‘wI A{^foH$ Mwßnr gmYo aho.

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2) lr. lrH$m§V OdbJoH$a, g§MmbH$ Ed_² MCX O¡go ^maV Ho$ gd©àW_ "{S>å`wÀ`wAbmBÁS> EŠgM|O' Ho$ ^yVnyd© _w»` H$m`©H$mar A{YH$mar VWm ì`dñWmnH$s` g§MmbH$. Lazard Birla Fund VWm Mayur Fund O¡gr g§ñWmAm| Ho$ gbmhH$ma ah MwHo$ lr. OdbJoH$a Zo "H$m°nm}aoQ> \$m`ZmÝg', "S>o[ado{Q>dO²', "\§$S> _¡ZoO_|Q>' Am¡a "BÝdoñQ>a [aboeÝg'>_| 30 dfm] go A{YH$ g_` H$m`© {H$`m h¢§.

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3) lr. Omogo\$ _¡gr, gmD$W E{e`Z \o$S>aoeZ Am°\$ EŠgM|Oog (SAFE) Ho$ à»`mV AÜ`j; MCX H$r {Oå_oXmar OdbJoH$a H$mo gm¢nZo go nyd© CgH$r Am¡µa DGCX H$s ^r Ztd aIZodmbo à{V{ð>V ñQ>m°H$ _mH}$Q> ì¶dgm¶r.

4) lr. ~r.S>r. ndma, _hmamï´> amÁ` H¥${f {dnUZ _§S>b Ho$ ^yVnyd© AÜ`j Ed‘² ghH$mar g§ñWmAm| Ho$ {deof {Z~§YH$.

5) lr. Ama. XodamOZ, H$B© H$m°nm}aoQ> g‘yhmo§ ‘| H$m‘ H$a MwHo$ {dÎm {d^mJ Ho$ AZw^dr ì¶dgm¶r

6) lr. A§OZr {gÝhm, NSEL Ho$ ì`dñWmnH$s` g§MmbH$ Ed_² _w»` H$m`©H$mar A{YH$mar

{gÝhm Ho$ EH$ gh`moJr Zo _moQ>r \$mBbm| H$m EH$ nwqbXm bmH$a g~Ho$ gm_Zo aI {X`m.

""Š`m h¢ `h?'' em`X _¡gr Zo nyN>m.

""Hw$N> _hÎdnyU© \$mB©ëg h¢§,'' {gÝhm Zo H$hm bo{H$Z Iwbmgm Zhr {H$`m. emh H$s ~oM¡Zr ~T>Vr Om ahr Wr Am¡a dh {gÝhm na bJmVma gdmb XmJVo Om aho Wo.

""Š`m hþAm h¢ {gÝhm? Š`m Mb ahm h¢ NSEL _|?'' AI~madmbo Omo ~mob aho h¢§ Š`m dh ghr h¢§? Am¡a AJa h¢, Vmo `h g~ H¡$go hþAm? AJa JbV h¢, Vmo `h g~ H$m¡Z Am¡a Š`m| \¡$bm ahm h¢§?

~moS>©ê$_ Ho$ Cg àeñV hm°b _| EH$ ^`mZH$ em§{V \¡$b J`r.

jU â ~mX {gÝhm Zo ~mobZm ewê$ {H$`m.

CÝhm|Zo Cn^moº$m {d^mJ Ûmam _m±Jo JE ñnï>rH$aU Ho$ CÎma ‘| {XE AnZo Odm~r nÌ ‘| NSEL, FCRA Ho$ A§VJ©V Xr J`r Ny>Q> Ho$ AZwgma Q´>oqS>J H$aZodmbm amï´>ñVar` H$‘mo{S>Q>rO ñnm°Q> EŠgM|O hmoZo H$s ~mV ñnï> H$aZo H$s OmZH$mar Xr.

NSEL Zo FMC Ed_² "doAahmCqgJ S>odbn_|Q> A°ÊS> ao½`wboQ>ar Am°Wmo[aQ>r' (WDRA) Ho$ nmg H$B© ~ma CZHo$ {Z`_m| Ho$ A§VJ©V _mÝ`Vm Ed_² n§OrH$aU Ho$ {bE AmdoXZ {X`m Wm. {gÝhm Zo H$hm, FCRA H$s Ymam 14B Ho$ A§VJ©V n§OrH$aU Ho$ {bE NSEL Zo FMC Ho$ nmg ^r AmdoXZ {H$`m Wm bo{H$Z BZ AmdoXZm| na {ZU©` Zm hmoZo Ho$ H$maU NSEL H$m n§OrH$aU A^r VH$ A{Z{U©V Wm.

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{gÝhm Zo 27 Aà¡b 2012 Ho$ Cn^moº$m {d^mJ H$r "H$maU ~VmAmo Zmo{Q>g' H$s Amoa Ü`mZ AmH${f©V H$aVo hwE H$hm {H$ Bg Zmo{Q>g _| Amamon bJm`m J`m Wm {H$ NSEL AnZo Q´>oqS>J H$s Omo OmZH$mar FMC H$mo ôO ahr h¢ Cg_| {dg§J{V h¢.

Zmo{Q>g Ho$ AZwgma NSEL 11 {XZm| go A{YH$ {S>brdar H$mbmd{Y H$s Q´>oqS>J H$a ahr Wr Am¡a Eogm H$aZm NTSD H$m°ÝQ´>³Qg² H$s Q´>oqS>J H$aZo O¡gm Wm {OgHo$ {bE NSEL H$mo AZw_{V Zhr Wr Š`m|{H$ NSEL Ho$ nmg "em°Q>© goëg' Am¡a "~¡boÝgog' H$mo {Z`§ÌU _| aIZo H$s H$moB© ^r `§ÌUm Zhr Wr. NSEL Ho$ Eogm H$aZo go 5 OyZ 2007 H$s gaH$mar A{YgyMZm H$m C„§KZ hmoZo H$m Amamon Bg Zmo{Q>g _| {H$`m J`m Wm.

{gÝhm Zo H$hm, ""15 {XZm| Ho$ ^rVa Odm~ Z XoZo Ho$ H$maU NSEL H$mo Xr J`r Ny>Q> aÔ Š`m| Z H$a Xr Omò ¶h àíZ Zmo{Q>g _| {H$`m J`m Wm.'' {gÝhm Zo `h ^r ~Vm`m {H$ NSEL H$o H$m±Q´>°ŠQ>g² NTSD H$m°ÝQ´>³Qg² H$s Vah Zhr Wo Bg{bE do FCRA H$m C„§KZ Zhr H$aVo h¢ ¶h ñnï>rH$aU CÝhmo§Zo Cn^moº$m {d^mJ H$mo 11 AJñV, 2012 H$mo {bIo AnZo Odm~r nÌ _| {X`m Wm.

{gÝhm Zo AmJo `h ^r ñnï> {H$`m {H$ 3 AŠVy~a 2012 H$mo NSEL Zo EH$ n[anÌ Omar {H$`m {Og_| {bIm Wm {H$ NSEL na Q´>oqS>J H$aZodmbo g^r (Q´>oqS>J ³bm¶§Q>, ~«moH$a B.) A{YH$ _wZm\o$ Ho$ {bE "noAS>© H$m±Q´>°ŠQ>g' H$m à¶moJ Z H$a§o, Eogm H$aZo na EŠgM|O Ho$ {Z`_m| H$m C„§KZ hmoJm. `h n[anÌ CÝhm|Zo NSEL do~gmBQ> na ^r S>mbZo H$s ~mV ñnï> H$s.

{gÝhm Zo H$hm {H$, 23 _B© 2013 H$mo nwZ… EH$ ñnï>rH$aU NSEL Zo Cn^moº$m {d^mJ H$mo {X`m {H$ CgHo$ Q´>oS>g² "em°Q>© goëg' Z hmoZo Ho$ H$maU do {Z`_m| Ho$ Xmào _| hr g§nÞ hmo aho Wo.

{gÝhm Zo `h ^r ~Vm`m {H$, 12 OwbmB© 2012 Ho$ "ZE H$m±Q´>°³Q> Zm H$ao§ Am¡a _m¡OyXm H$m±Q´>°³Q> {d{hV Ad{Y _| {ZpíMV H$ao§' Bg Cn^moº$m {d^mJ Ho$ nÌ Ho$ Odm~ _| "{S>_°Q> {S>brdarO' Ho$ Abmdm g^r EH$-{Xdgr` ’$m°d©S>© H$m±Q´>°³Q>g² OëXr hr {ZpíMV H$a {bE OmE§Jo ¶h NSEL Zo 22 OwbmB© H$mo {XE nÌ _| ñnï> {H$`m Wm. NSEL Zo Cn^moº$m {d^mJ H$mo gy{MV {H$`m {H$ dh 11 {XZm| go A{YH$ {S>brdar H$mbmd{Y Ho$ Q´>oS>g² 10 {XZm| go H$‘ {S>brdar H$s H$mbmdYr _| {ZpíMV H$a boJr Am¡a gmW hr `h AmídmgZ ^r {X`m {H$ A~ NSEL na H$moB© Z¶r H$‘mo{S>Q>rO Q´>oqS>J Zhr hmoJr.

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`h g~ ã`m¡am gwZVo-gwZVo emh H$s ~oM¡Zr AË`{YH$ ~T> J`r Wr. {\$a Amn {X„r Š`m| JE Wo? Š`m FMC `m _§Ìmb` Ho$ A{YH$m[a`m| Ho$ gmW {H$gr J§^ra {df` na MMm© hþB©? AJa hþB© Vmo Š`m NSEL ~moS>© H$mo VwaÝV H$moB© H$m¶©dmhr H$aZo H$s Oê$aV h¢? emh Zo nwZ… {gÝhm go Am{YH$m[aH$ ê$ngo àíZ {H$`m.

Odm~ _| {gÝhm Zo {g\©$ JX©Z {hbmVo hþE H$hm, ""Zhr, g~Hw$N> {Z`§ÌU _| h¢.''

{gÝhm H$m H$hZm Wm, "Zmo `moa H$ñQ>_a' (KYC) Ho$ gmW-gmW NSEL Zo ewé go hr g^r àH$ma Ho$ Omo{I_ ì`dñWmnZ H$m`© nyao {H$E Wo.

bo{H$Z H$moB© ^r AmídñV Zhr hmo ahm Wm. g^r H$mo bJ ahm Wm, Hw$N> Vmo ^`§H$a hþAm h¢ bo{H$Z {H$gr H$mo ^r, ñQ>m°H$ _mH}$Q> Ho$ ~mao _| AMyH$ AZw_mZ aIZodmbo emh H$mo ^r Eogm àVrV Zhr hþAm Wm {H$ NSEL AMmZH$ EH$ ~S>o MH«$ì`yh _| \§$gZo Om ahr h¢.

emh go ahm Zhr J`m. ""{H$gr AmnmVH$mb Ho$ {bE Amdí`H$ ñQ>m°H$ h¢ Zm? Am¡a Š`m I~aXmar br h¢? "S>o{\${gQ> _m{O©Ýg' H$s Š`m pñW{V h¢§?'' emh Zo EH$ gmW H$B© gdmb {gÝhm go {H$E. {H$gr ^r n[apñW{V _| NSEL gwa{jV aho§ `hr do MmhVo Wo.

{gÝhm Zo VwaÝV JmoXm_m| _| aIo ñQ>m°H$ H$s gyMr {ZH$mbr Am¡a g^r Zo amhV H$s gm±g br. Bg gyMr H$s H$m°nr ~moS>© Ho$ g^r gXñ`m| H$mo ^r Xr OmEJr, {gÝhm Zo H$hm. OdbJoH$a H$mo {gÝhm go EH$ Am¡a AmídmgZ Mm{hE Wm. CÝhm|Zo {gÝhm H$mo ñnï> {H$`m, ""Bg gyMr _| ñQ>m°H$ H$m$ Zm_, g§nyU© à_mU, CgH$m dV©_mZ _yë` Am¡a CgH$s {H$_V, BZ g~ H$m {dñV¥V dU©Z hmoZm Amdí`H$ h¢.'' OdbJoH$a Zhr MmhVo Wo {H$gr ^r H$maU NSEL Ho$ Q´>oqS>J ³bm¶§Q>g² Ho$ {dídmg H$mo R>og nhþ±Mo!

OdbJoH$a Zo {gÝhm H$mo AdJV H$am`m {H$ {H$g àH$ma Xoe _| Bggo nyd© KQ>o Hw$N> ñQ>m°H$ _mH}$Q> Ho$ _m_bm| _| M§X KmoQ>mbo~mOm| H$s H$maJwOm[a`m| Ho$ H$maU Q´>oqS>J Šbm¶ÝQ²>g H$mo ^mar ZwH$gmZ CR>mZm nS>m h¢. {gÝhm Zo ^r gh_{V Xem©`r Am¡a H$hm {H$ gmdYmZr Ho$ Vm¡a na NSEL Zo Q´>oqS>J Šbm¶ÝQ²>g Ho$ gmW AZw~§Y {H$E h¢§ Am¡a A{J«_ VmarI Ho$ MoH$ ^r {bE h¢§, {OgHo$ H$maU AJa H$moB© H$_r hmoVr ^r h¢§ Vmo AmgmZr go j{Vny{V© H$s Om gH$Vr h¢§.

{gÝhm Ho$ BVZm Hw$N> H$hZo na ^r emh g§Vwï> Zhr hmo aho Wo. ""Amn {H$gr ñdV§Ì g§ñWm go `h Om±M H$amE§ {H$ JmoXm_m| _| {H$VZm ñQ>m°H$ CnbãY h¢ Am¡a CgH$s JwUdÎmm

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Š`m h¢§,'' CÝhm|Zo {gÝhm H$mo MoVmdZr Xr. {gÝhm Zo nwZ… gh_{V OVm`r. Bg ~mV H$s {\$a EH$ ~ma gVH©$Vm go Om±M Am¡a nw{ï> H$a b| {H$ gmao ñQ>m°H$ H$m ~r_m H$am`m J`m h¢, _¡gr Zo gy{MV {H$`m. {gÝhm H$s JX©Z {\$a EH$ ~ma gh_{V Ho$ {bE {hbVr ZOa Am`r.

""JmoXm_m| Ho$ ñQ>m°³g Ho$ ~mao _| Amn AmídñV hmo Š`m?'' OdbJoH$a Am¡a _¡gr Zo nyN>m. {gÝhm Zo VwaÝV "hm±' H$h {X`m. {\$bhmb, ~moS>© é‘ Ho$ {Z¶‘m| Ho$ MbVo NSEL Ho$ _w»` H$m`©H$mar A{YH$mar na {dídmg OVmZo Ho$ Abmdm ~moS>© gXñ`m| Ho$ gm_Zo Xÿgam H$moB© n`m©` ^r Zhr Wm!

Bg ~¡R>H$ H$s [anmoQ>© (Minutes of meeting) H§$nZr Ho$ g^r g§MmbH$m| H$mo Ed_² FMC H$mo ^r XoZo H$s gyMZm emh Zo H$s. _w»` H$m`©H$mar A{YH$mar H$r JbVr `m ^yb Mmho {H$VZr ^r N>moQ>r Š`m| Zm hmo na CgH$m Im{_`mOm NSEL H$mo ^wJVZm Zm nS>o `hr emh H$m H$Q>mj Wm. CZH$m _mZZm Wm H§$nZr Ho$ gmao ì`dhma nmaXeu hmoZo Mm{hE.

_¡gr Zo nyN>m, ""AmnZo XoZXmam| H$s "no-BZ' VWm Am{W©H$ pñW{V H$s Om±M-nS>Vmb H$s h¢ Zm? n`m©á _m{O©Z h¢ Zm?'' Ho$db Hw$N> hr g‘¶ Ho$ {bE MoH$ Omar H$aHo$ YmoIm XoZodmbm| H$s ~mOma _| H$_r Zhr Wr bo{H$Z {gÝhm Zo nwZ… gh_{V OVm`r. A~ {gÝhm Ho$ H$WZ na {dídmg H$aZo Ho$ Abmdm H$moB© amñVm Zhr Wm. {gÝhm H$s _mZo Vmo NSEL na H$moB© g§H$Q> hr Zhr Wm. AJa H$moB© JbVr hþB© ^r h¢ Vmo Cgo g§^mbZo Ho$ {bE h_ g_W© h¢ `hr {gÝhm H$m Amdoe Wm. CZHo$ _wVm{~H$ _wÔm {g\©$ BVZm hr Wm {H$ >{Z¶‘ZH$mar g§ñWm Zo NSEL Ho$ Hw$N> H$m°ÝQ´>³Qg² H$s Q´>oqS>J na gdmb CR>mE§ Wo Am¡a CZ gdmbm| H$m ñnï>rH$aU CÝhm|Zo Xo {X`m Wm. {\$a g§H$Q> H¡$gm?

bo{H$Z g§H$Q> Wm Am¡a g§H$Q> Jham Wm!

4 AJñV 2013 H$mo FMC à_wI a_oe A{^foH$ Zo _w§~B© _| {S>\$m°ëQ>g©, ~«moH$g© Am¡a NSEL Ho$ g§MmbH$m| H$s EH$ AmnmV ~¡R>H$ ~wbm`r. Xmonha H$mo ewê$ hþB© `h ~¡R>H$ Xoa amV VH$ Mbr. A{^foH$ H$mo nyU© {dídmg Wm {H$ {gÝhm Zo AnZm H$V©ì` ^br-^m±{V {Z^m`m Wm.

""emh Ed_² AÝ` NSEL g§MmbH$m| Ho$ {bE 5600 H$amoS> ê$n`m| Ho$ Bg g§H$Q> H$mo {Z`§{ÌV H$aZm ~hþV Oê$ar h¢§, J`m hþAm n¡gm dmng hm{gb hmo Bg{bE NSEL agH$ à`mg H$a ahr h¢§ Am¡a Cgr hoVy {OZ ~«moH$g© H$s dOh go `h {S>\$m°ëQ> KQ>m h¢§ CZgo

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EH$ ì`dhm`© "no_|Q> eoS>çyb' boZm Oê$ar h¢,'' ¶h ~ma-~ma ~VmZo na ^r A{^foH$ Zo Eogm H$aZo _| Hw$N> Img {XbMñnr Zhr {XIm`r.

bo{H$Z A{^foH$ {S>\$m°pëQ>¨J gobg© Am¡a ~«moH$g© go AbJ- AbJ {_bo Oê$a. BZ {S>\$m°pëQ>¨J gobg© Am¡a ~«moH$g© Zo 20 hâVo _| n¡go dmng H$aZo H$m AmídmgZ ^r A{^foH$ H$mo {X`m. A{^foH$ Zo Bg AmídmgZ H$s KmofUm ~¡R>H$ _| g~ Ho$ gm_Zo H$s. NSEL g§MmbH$m| H$mo Oam ^r _hgyg Zhr hþAm {H$ Cg g_` A{^foH$ H$s ~mVm| na {dídmg Zhr H$aZm Mm{hE.

Xoa amV AnZo gh`mo{J`m| Ho$ gmW ^moOZ H$aVo g_` CÝhm|Zo {\$a EH$ ~ma {gÝhm go nyN>m… ""{gÝhm, Amn Omo ^r H$a `m ~mob aho hmo Cg na AmnH$mo Vmo âmogm h¢§ Zm?'' {gÝhm AmídñV ñda _| ~mobo,""qMVm Z H$a|, g~ AmoHo$ h¢!''

bo{H$Z V~ VH$ {gÝhm Ho$ nÎmm| H$m _hb T>hZo bJm Wm. emh Am¡a _¡gr Zo gM H$mo Ty>±T>Zo H$s R>mZ br. CZH$s g_P _| Am J`m {H$ {OZ H$m°ÝQ´>³Qg² H$s Q´>oqS>J na gdmb CR>mE JE Wo do NSEL Ho$ AmOVH$ H$s Q´>oqS>J Ho$ Ho$db 17% Wo. BZ_| YmVw Ho$ "B©-{garO' Q´>oS>g² Vmo g\$bVmnyd©H$ {ZpíMV ^r {H$E JE Wo. ~Mo hþE H$m°ÝQ´>³Qg² H$s EdO ‘| n¡go dmng {H$E OmE§Jo ¶h AmídmgZ {OZ Q´>oqS>J ³bm¶§Q>g² Ho$ nmg NSEL {S>\$m°ëQ> H$m nyam 5600 H$amoS> ê$n`m h¢§ CÝhm|Zo hr A{^foH$ H$mo {X`m h¢§ Bg{bE emh Zo gmoMm, A~ ^r Cå_rX ~aH$ama h¢.

Cn^moº$m {d^mJ Ho$ AMmZH$ nÌ XoZo Ho$ ~mX O~ NSEL ~§X hþAm V~ 46000 Q´>oqS>J ³bm¶§Q>g² H$m n¡gm \§$gm hþAm Wm. BZ_| go 33000 Q´>oqS>J ³bm¶§Q>g² Ho$ "B©-gr[aO' Ho$ Q´>oS> {ZpíMV {H$E Om MwHo$ Wo.

10 bmI ê$n`m| go H$‘ E³gnmoµOadmbo 7000 Q´>oqS>J ³bm¶§Q>g² H$mo 50% aH$_ Xr Om MwH$s Wr. AÝ` 6000 Q´>oqS>J ³bm¶§Q>g² H$mo n¡gm bm¡Q>mZo H$s à{H«$`m ewê$ hmo MwH$s Wr. Hw$b 5600 H$amoS> ê$n`m| Ho$ {S>\$m°ëQ> _| {g\©$ 7 ~S>o Q´>oqS>J ³bm¶§Q>g² Ho$ nmg 85% BVZr ~S>r aH$_ \§$gr hþB© Wr.

Am¡a EH$ _hÎdnyU© ~mV `h {H$ Hw$b Q´>oqS>J ³bm¶§Q>g² _| go 6% `m{Z 781 Q´>oqS>J ³bm¶§Q>g² H$m hr VH$ar~Z 69% Xmdm Wm. BZ Q´>oqS>J ³bm¶§Q>g² Zo CZHo$ 71 ~«moH$g© Ho$ _mÜ`_ go Q´>oqS>J H$s Wr Am¡a BÝhr Q´>oqS>J ³bm¶§Q>g² VWm ~«moH$g© Ho$ ~rM "{à{dQ>r Am°\$ H$m°ÝQ´>°ŠQ>' {H$¶m J¶m Wm.

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{\$a ^r NSEL H$s Q´>oqS>J ~§X H$aZo Ho$ gaH$ma Ho$ AmXoe go emh A~ hVme hmo MwHo$ Wo ³¶m|{H$ {gÝhmZo A~ AbJ hr amJ AbmnZm ewé H$a {X¶m Wm. {gÝhm Zo gmar {Oå‘oXmar go n„m PmS>Vo hþE gmam Xmof emh na S>mb {X¶m. IwX H$s OmZ ~MmZo Ho$ {bE {gÝhm Zo emh Am¡a CZHo$ gh`mo{J¶m| H$mo nw{bg Ho$ P_obo _| S>mb {X`m.

{gÝhm Zo g_` ahVo hr Bg g§H$Q> H$s Oam ^r H$ënZm Xr hmoVr Vmo emh d CZHo$ gh`mo{J`m| Zo Hw$N> Vmo amñVm {ZH$mbm hr hmoVm. H$_ go H$_, {OVZm H$_ ZwH$gmZ hmo Eogm à`ËZ {H$`m Om gH$Vm Wm. 31 OwbmB© 2013 H$mo NSEL EŠgM|O ~§X hmoZo VH$ no_|Q> {S>’$m°ëQ> 5600 H$amoS> ê$n`m| VH$ ~T> MwH$m Wm.

BYa, ‘w§~B© nw{bg H$s EOW Zo NSEL H$s ~marH$s go N>mZ-~rZ ewê$ H$a Xr Wr. nw{bg Ho$ ~‹T>Vo X~md Ho$ H$maU Z¶m g§H$Q> CËnÞ hmo J`m. emh Am¡a ~moS>© Ho$ gXñ¶m| H$mo CÝhm|Zo Omo ~Vm¶m Wm {H$ - no‘oÝQ²>g gwa{jV h¢ Am¡a JmoXm‘ ñQ>m°H$28 go âo hþE h¢§ - Bggo {~bHw$b {dn[aV Odm~ {gÝhm Zo EOW ‘| XO© H$am¶m Wm!

EOW A{YH$m[a¶m| H$mo ^r Bg {dg§J{V H$s Om±M H$aZo H$s Oê$aV ‘hgyg Zhr hþB©.

³¶m ¶h fS>¶§Ì H$s AJbr H$S>r Wr?

hm±, g§^dV… {gÝhm ~S>o bmoJm| Ho$ hmWm| Ho$ H$R>nwVbr ~ZH$a ~Vm©d H$a aho Wo. NSEL Ho$ AnZo gh`mo{J`m| go ^r CÝhm|Zo gmao g§nH©$ VmoS> {X¶o Wo.

AMmZH$ EOW A{YH$m[a¶m| Ho$ g‘j emh Ho$ {déÕ {gÝhm VmoVo H$s Vah ~mobVo ZOa AmE. ‘r{S>¶m Ho$ gm‘Zo Vmo CÝhm|Zo H$moham_ ‘Mm {X¶m.

{gÝhm Zo `h ^r Amamon bJm`m {H$ emh Zo CZH$m Am¡a CZHo$ n[adma Ho$ gXñ¶m| H$m nmgnmoQ>© OãV H$a {b¶m h¢ na Bg‘| H$moB© VÏ¶ Zhr Wm ³¶m|{H$ ~mX ‘| do nmgnmoQ>© {gÝhm Ho$ nmg hr {‘bo.

‘¡§Zo {gÝhm H$m B{Vhmg Q>Q>mobZo H$s H$mo{ee H$s Vmo gË¶ AnZo Amn hr Câ Am¶m.

E³gM|O ì¶dgm` ‘| A’$amV’$ar H$aZo H$r {deof _hmaV {gÝhm H$mo hm{gb Wr. bo{H$Z gwZZodmbm Wm H$m¡Z?

28 http://indianexpress.com/article/business/business-others/anjani-sinha-blames-jignesh-shah-for-all-problems-at-nsel-2/

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BVZo dfm] ‘| emh Ho$ {Ibm\$ {gÝhm H$^r EH$ eãX ^r Zhr ~mobo Wo; AmO CÝh| emh go ~wam H$moB© {XIm`r hr Zhr Xo ahm Wm. ¶h M‘ËH$ma H¡$go hþAm BgH$s Om±M H$aZo ‘| ^r {H$gr H$mo {XbMñnr Zhr Wr.

NSEL A{YH$m[a¶m| Zo H$hm ^r {H$ {gÝhm PyR> ~mob aho h¢§. NSEL Zo àogZmoQ> ^r Omar {H$¶m, ""emh Am¡a ~moS>© gXñ¶m| Ho$ {Ibm\$ {gÝhm Zo Omo H$hm h¢ dh Om±M EO§{g`m± nS>Vmb VWm Ý¶m¶ à{H«$¶m H$mo Jw‘amh H$aZo Ho$ {bE hr H$hm h¢§.''

3 {gVå~a 2013 H$mo Business Standard AI~ma Zo {gÝhm H$s nmob Imob Xr Wr…

""{gÝhm Ho$ ‘m‘bo ‘| H$mZyZ h‘oem go hr Hw$_©J{V go Mbm h¢§. CZHo$ {Ibm’$ `{X H$moB© H$m¶©dmhr hmo ^r J`r Vmo `hr H$hZm hmoJm {H$ ~hþV OëXr hmo J`r!'' h_Zo CZHo$ ~mao ‘| Nm>nr [anmoQ>© Ho$ Odm~ _| H$mobH$mVm-pñWV ñQ>m°H$ ~«moH$a aVZbmb AJ«dmb H$hVo h¢, ""{gÝhm O~ "_JY ñQ>m°H$ E³gM|O' Ho$ ‘w»¶ H$m¶©H$mar A{YH$mar Wo V~ ^r eo¶am| Ho$ Q´>m§P°³eZg² ‘| H$m’$s A’$amV’$ar hþB© Wr. AJ«dmb UTI Am¡a ñQ>oQ> ~±H$ O¡gr g§ñWmAm| Ho$ ~«moH$a Ho$ Vm¡a na Q´>m§P°³eZg² {H$¶m H$aVo Wo bo{H$Z do ^r H$B© ~ma "~°S> {S>brdar Am°’$ eoAg©' Ho$ {eH$ma ~Z MwHo$ Wo. Xmo XeH$ nyd© hþAm ¶h KmoQ>mbm 200 H$amoS> ê$n¶m| H$m Wm.'' AJ«dmb AmJo {bIVo h¢§, ""na§Vw {gÝhm Zo Xmofr {S>’$m°ëQ>g© H$s {g³¶w[aQ>r ‘m{O©Z Ho$ ~Xbo "~°S> {S>brdar Am°’$ eoAg©' H$s j{Vny{V© H$aZo H$m H$moB© à¶mg Zhr {H$¶m Am¡a Zm hr CÝhm|Zo Xmofr {S>’$m°ëQ>g© Ho$ {Ibm’$ Mmoar {H$E JE, ’$Ou ¶m Ombr eoAam| H$mo à¶wº$ H$aZo Ho$ {bE nw{bg ‘| H$moB© {eH$m¶V XO© H$s. Bg no_|Q> {S>’$m°ëQ> Ho$ ~mX ‘JY ñQ>m°H$ E³gM|O ~§X hmo> J¶m.''

SEBI Zo E³gM|O Ho$ ~moS>© H$mo AnZo A{YH$ma ‘| bo {b¶m bo{H$Z {ZdoeH$m| H$m n¡gm CÝh| dmng {XbdmZo ‘| Ag‘W© ahr.

{gÝhm AÝ¶ H§$n{Z¶m| ‘| d[að> nX na {Z¶wº$ hmoZo Ho$ {bE Mb {XE. CZHo$ ‘JY ñQ>m°H$ E³gM|O Ho$ H$m¶©H$mb Ho$ ~mao ‘| VWm ~«moH$g© Ûmam {H$E JE E³gMo§O {déÕ Xmdo Ho$ ~mao _| h_Zo {bIo B©-‘ob H$m {gÝhmZo H$moB© CÎma Zhr {X¶m.

AJ«dmb H$s B©-‘ob à{V{H«$¶m Ho$ ~mX ‘w§~B© Ho$ EH$ ì¶dgm¶r Zo "Ah‘Xm~mX ñQ>m°H$ E³gM|O' ‘| r {gÝhm Zo Bgr àH$ma H$m EH$ KmoQ>mbm H$aZo H$s gyMZm Xr. {gVå~a 2002 ‘| The Times of India ‘| N>nr I~a ‘| {gÝhm Zo H$hm Wm {H$ Hw$N>

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J¡aH$mZyZr ì`dhma amoH$Zo ‘| Ag’$b hmoZo H$o H$maU SEBI Zo oOr Zmo{Q>g na MMm© H$aZo Ho$ {bE CÝhm|Zo EH$ ~¡R>H$ ~wbm`r Wr. na§Vw SEBI Zo Om±M-nS>Vmb Ho$ ~mX {gÝhm H$mo Ë¶mJnÌ XoZo Ho$ {bE ~mÜ¶ H$a {X¶m. bo{H$Z Imo m hþAm n¡gm dmng Zhr {‘b gH$m.29

BVZo J§^ra Amnam{YH$ B{Vhmg Ho$ ~mdOyX ^r AmíM¶© H$s ~mV h¢ {H$ EOW Zo NSEL Ho$ "A{gñQ>§Q> dmBg ào{gS>oÝQ>' (do¶ahmCqgJ) O¶ ~mhþI§S>r VWm A{‘V ‘wIOu ({~OZog S>odbn‘|Q>) H$mo�{JaâVma H$aZo Ho$ ~mX hr {gÝhm H$mo A³Qy>~a 2013 ‘| {JaâVma {H$¶m. ‘B© 2014 H$mo 5 bmI ê$n¶m| H$s$ O_mZV na CÝh| ‘w§~B© hmB©H$moQ>© Zo [ahm H$a {X`m.

Xÿgar Va\$ gƒmB© ImoO {ZH$mbZo Ho$ NSEL Ho$ à`mg Omar Wo. {Z¶‘mZwgma {g’©$ {gÝhm hr NSEL Ho$ H$m¶©H$mar g§MmbH$ Wo. emh g‘oV g^r bmoJ AH$m¶©H$mar g§MmbH$ Wo. NSEL Ho$ A{YH$m[a¶m| H$mo g‘P hr Zhr Am ahm Wm {H$ {gÝhm O¡gm d[að> A{YH$mar BVZm J¡a{Oå_oXma H¡$go hmo gH$Vm h¢§!

ewê$dmV ‘| CÝhm|Zo gmar Jb{V¶m± ñdrH$ma H$a br Am¡a ~mX _| AMmZH$ qT>T>moam nrQ>Vo hþE grYo emh H$mo {ZemZm ~Zm¶m ¶h ~mV Am¡a ^r Á¶mXm Mm¢H$mZodmbr Wr. NSEL Zo ‘r{S>¶m ‘| OmH$a {gÝhm Ho$ g^r Amamonm| H$m I§S>Z {H$¶m na§Vw {gÝhm Ho$ Amamonm| Zo EH$ KmVH$ n[aUm‘ gmY {b`m Wm. CZHo$ ~¶mZ _| H$B© {dg§J{V`m± Wr. Bgr{bE 5600 H$amoS> ê$n¶m| H$s Om±M {d{^Þ {XemAm| ‘| Ky‘-{\$a H$a {\$a dhr dmng Am ahr Wr. emh H$mo Xmofr R>hamZo H$o ~mX ^r H$moB© {ZîH$f© gm_Zo Zhr Am ahm Wm. {gÝhm Ho$ dº$ì`m| Ho$ H$maU gM Am¡a PyR> H$m ’$mgbm ~T>Vm hr Om ahm Wm.

26 AJñV 2013 H$mo {dÎm ‘§Ìmb¶ Zo AW© {d^mJ Ho$ VËH$mbrZ g{Md lr. AaqdX ‘m¶mam‘ H$s AÜ¶jVm ‘| NSEL ‘m‘bo H$s Om±M H$aZo Ho$ {bE EH$ Cƒ-ñVar¶ g{‘{V {Z¶wº$ H$s. Š`m NSEL ‘m‘bo H$m ~mOma ì¶dñWm na H$moB© n[aUm‘ hmo gH$Vm h¢§ ¶h gy{MV H$aZo H$s {Oå‘oXmar Bg g{‘{V H$mo Xr J`r.

27 {gVå~a 2013 H$mo nhbr ~ma AnZm ‘m¡Z VmoS>Vo hþE NSEL ‘m‘bo VWm gË¶‘ KmoQ>mbo H$s VwbZm H$mo AñdrH$ma H$aVo hþE {MXå~a‘ Zo H$hm, ""NSEL ‘| bmoJm| Zo g~ Hw$N> OmZVo hþE ^r n¡go S>mbo. ewê$ ‘| ~hþV bmoJm| H$mo ’$m¶Xm hþAm Am¡a Hw$N> bmoJm| H$mo ~mX ‘| ZwH$gmZ ^r hþAm.''30

29 http://www.business-standard.com/article/markets/anjani-sinha-the-art-of-shutting-down-exchanges-113090200391_1.html

30 http://archive.financialexpress.com/news/nsel-investors-weren-t-babes-in-the-woods-fm-chidambaram/1174799/0

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""BZ g^r ‘m‘bm| ‘| H$mbm YZ Vmo Zhr h¢ Zm ¶h XoIZo Ho$ {bE Am¶H$a {d^mJ NSEL {ZdoeH$m| Ho$ Am{W©H$ XñVmdoOmo H$s Om±M H$a ahm h¢,'' {MXå~a‘ Zo H$hm.

{MXå~a_ Zo AmJo H$hm… ""2007 ‘| EH$-{Xdgr¶ "\$m°d©S>© Q´>oqS>J' Ho$ {bE gaH$ma Zo FCRA Ho$ A§VJ©V NSEL H$mo Ny>Q> Xr Wr. CXm. NSEL Ho$ ‘oå~g© em°Q>© goëg Zhr H$a|Jo VWm H$‘mo{S>Q>rO H$s {S>brdar 11 {XZ Ho$ ^rVa X|Jo, B. na§Vw H$m‘H$mO ewê$ H$aZo go nhbo hr NSEL H$mo ¶h Ny>Q> Xr J`r Wr. ‘¢Zo dh AmXoe XoIm h¢. A~ dh AmXoe d¡Y h¢ ^r `m$Zhr ¶h Om±M H$aZr nS>oJr.''

AmíM¶© h¢§ {H$ dH$sb hmoVo hþE ^r {MXå~a_ H$m `h H$hZm {H$ NSEL H$mo Q´>oqS>J ewê$ hmoZo go$ nhbo hr Ny>Q> Xr J`r Wr, hmñ¶mñnX h¢.

FCRA go Ny>Q> {‘bZo Ho$ H$maU hr Vmo NSEL EH$-{Xdgr¶ "’$m°d©S>© Q´>oqS>J' H$a gH$s. FCRA go Ny>Q> Zm {_bZo na ^r `{X `h Q´>oS>g² hmoVo Vmo dh FCRA H$m C„§KZ hmoVm. BVZm hr Zhr {MXå~a‘ Zo ¶h ^r H$hm {H$, ""¶h no‘oÝQ> ‘m‘bm Ho$db {ZdoeH$ VWm NSEL H§$nZr Ho$ ~rM H$m h¢. Bggo gaH$ma H$m H$moB© g§~§Y Zhr h¢§. Q´>oqS>J ewê$ hmoZo go nhbo hr FCRA go {Z¶‘mZwgma Ny>Q> àmá H$aZodmbr H§$nZr {H$gr ^r {Z¶‘ZH$mar g§ñWm Ho$ AYrZ Zhr Wr. H§$nZr Am¡a {ZdoeH$m| Ho$ A{YH$ma Am¡a Xm{¶Ëd Š`m h¢ ¶h ~mV Ý¶m¶mb¶ V¶ H$aoJm. {ZdoeH$ Ý¶m¶mb¶ _| OmH$a Ý`m` ‘m±J gH$Vo h¢.''31

{MXå~a‘ ¶h H$mZyZr dmñV{dH$Vm AÀN>r Vah OmZVo Wo {H$ NSEL ‘m‘bo go gaH$ma H$m H$moB© g§~§Y Zhr h¢§ - Vmo {\$a CÝhm|Zo CZHo$ A{V[aº$ g{Md H¥$îUZ Ed_² FMC Ho$ à‘wI A{^foH$ H$s ‘XX go emh VWm NSEL Ho$ Hw$N> g§MmbH$m| Ho$ {déÕ fS>¶§Ì ³¶m| aMm? ñnï> Wm, CZH$m AO|S>m H$mZyZ Ho$ {dn[aV Wm.

A~ Eogo _m_bo _| {Og_| ""gaH$ma H$m H$moB© g§~§Y Zhr Wm'' ‘m¶mam‘ g{‘{V H$s {Z¶w{º$ H$s J¶r Wr! Am¡a ~S>o go ~S>o Zm¡H$aemh Bg g{_{V Ho$ gXñ` ~ZmE§ JE!

Bg g{‘{V ‘| A{YH$Va g^r gaH$mar {d^mJm| Ho$ d[að> A{YH$mar Wo. H$m°nm}aoQ> ‘§Ìmb¶, Cn^moº$m$ ‘§Ìmb¶, amOñd ‘§Ìmb¶ Ho$ g{Md, ED, DRI ({S>ao³Q>moaoQ> Am°’$ aodoÝ¶w BÝQ>o{bOÝg), SEBI, [aOd© ~±H$, FMC, SFIO (gr[a¶g ’«$m°S>

31 http://profit.ndtv.com/news/corporates/article-chidambaram-says-investors-knew-nsel-was-unregulated-327724

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BÝdopñQ>JoeZ Am°{’$g), CBDT (g|Q´>b ~moS>© Am°’$ S>m¶ao³Q> Q>°³gog), FSDC (’$m¶Zm§{e¶b ñQ>°{~{bQ>r A°ÊS> S>odbn‘|Q> H$m¢{gb), B. Ho$ d[að> A{YH$m[a`m| H$s Bg g{_{V H$m JR>Z ^r 26 AJñV 2013 H$mo hþAm {Og {XZ NSEL Zo no‘oÝQ> {S>’$m°ëQ> ‘m‘bo ‘| 5 ~S>o Agm{_`m| Ho$ {Ibm’$ EOW ‘| FIR XO© {H$¶m Wm.

³¶m Bgo {g’©$ EH$ g§¶moJ H$hm Om gH$Vm h¢?

g{‘{V Zo ^r H$ha T>m {X¶m. Xoe H$s AW© ì¶dñWm na NSEL no_|Q> {S>’$m°ëQ> H$m H$moB© n[aUm‘ Zhr hmoJm ¶h g{‘{V Zo H$hm Oê$a na§Vw AnZr gmar e{º$ NSEL d FTIL J«wn H$mo {H$g Vah MnoQ> _| {b`m OmE Bgr_| IM© H$a Xr. ~«moH$g©, {S>’$m°ëQ> H$m gmam n¡gm {OZHo$ nmg Wm do "{S>’$m°ëQ>g©', FMC H$s Jb{V¶m±/bmnadmhr, BZH$m Vmo g{‘{V Zo {OH«$ ^r Zhr {H$¶m. g{‘{V H$m ad¡`m Am¡a [anmoQ>© Hw$N> Bg Vah H$m Wm O¡go CgH$m JR>Z VËH$mbrZ gaH$ma H$s Hw$N> ~S>r hpñV`m| Ho$ _Zgy~o nyao H$aZo Ho$ {bE hr hþAm Wm.

Cn^moº$m ‘§Ìmb¶ Ho$ ‘oao gyÌmo§Zo _wPo ~Vm¶m {H$ ‘m¶mam‘ g{‘{V Zo AbJ-AbJ Om±M EO§{g`m| H$mo NSEL d FTIL Ho$ {Ibm\$ gyÌ~Õ VarHo$ go H$m¶©dmhr H$s {dñV¥V ê$naoIm hr V¡`ma H$aHo$ Xo Xr. {dÎm ‘§Ìmb¶ Ho$ ‘oao gyÌmo§Zo ‘wPo ~Vm¶m {H$ nVm Zhr ³¶m| bo{H$Z {MXå~a‘ NSEL _m_bo ‘| {deof Ü¶mZ Xo aho Wo. {MXå~a‘ Ho$ {dÎm _§Ìmb` Ho$ A§VJ©V H$m`© H$aZodmbr FSDC H$s ~¡R>H$m| ‘| amï´>r¶H¥$V ~±H$mo Ho$ "Zm°Z na’$m°{‘ªJ A°goQ²>g> (NPA) na MMm© Z hmoH$a {g’©$ NSEL ‘m‘bo na hr MMm© hmoVr Wr. [aOd© ~±H$ Zo ‘m¶mam‘ g{‘{V H$mo ñnï> H$a {X`m Wm {H$ NSEL H$s Q´>oqS>J H$‘mo{S>Q>rO ‘| hmoZo Ho$ H$maU Bg no_|Q> {S>’$m°ëQ> H$m AÝ¶ {H$gr ^r ~mOma na H$moB© n[aUm‘ Zhr hmoJm {’$a ^r g{‘{V H$s ~¡R>H$m| ‘| NSEL H$s hr MMm© hmoVr Wr.

gm_mÝ`V… Bg àH$ma H$s Cƒ-gXñ¶r¶ g{‘{V¶m| H$mo 3 ¶m A{YH ‘{hZm| ‘| AnZr [anmoQ>© XoZo Ho$ {bE H$hm OmVm h¢ bo{H$Z ‘m¶mam‘ g{‘{V H$mo Ho$db 2 hâVo H$m g_` {X`m J¶m Am¡a BVZo H$_ g_` _| AnZr [anmoQ>© XoZo H$m H$_mb g{‘{V Zo H$a r {XIm¶m.

NSEL ‘m‘bo go g§~§{YV {d{^Þ {d^mJ, A{YH$mar, g§ñWm BZ g~go g{‘{V Zo H$~ g§nH©$ {H$¶m; CZH$m {ZdoXZ H$~ gwZm; Q´>oqS>Jg§~§Yr S>oQ>m H$s Om±M H$~ H$s nVm Zhr na§Vw 26 AJñV H$mo J{R>V H$s J`r Bg g{‘{V Zo 23 {gVå~a H$mo AnZr [anmoQ>© {MXå~a‘ H$mo gm¢n Xr.

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NSEL go {~Zm H$moB© S>oQ>m _m§Jo g{_{VZo NSEL na H$m¶©dmhr H$s Am¡a EH$ b§~r-Mm¡S>r gyMr AnZo [anmoQ>© _| OmoS> Xr.

`h [anmoQ>© {ZåZ Xmo Cn-g{‘{V¶m| H$s [anmoQ>© Ho$ AmYma na Xr J`r Wr…

1) ì¶dñWm na Š`m> n[aUm‘ hmo gH$Vm h¢§ BgH$s Om±M H$aZodmbr [aOd© ~±H$ Ho$ {S>ßQ>r JdZ©a Ho$.Ho$. MH«$dVu H$s Cng{‘{V

2) NSEL Ûmam H$mZyZ Ho$ H${WV C„§KZ H$s Om±M H$aZodmbr ED Ho$ g§MmbH$ amOZ H$Q>moM H$s Cng{‘{V

NSEL `m {H$gr g§~§Yr H§$nZr `m CZgo g§~§{YV Q>oqS>J ³bm¶§Q>g², ì¶dgm¶r¶m| Zo H$mZyZ H$m C„§KZ {H$¶m h¢§ `m Zhr Bg ~mV H$s Om±M H$aZo Ho$ {bE {Z wº$ g{‘{V Zo gwPmd {X¶m {H$ Ho$db NSEL, CgHo$ g§MmbH$ VWm àdV©H$m| Ho$ {Ibm’$ hr H$m¶©dmhr H$s OmE.

ñnm°Q> E³gM|Og§~§Yr Hw$N> {Z¶‘m| H$s H${‘¶m| H$mo nyam H$aZo H$s Oê$aV hmoVo hþE ^r g{‘{V Zo Ho$db BVZm hr H$hm {H$ FMC H$mo A{YH$ geº$ ~ZmE OmZo H$s Amdí`H$Vm h¢. (25 {gVå~a 2015 H$mo FMC H$mo SEBI ‘| {dbrZ H$a {X¶m J¶m.) Bgr FMC Ho$ ~mao ‘| g{‘{V Zo AmíM¶©OZH$ ‘m¡Z YmaU H$a aIm Wm.

5 AJñV 2011 H$mo Bgr FMC H$mo Cn^moº$m {d^mJ Zo "H$‘mo{S>Q>r ‘mH}$Q>g²' H$s {Z¶‘ZH$mar g§ñWm Ho$ ê$n _|, {ZdoeH$m| Ho$ {hVm| H$s ajmhoVy {Z¶wº$ {H$¶m Wm, bo{H$Z "h‘mam H$m¶©joÌ ‘¶m©{XV h¢' H$hZodmbr FMC, NSEL H$s ‘w»¶ H§$nZr FTIL H$mo hr H$moB© ^r E³gM|O MbmZo Ho$ {bE "Zm°Q> {’$Q> A°ÊS> àm°na' Kmo{fV H$a {X`m OmE ¶h AmXoe H¡$go Xo gH$Vr h¢§, Bg ~mV na ‘m¶mam‘ g{‘{V Zo H$moB© ^mî` Zhr {H$`m.

EH$ AmgmZr go gwbPZodmbo "no‘|Q> H«$mB{gg' H$mo FMC Zo gwbJVo aIm Bg ~mV H$mo boH$a ^r g{_Vr Zo Hw$N> Zhr H$hm.

10 Aà¡b, 2012 H$mo FMC Zo Cn^moº$m {d^mJ H$mo nÌ {bIm {H$ NSEL Zo Xr hþB© Ny>Q> H$m C„§KZ {H$`m h¢ Am¡a 19 OwbmB© 2013 H$mo BgHo$ {~bHw$b {dn[aV nÌ {bIH$a H$hm {H$ ¶h Ny>Q> gd©gmYmaU àH$ma H$s Wr ¶m {d{eï> ñdê$n H$s ¶h ~mV FMC ÑT>Vmnyd©H$ Zhr H$h gH$Vr h¢! Bg na ^r g{‘{V Zo Hw$N> Zhr H$hm.

gË` Vmo `hr Wm H$s Bgr 10 Aà¡b Ho$ FMC Ho$ nÌ Ho$ AZwgma H$m¶©dmhr H$aVo hþE Cn^moº$m {d^mJ Zo 27 Aà¡b 2012 H$mo NSEL H$mo "H$maU ~VmAmo Zmo{Q>g' ôOm

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Wm Am¡a {\$a 12 OwbmB© 2013 H$mo ZE Q´>oS>g² H$aZo go ‘Zm H$a {X¶m Wm. Bgr nÌ ì`dhma Ho$ MbVo NSEL ~§X hmoH$a Cg na "no‘|Q> H«$mB{gg' Am J¶m {OgH$m à‘wI H$maU FMC Wr Am¡a {OZ Q´>oqS>J ³bm¶§Q>g² H$s H$maJwOm[a`m| Ho$ H$maU `h g~ KQ>m do Wo {d{eï> ~«moH$g© VWm {S>’$m°ëQ>g©! bo{H$Z BZHo$ ~mao ‘| ^r g{‘{V Zo Hw$N> Zhr H$hm.

24 {S>’$m°ëQ>g© Zo no‘|Q> {S>’$m°ëQ> H$s nyar aH$‘ CZHo$ nmg h¢§ Am¡a Cgo do Yrao-Yrao dmng H$a X|Jo ¶h AmídmgZ FMC H$mo {X¶m ^r Wm.

22 AJñV 2013 H$mo Am¶H$a {d^mJ Zo {S>’$m°ëQ>g© Ho$ JmoXm‘m| na N>mnm ‘mam Wm Am¡a ñQ>m°³g H$s Om±M ^r H$s Wr bo{H$Z ‘m¶mam‘ g{‘{V Zo Am¶H$a {d^mJ Ûmam {H$E JE ñQ>m°H$ do[a{’$Ho$eZ H$m H$moB© C„oI Zhr {H$¶m Am¡a Eogo H$B© ‘hÎdnyU© _wÔm| H$mo ZOaA§XmO H$a {X¶m.

~«moH$g© Zo AnZo Q´>oqS>J ³bm¶§Q>g² H$mo NSEL na hmoZodmbr Q´>oqS>J H$m ’$m¶Xm ~hþV ~T>m-MT>m H$a ~Vm¶m Wm. BVZm hr Zhr, CZHo$ n°Z H$mS>©, nhMmZnÌ, Zm‘, hñVmja BZ g^r H$s PyR>r OmZH$mar XO© H$aHo$ AnZo Q´>oqS>J ³bm¶§Q>g² Ho$ "³bmB§Q> H$moS>' H$m Xþén¶moJ H$aVo hþE CZHo$ hr Zm‘ na ~ZmdQ>r gm¡Xo {H$E, ê$n`m| H$s A\$amV\$ar H$s. {’$a ^r g{‘{V Zo CZHo$ {Ibm’$ EH$ eãX ^r Zhr H$hm.

g{‘{V H$s [anmoQ>© {dÎm ‘§Ìr Ho$ AYrZ H$m¶© H$aZodmbr {Og FSDC Ho$ gm‘Zo aIr J`r Cg FSDC H$mo "no‘|Q> H«$mB{gg' gwbPmZo _| {H$gr ^r àH$ma H$m H$moB© H$m¡eb hm{gb Zhr Wm. FSDC H$mo Om±M-nS>Vmb H$aZo Ho$ H$moB© ^r A{YH$ma àmá Zhr Wo na§Vw `hr FSDC, NSEL ‘m‘bo ‘| g^r Om±M-EO§{g`m| go {Z¶{‘V ê$n go OmZH$mar bo ahr h¢. My±{H$ g{‘{V H$s [anmoQ>© _| ~«moH$g©, {S>’$m°ëQ>g© Ho$ Zm‘ hr Zhr Wo, {g’©$ NSEL/ FTIL H$m hr C„oI Wm, Bg{bE Om±M Am¡a H$m¶©dmhr H$m EH$ hr Q>mJ}Q> ~Z Ho$ ah J`m… emh H$m FTIL g_yh!

‘m¶mam‘ g{‘{V Ho$ ~mao ‘| AmO ^r H$B© gdmb AZwÎm[aV h¢. {MXå~a‘ Zo Vmo H$hm Wm {H$, ""NSEL ‘m‘bm ~mOma H$s EH$ ZrOr g‘ñ¶m h¢.'' {’$a _m`mam_ g{‘{V {Z¶wº$ H$aHo$ hñVjon ³¶m| {H$¶m J`m?

NSEL na Q´>oqS>J H$aZodmbo VWm CZgo g§~§{YV g^r g§ñWm/ì¶{º$`m|Zo {Z`_ Am¡a H$mZyZ H$m C„§KZ {H$¶m `m Zhr, FMC, ~«moH$g©, {S>’$m°ëQ>g© BZ g^r H$s Jb{V¶m±/J¡a{Oå‘oXmamZm ì`dhma BgHo$ ~mao ‘| g{‘{V Zo ³¶m|H$a Mwßnr gmYr Wr?

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`h {Z`w{º$ Ho$db Am¡nMm[aH$Vm Wr. NSEL _m_bo O¡go ‘hÎdnyU© {df¶ Ho$ ~mao ‘| BVZo T>oa gmao XñVmdoOm| H$s Om±M-nS>Vmb H$aZo Ho$ {bE g{‘{V H$mo {g’©$ 15 {XZ H$s hr {_`mX Š`m| Xr J`r? Š`m Bg{bE _m`mam_ g{_Vr H$s {Z`wº$s Am¡a CgH$s [anmoQ>© EH$ nyd©-{Z`mo{OV Ho$db Am¡nMm[aH$Vm â Wr?

g{‘{V Zo AnZr [anmoQ>© {dÎm‘§Ìr H$s AÜ¶jVm ‘| H$m`© H$aZodmbr FSDC H$mo ³¶m| gm¢nr {Ogo Z Vmo Om±M-nS>Vmb Ho$ H$moB© A{YH$ma àmá Wo Am¡a Zm hr H$moB© "no‘|Q> H«$mB{gg' gwbPmZo H$m H$m¡eb?

BZ àíZm| H$m H$moB© g‘mYmZH$maH$ CÎma Zhr h¢.

A~ XoIVo h¢ [anmoQ>© Ho$ ~mX Agb _| Š`m hþAm.

[aOd© ~±H$ Zo g{‘{V H$mo ñnï> {H$¶m Wm {H$ NSEL H$s Q´>oqS>J [aOd© ~°§H$ Ho$ H$mZyZ H$s Ymam 45(1)(BB) Ho$ A§VJ©V ~MV ¶moOZm ‘| Zhr AmVr Am¡a Bg{bE (H$‘mo{S>Q>rO IarXZodmbo) Q´>oqS>J ³bm¶§Q>g² H$mo H$moB© r aH$‘ dmng H$aZo H$s {Oå‘oXmar NSEL H$s Zhr ~ZVr h¢, {’$a ^r g{‘{V H$r {g’$m[ae Ho$ AZwgma NSEL na ‘hmamï´> {ZdoeH$ g§ajH$ H$mZyZ (MPID) Ho$ VhV EOW ‘w§~B© Zo AnamY XO© H$a {XE. ED Am¡a CBI Zo ^r AbJ-AbJ _m_bo XO© {H$E.

Am¡a Agb _| dmñV{dH$Vm ³¶m Wr?

NSEL Zo H$^r H$moB© {S>nm°{PQ> Zhr {b¶m Wm. Q´>oqS>J ³bm¶§Q>g² Zo NSEL na H$‘mo{S>Q>rO H$s Q´>oqS>J H$s Wr Am¡a Bg Q´>oqS>J na Q>¡Šg ^r AXm {H$`m Wm. bo{H$Z H¥$îUZ VWm A{^foH$ H$s ‘XX go NSEL/ FTIL Am¡a emh Ho$ {Ibm’$ aMo fS>¶§Ì Ho$ A§VJ©V {MXå~a‘ Zo Ho$db Hw$N> {d{eï> {g’$m[ae H$aZo Ho$ {bE hr ‘m¶mam‘ g{‘{V H$s {Z¶w{º$ H$s Wr ¶h ~mV A~ ñnï> hmo J`r Wr.

AmJo, BgH$m EH$ Am¡a H$maU gm_Zo Am`m.

‘w§~B© Ho$ Indian Merchant’s Chamber ‘| ~mV H$aVo hþE 16 OyZ 2016 H$mo AnZo Aä`mgnyU© Ñ{ï>H$moU Ho$ {bE ‘ehÿa amÁ¶g^m Ho$ gm§gX S>m°. gw~«‘{U¶Z ñdm‘r Zo grYm h_bm H$aVo hþE Xmdm {H$`m {H$ {MXå~a‘ Am¡a CZHo$ gwnwÌ H$mVu {MXå~a‘ hr NSEL "no‘|Q> H«$mB{gg' Ho$ gyÌYma h¢.32

32 http://wap.business-standard.com/article/economy-policy/send-rajan-back-to-chicago-if-you-want-to-see-india-s-economic-growth-at-10-subramanian-swamy-116061601081_1.html

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{’$a ^r Omo Hw$N> hþAm dh ‘m¶mam‘ g{‘{V Ho$ AZwgma hr Wm.

EOW ‘w§~B© Zo ‘hmamï´>, CÎma àXoe, n§Om~, Am§Y« àXoe, JwOamV, BË¶m{X 16 amÁ¶m| ‘| 184 OJhm| na N>mnm ‘mam Am¡a 28 JmoXm‘m| H$mo Vmbm R>moH$m.

Hw$N> ‘{hZm| H$s Om±M Ho$ ~mX EOW Zo 5 bmoJm| H$mo {JaâVma {H$¶m Am¡a 4 AJñV 2014 H$mo emh VWm AÝ¶ bmoJm| Ho$ {Ibm\$ 9000 nÞm| H$m AmamonnÌ Xm{Ib {H$¶m. {deof ~mV Vmo ¶h h¢§ {H$, 6 OZdar 2014 H$mo EOW Ûmam Xm{Ib {H$E AmamonnÌ ‘| emh H$m Zm‘ Zhr Wm. fS>¶§Ì H$m ‘w»¶ CÔoí¶ Vmo H$B©`m| H$s Bfm© H$m Ho$ÝÐq~Xþ ~Zo emh O¡go loð> CÚ_r$ H$mo {JaâVma H$a$~XZm‘ H$aZm hr Wm. A§OZr {gÝhm Zo nw{bg H$mo {X`m AnZm nhbm ~`mZ ~XbH$a, NSEL _m_bo H$m gmam Xmof emh Ho$ _ËWo _T> {X`m Am¡a emh Ho$ {hVeÌw aho Zm¡H$aemhm| Zo Za|Ð _moXr àYmZ_§Ìr ~ZZo go nhbo hr emh H$mo {JaâVma H$admH$a AnZo Bg fS>`§Ì H$mo A§Om_ Xo {X`m.

Am¡a ^r ~hþV Hw$N> H$am`m J`m.

NSEL ‘m‘bm OëX go OëX {ZnQ>m¶m OmE Bg{bE Amò {XZ NSEL Ho$ g¢H$S>m| Q´>oqS>J ³bm¶§Q>g² EOW Ho$ gh-Am¶wº$ {h‘m±ew am°¶ Ho$ H$m¶m©b` Ho$ gm‘Zo ^rS> BH$Æ>r H$aVo, nw{bg H$mo {ZdoXZ XoVo Am¡a nw{bg CÝh| dmng ôO XoVr. bo{H$Z A~ BZ "{ZdoeH$m|' Ho$ _Z _| Ag§Vmof H$s ^mdZm n¡Xm H$aZo _| {gÝhm Am¡a CZHo$ {h_m`Vr H$m{_`m~ hmo JE. BZ‘| Hw$N> ~S>o amOZr{Vk ^r Wo {OÝhm|Zo AnZr gmar e{º$ NSEL-FTIL Ho$ {dbrZrH$aU Ho$ hH$ ‘| bJm Xr Wr. bo{H$Z emh Am¡a CZHo$ gh`mo{J`m| Zo g§d¡Ym{ZH$ ‘mJ© go BgH$m {damoY {H$¶m - CZH$m H$hZm Wm {H$ {OZ Q´>oqS>J ³bm¶§Q>g² Ho$ nmg "{S>’$m°ëQ>' H$m nyam n¡gm h¢ CZHo$ {Ibm’$ H$m¶©dmhr H$a CZgo dh n¡gm dgybm OmE, {dbrZrH$aU H$aZo go Š`m hm{gb hmoJm?

na§Vw "{ZdoeH$' H$hbmZodmbo Hw$N> {d{eï> Q´>oqS>J ³bm¶§Q>g² Zo no_|Q> {S>’$m°ëQ> H$admZodmbm| go gm±R>Jm±R> H$aVo hþE "{S>’$m°ëQ>g©' VWm NSEL Ho$ g§MmbH$m| Ho$ {Ibm’$ n¡gm dmng nmZo Ho$ {bE nw{bg ‘| {eH$m¶V XO© H$a Xr.

EOW Zo emh, CZH$s Q>r‘ Ho$ gXñ¶, g§MmbH$m| VWm AÝ¶ àdV©H$m} Ho$ gmW-gmW {S>’$m°pëQ>¨J ~«moH$g© Ho$ {Ibm’$ ^maVr¶ X§S >g§{hVm H$s Ymam 409, 465, 467, 468, 471, 474, 120(B) VWm Ymam 34 Ho$ A§VJ©V PyR>o XñVmdoO noe H$aHo$ YmoImYS>r H$aZm, {dídmgKmV H$aZm, B. Amamon bJmVo hþE FIR XO© H$a Xr. CBI Zo ^r 15 OJhm| na

92

N>mnm ‘maH$a Om±M-nS>Vmb ewê$ H$a Xr Wr. ED Zo ^r Hw$N> "{S>’$m°ëQ>g©' H$mo {JaâVma H$a 225 H$amoS> ê$n¶m| H$s g§n{Îm OãV H$a br Wr.

BVZm g~Hw$N> hmoZo Ho$ ~mdOyX ^r Ho$VZ emh Zm‘H$ NSEL Ho$ EH$ Q´>oqS>J ³bm¶§Q> Zo Om±M ‘| {_{b^JV H$m Amamon bJm¶m. Hw$N> g§ñWmE± ^r {damoY ‘| IS>r hmo J`r. "H$‘mo{S>Q>r nm{Q>©{gnoÝQ²>g Agmo{gEeZ Am°’$ B§{S>¶m' (CPAI), "Agmo{gEeZ Am°\$ Z°eZb EŠgM|Oog _|~g© Am°\$ B§{S>`m' (ANMI) Am¡a "BSE ~«moH$g© ’$moa‘' Zo Y_H$s Xr {H$ `{X ""FMC n¡gm dmng {XbmZo H$s J°a§Q>r Zhr XoVr h¢ Vmo do H$moQ>© H$m XadmOm IQ>IQ>mE§J|.''

{deof ~mV ¶h h¢ {H$ _w§~B© hmB©H$moQ>© Ho$ Ý¶m¶mYre {R>ngo Zo Eogr hr g§ñWmAm| H$mo "~moJg Q´>oS>g©' ~Vm¶m Wm bo{H$Z BZ g§ñWmAmo§ H$mo, NSEL H$m n¡gm S>H$maZodmbo "{S>\$m°ëQ>g©' VWm AnZo hr Q´>oqS>J ³bm¶§Q>g² H$mo R>JZodmbo ~«moH$g© Ho$ {Ibm\$ {eH$m`V H$aZo H$s H$^r Zhr gwPr.

Am¡a {\$a gm§gX {H$arQ> gmo_¡`m H$m "BÝdoñQ>g© J«rdmpÝgO \$moa_' (IGF) ^r NSEL _m_bo _| Hy$X nS>m.

NSEL na 17,000 N>moQ>o {H$gmZm| Am¡a "{ZdoeH$m|' H$mo \$±gmZo H$m Amamon bJmVo hþE IGF Zo EOW _| {eH$m`V XO© H$a Xr. PyR>o XñVmdoO XoH$a AnZo hr Q´>oqS>J ³bm¶§Q>g² H$mo \±$gmZodmbo ~«moH$g© `m {\$a n¡gm boH$a \$ama hmoZodmbo "{S>\$m°ëQ>g©' H$mo IGF Zo AnZr {eH$m¶V ‘| em{‘b Zhr {H$¶m ³¶m|{H$ gmo‘¡¶m H$s Vah do ^r ‘madmS>r g‘wXm¶ go Wo.

`hm§ na Ü`mZ XoZodmbr ~mV `h h¢ {H$ BZ ~«moH$g© Zo NSEL na Q´>oqS>J Ho$ \$m`Xo AnZo Q´>oqS>J ³bm¶§Q>g² H$mo ~T>m-MT>m H$a ~VmE Wo. CZ na {ZpíMV _wZm\o$ ({\$ŠñS> [aQ>Z©) H$o AmídmgZ ^r {XE Wo. ~«moH$g© Ûmam EŠgM|Omo na Q´>oqS>J hmoVr h¢ bo{H$Z PyR>o AmídmgZ XoZo Ho$ {bE CÝh| H$^r {H$gr Zo Xmofr Zhr§ R>ham`m. CÝhm|Zo ^r gmam Xmof NSEL na S>mb {X`m.

bo{H$Z à{V{ð>V nÌH$ma gwMoVm Xbmb H$s "_ZrbmB©\$' n{ÌH$m Zo gË` ~o{PPH$ N>mn {X`m… ~«moH$g©, Q´>oqS>J ³bm¶§Q>g² VWm >{Z¶‘ZH$mar g§ñWm Zo AnZr-AnZr {Oå_ oXmar Q>mbH$a {g\©$ NSEL H$mo Xmofr R>hamZm gamga AZ¡{VH$ h¢.33

33 http://www.moneylife.in/article/nsel-brokers-with-the-highest-exposures/34371.html

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NSEL Zo r EH$ nÌÛmam ñnï> {H$`m Wm… H$‘mo{S>Q>rO H$s "{S>brdar' H$m Q´>m§P°³eZg² Z H$aHo$ AJa EŠgM|O Ho$ A{YH¥$V JmoXm_ H$s agrX go "{S>_¡Q>' nÕ{V go Q´>oqS>J H$aZr hmo Vmo Eogm grYo Q´>oqS>J ³bm¶§Q>g² Ho$ ~±H$ ImVo go hmoZm Mm{hE. EŠgM|O H$s A{YH¥$V `moOZm Ho$ A§VJ©V {H$gr ^r A{YH¥$V g§ñWm H$mo AJa H$‘mo{S>Q>rO XoZr h¢ Vmo dh AndmX hmo gH$Vm h¢§.

~«moH$g© Zo BZ {Z`_m| H$m nmbZ Š`m| Zhr {H$`m `h CZgo Zm Vmo CZHo$ Q´>oqS>J ³bm¶§Q>g² Zo nyN>m, Zm FMC Zo Am¡a Zm hr EOW Zo. Eogm Š`m|?

NSEL Zo EH$ Am¡a n[anÌ Omar {H$`m Wm… ""EŠgM|O Ho$ gXñ`m| H$mo AnZo$ Q´>oqS>J ³bm¶§Q>g² H$mo NSEL H$s Q´>oqS>J Am¡a "ñnm°Q> Q´>oqS>J' g§~§Yr Omo{I_, Q´>oqS>J ³bm¶§Q>g² d gXñ`m| H$m Xm{`Ëd Am¡a CZH$s _`m©Xm, B. Ho$ ~mao _| ñnï>ê$ngo OmZH$mar XoZm Oê$ar h¢.''

~«moH$g© Zo BgH$m ^r nmbZ Zhr {H$`m.

Bgr n[anÌ _| NSEL Zo `h ^r ñnï> {H$`m Wm {H$ AnZo \$m`Xo Ho$ {bE EŠgM|O Ho$ gXñ` AnZo Q´>oqS>J ³bm¶§Q>g² H$mo NSEL na Q´>oS>g² H$aZo Ho$ {bE {H$gr ^r àH$ma H$m PyR>m AmídmgZ `m {\$a CÝh| {X½^«{_V H$aZodmbr OmZH$mar Zm Xo. NSEL H$s Q´>oqS>J na, ~S>o n¡_mZo na {ZpíMV _wZm\$m {_bVm h¢, VWm "{Zdoe' H$s aH$_ IarXo hþE H$‘mo{S>Q>rO Ho$ ~Xbo _| gwa{jV ahVr h¢, B. AmídmgZ XoZm _Vb~ AnZo hr Q´>oqS>J ³bm¶§Q>g² Ho$ à{V AnZr {Oå_oXmar Ho$ {d{hV {Z`_m| H$m Kmoa C„§KZ H$aZm h¢.

bo{H$Z NSEL H$s H$m¡Z gwZZodmbm Wm?

NSEL Ho$ {Ibm\$ Amamon bJmZodmbo ~«moH$g© H$m ñQ>m°H$ ‘mHo$©Q> ‘| AnZo Q´>oqS>J ³bm¶§Q>g² Ho$ gmW ZrVr Am¡a Ý¶m¶nyd©H$ ì¶dhma H$aZo H$m H$moB© Imgm AÀN>m [aH$m°S>© Zhr Wm `h ~mV Vmo _r{S>`m ^r OmZVm Wm. H$^r "nmda Am°\$ A°Q>Zu' Ho$ ~ZmdQ>r XñVmdoO àñVwV H$aZm, H$^r eo`g© H$s J¡a-H$mZyZr VarHo$ go {~H«$s H$aZm, Vmo H$^r AZ{YH¥$V V[aHo$ go Q´>oqS>J H$aZm `h BZ ~«moH$g© Ho$ {ZË`H$_© _| em{_b Wm. bo{H$Z ha ~ma >{Z¶‘ZH$mar g§ñWm OmZ~yPH$a ~«moH$g© H$s BZ H$maJwOm[a`m| H$mo ZOaA§XmO H$a XoVr Am¡a CZHo$ ~mao _| H$^r Hw$N> Img nwN>VmN> Zhr hmoVr.

NSEL _m_bo _| r BZ ~«moH$g© Zo ~S>o n¡_mZo na "ŠbmB§Q> H$moS> _mo{S>{\$Ho$eZ' {H$`m Wm. FMC Zo ^r _mZ {b`m Wm {H$ H$a ~MmZo Ho$ {bE CÝhm|Zo Eogm {H$`m Wm.

94

NSEL Zo Anand Rathi Commodities, Geofin Comtrade, India Infoline Commodities, Motilal Oswal Commodities VWm Phillip Commodities India BZ 5 ~S>r ~«moH$a H§$n{Z`m| na Q´>oS>g² _| A\$amV\$ar H$aZo H$m Amamon bJm`m.

"H$moS> Am°\$ H§$S>ŠQ>' m "bm`gpÝg¨J Q>åg©' H$m AJa ~«moH$g© Zo C„§KZ {H$`m hmo Vmo CgH$s Om±M-nS>Vmb Ho$ {bE >{Z¶‘ZH$mar g§ñWm H$s AZw_{V boZr nS>Vr h¢ Bg{bE EOW Zo FMC H$mo nÌ {bIm bo{H$Z FMC gm\$ nrN>o hQ> J`r.

AmO VH$ Xoe _| Omo ^r Am{W©H$ KmoQ>mbo hþE h¢§ CZ_| ~«moH$g© H$m hr hmW ZOa Am`m h¢§. NSEL _m_bo _| ^r ~«moH$g© H$s {gŠ`w[aQ>rO Q´>oqS>J H§$n{Z`m| Zo {H$E JbV Am{W©H$ ì`dhmam| Ho$ H$maU ~mOma _| AMmZH$ A\$amV\$ar _M J`r {OgH$m n[aUm_ `h "no_|Q> {S>\$m°ëQ>' Wm.

BÝhr ~«moH$g© Zo _Zr bm±S>[a¨J H$aZo Ho$ {bE AnZo hr Q´>oqS>J ³bm¶§Q>g² H$s Am±Im| _| Yyb Pm|H$H$a CÝh| NSEL na Q´>oqS>J Ho$ \$m`Xm| H$mo ~T>m-MT>m H$a ~Vm`m Wm. Q´>oqS>J ³bm¶§Q>g² Ho$ "`w{ZH$ Šbm`§Q> H$moS>', n°Z H$mS>© VWm AÝ` nhMmZnÌm| H$m Xþén`moJ H$aHo$ BZ ~«moH$g© Zo NSEL na Q´>oS>g² {H$E Am¡a AnZr H$aVwVm| H$m nXm©\$me Zm hmo Bg{bE NSEL _m_bo H$m gmam Xmof NSEL na hr S>mbH$a NSEL H$m FTIL Ho$ gmW ~bmV² {dbrZrH$aU H$admZo Ho$ {bE FMC Ho$ nrN>o nS> JE.

NSEL na Omo "no‘|Q> H«$mB{gg' Am`m Wm Cg_| gmam Iob 70 ~«moH$a VWm 781 ~S>o Q´>oqS>J ³bm¶§Q>g² H$m Wm.

BZ_| ^r nwdm}{„{IV 7 ~S>o ~«moH$a hr à_wI Wo. FMC H$mo ^r BZ 5 Zm_m| H$s OmZH$mar Wr. `h 5 ~«moH$aoO H§$n{Z¶m± NSEL na Q´>oqS>J ³bm¶§Q>g² H$mo \$±gmZodmbr CZH$s {gŠ`w[aQ>rO Q´>oqS>J H§$n{Z`m| H$s 100% g~{g{S>¶ar h¢§. "{gŠ`w[aQ>rO _mH}$Q>' (BSE/ NSE) VWm "H$_mo{S>Q>rO _mH}$Q>' (MCX, NCDEX, NSEL) BZ XmoZm| ~mOmam| _| BZ ~«moH$g© Ho$ Q´>oqS>J ³bm¶§Q>g² ^r g‘mZ Wo.

H$_mo{S>Q>r ~mOma _| FMC Zo "doëW _¡ZoO_|Q> g{d©gog' (WMS) VWm "nmoQ>©\$mo{b`mo _¡ZoO_|Q> g{d©gog' (PMS) Q´>oqS>J ³bm¶§Q>g² H$mo àXmZ H$aZo go _Zm {H$`m Wm {\$a ^r BZ ~«moH$g© Zo NSEL Ho$ Q´>oqS>J ³bm¶§Q>g² H$mo `h godm Xr.

~«moH$g© H$s BZ {d{^Þ J¡aH$mZyZr Am{W©H$ J{V{d{Y`m| Ho$ ~mao _| CÝht Ho$ Q´>oqS>J ³bm¶§Q>g² Zo, Am°{S>Q>g© Zo, Om±M EO§{g`m| Zo H$Bª {eH$m`V| XO© H$s Wr.

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BZ {eH$m`Vm| go ñnï> hmoVm h¢§ {H$ ~«moH$g© Zo AnZr Zm°Z ~±qH$J \$m`ZopÝe`b H§$n{Z`m| (NBFC) Ho$ Ûmam Q´>oqS>J ³bm¶§Q>g² Ho$ _mÜ`_ go AnZm H$mbm YZ NSEL H$s Q´>oqS>J _| S>mbm.

NBFC \$m°d©S>© Q´>oqS>J Zhr H$a gH$Vr VWm PMS ^r Zhr Mbm gH$Vr {\$a ^r CÝhm|Zo Eogm {H$`m.

FMC H$mo BZ 5 ~S>o ~«moH$g© Ho$ AZw{MV ~Vm©d Ho$ ~mao _| OmZH$mar hmoZo Ho$ ~mdOyX ^r CgZo SEBI `m "[aOd© ~±H$' H$s Vah >{Z¶‘ZH$mar g§ñWm H$s Mm¡H$g ^y{_H$m Zhr {Z^m`r. BZ ~«moH$g© Ho$ {Ibm\$ n`m©á$ g~yV hmoZo Ho$ ~mX ^r FMC Zo CÝh| "Zm°Q> {\$Q> A°ÊS> àm°na' Kmo{fV Zhr {H$`m Am¡a Zm hr CZHo$ bmBg|g aÔ H$a CÝh| ~mOma Ho$ ~mha {H$`m. NSEL _m_bo _| _w»` Xmofr ~«moH$a _mH}$Q> _| n¡gm ~ZmVo aho, WMS/ PMS MbmVo aho na CZHo$ ì¶dgm¶ `m H$mamo~ma na {H$gr Zo amoH$ Zhr bJm`r.

g~ OmZVo h¢ {H$ BZ ~«moH$g© Zo hr NSEL H$mo "no‘|Q> H«$mB{gg' _| Y>Ho$bm Wm. Ho$VZ emh, ZdrZ Jmo`b, _moVr XS>bmZr, AMb AJ«dmb O¡go H$B© Q´>oqS>J ³bm¶§Q>g² Zo BZ ~«moH$a VWm CZH$s {dÎm H§$n{Z`m| Ho$ {Ibm\$ FMC go {eH$m`V ^r H$s Wr {H$ H¡$go BÝhm|Zo Šbm`§Q> H$moS> _m°{S>{\$Ho$eZ {H$`m, ~oZm_r gm¡Xo {H$E, AnZo hr Q´>oqS>J ³bm¶§Q>g² Ho$ nhMmZnÌ, B. H$m Xþén`moJ {H$`m. NSEL Zo MoVmdZr XoZodmbo n[anÌ Omar H$aZo na ^r NSEL Ho$ Q´>oS> H$mo JbV VarHo$ go ~oMZm Am¡a CZ na "{ZpíMV _wZm\o$' H$m AmídmgZ XoZo H$m Amamon ^r BZ ~«moH$g© na Wm.

NBFC H$m Vmo _m_bm hr Hw$N> Am¡a Wm. H$_mo{S>Q>r joÌm| Ho$ {Z`_m| Ho$ A§VJ©V NBFC H$_mo{S>Q>r ~mOma _| Q´>oqS>J Zhr H$a gH$Vr h¢. 80:20 nÕ{V go ~«moH$g© Zo Omo n¡gm NSEL Ho$ gm¡Xm| _| S>mbm dh gmam H$mbm YZ Wm. Ü`mZ XoZodmbr ~mV `h ^r h¢ {H$ NSEL {S>\$m°ëQ> H$s Hw$b aH$_ H$m 80% ê$n`m {g\©$ 30 ~«moH$g© Zo {_bH$a bJm`m Wm. BVZr ~S>r aH$_ Ho$db 30 ~«moH$g© Zo bJm`r {\$a ^r FMC H$mo Bg n¡go Ho$ òmoV H$s Om±M H$aZo H$s Oê$aV _hgyg Zhr hþB©.

bo{H$Z NSEL/ FTIL Ho$ {Ibm\$ H$m`©dmhr `m {g\$m[ae H$aVo g_` Š`m CgHo$ H$mZyZZ Ap»V`ma _| h¢ Am¡a Š`m Zhr `h g_PZo H$s gwP~wP ^r FMC Zo Zhr {XIm`r. FMC H$_ go H$_ BZ ~«moH$g© H$s Q´>oqS>J H$m "\$m°aopÝgH$ Am°{S>Q>' H$aHo$ EOW H$mo Om±M _| _XX H$a gH$Vr Wr Š`m|{H$ nw{bg H$mo$"H$_mo{S>Q>r _mH}$Q²>g' Ho$

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ì`dhma, CgHo$ {Z`_, B. H$s Om±M-nS>Vmb H$aZo H$m Hw$N> {deof H$m¡eb hm{gb Zhr Wm.

Cgo ~«moH$g© Ho$ {Ibm\$ H$m¶©dmhr H$aZo Ho$ n`m©á A{YH$ma Zhr h¢§ ¶h ~mV FMC h_oem H$hVr Am`r Wr bo{H$Z `h gM Zhr Wm. `hr FMC h_oem hr H$_mo{S>Q>r ~«moH$g© H$m n§OrH$aU d {Z`_Z H$aVr Am`r h¢§.

nyd© _| FMC Zo Hw$N> H$_mo{S>Q>r ~«moH$g© H$mo EŠgM|O go gñn|S> ^r {H$`m Wm. 2011 go hr FMC H$mo FCRA H$s Ymam 11B Ho$ AZwgma ~S>o n¡_mZo na A{YH$ma {Xò JE Wo.

6 AJñV 2013 H$mo Cn^moº$m {d^mJ Zo ì`mnH$ A{YH$ma XoH$a FMC H$mo Am¡a A{YH$ geº$ ~Zm`m Wm. NSEL _m_bo _| \±$gm n¡gm {ZH$mbZo Ho$ {bE dmñVd _| FMC Zo J¡aH$mZyZr T>§J go H$m_ H$aZodmbo ~«moH$g©/{S>\$m°ëQ>g© na H$moB© ^r H$m`©dmhr Zhr H$s ~pëH$ {g\©$ FTIL Am¡a NSEL H$mo hr AnZm bú` ~Zm`m.

dmñV{dH$Vm Vmo `h h¢ {H$ H$^r EŠgM|O na "{S>\$m°ëQ>' hmo ^r J`m Vmo ~«moH$a hr ZwH$gmZ H$s ânmB© H$aVo Wo, Q´>oqS>J ³bm¶§Q>g² Zhr. g^r ~«moH$g© Ho$ ~rM {S>\$m°ëQ> H$s aH$_ C{MV AZwnmV _| {d^m{OV H$s OmVr h¢ {Oggo Q´>oqS>J ³bm¶§Q>g² H$m H$moB© ZwH$gmZ Zhr hmoVm. bo{H$Z NSEL `h aH$_ ~«moH$g© go dgyb H$a| Eogm H$moB© ^r AmXoe FMC Zo Zhr {X`m. CbQ>o, NSEL hr FCRA Ho$ A§VJ©V Xr hþB© Ny>Q> H$s dOh go FMC Ho$ {Z`_m| Ho$ A§VJ©V Zhr ~pëH$ IwX Ho$ hr {Z`_m| Am¡a A{Y{Z`_m| _| ahH$a H$m`© H$a ahr Wr Am¡a FMC Zo "ñnm°Q> EŠgM|O' Ho$ gXñ`m| Ho$ {bE H$moB© AmMmag§{hVm `m bmBg|g g§~§Yr eV} bmJy Zhr H$s h¢ ¶h {d{MÌ n[anÌ FMC Zo Omar H$a {X`m.

Bg EH$ n[anÌ Zo O¡go BZ ~«moH$g© H$mo g^r Amamonm| go ~ar H$a {X`m Am¡a NSEL hr "no‘|Q> H«$mB{gg' _| \±$g J`r.

NSEL H$s >{Z¶‘ZH$mar g§ñWm Zhr hmoZo H$m Xmdm H$aZodmbr Bgr FMC Zo 7 {Xgå~a 2013 H$mo emh, CZHo$ gh`moJr VWm FTIL H$mo gmao EŠgM|Om| go {ZîH$m{gV H$aZodmbm "Zm°Q> {\$Q> A°ÊS> àm°na' AmXoe Omar {H$`m Wm. Bgr {XZ g§gX _| FMC Am¡a SEBI Ho$ g§^m{dV {dbrZrH$aU na H$m\$s Jh_mJh_r hþB© Wr. Bg g§^m{dV {dbrZrH$aU Ho$ nhbo hr FMC Zo `h {ZU©` boH$a emh Ho$ FTIL Zm_H$ Make in India Ho$ g~go VoOñdr _wHw$Q> na hr {ZemZm gmYm Wm. `hr Make in India H$m ñdßZ àYmZ_§Ìr Za|Ð _moXr àË`j ê$n _| bmZm Mmh aho h¢.

97

emh Ho$ Bgr FTIL g_yh Zo g_yMo {díd _| ZdaËZm| O¡go Xr{á_mZ EŠgM|O {Z_m©U {H$E Wo bo{H$Z FMC Ho$ Bg "Zm°Q> {\$Q> A°ÊS> àm°na' AmXoe Ho$ ~mX FTIL Ho$ amO_wHw$Q> go EH$ Ho$ ~mX EH$ EŠgM|O Qw>Q>o Vmao Ho$ g_mZ {JaH$a H$hr Imo JE.

FMC Zo emh Am¡a FTIL H$mo MCX H$m AnZm 26% {hñgm ~oMH$a Cgo 2% VH$ bmZo H$m AmXoe Xo {X`m. emh Am¡a MCX H$mo MCX-SX MbmZo Ho$ {bE ^r Ag_W© Kmo{fV H$a {X`m J`m.

emh, Omogo\$ _¡gr, ^yVnyd© ì`dñWmnH$s` g§MmbH$, MCX-SX Ed_² lrH$m§V OdbJoH$a, ^yVnyd© ì`dñWmnH$s` g§MmbH$, MCX H$mo ^maV gaH$ma VWm FMC H$o {H$gr r ‘mÝ¶Vmàmá EŠgM|O _| ì`dñWmnH$s` nX ñdrH$ma H$aZo go _Zm H$a {X`m J`m.

FMC Ho$ AmXoe _| {bIm Wm… ""nwdm}{„{IV {Z[ajU VWm J¡a{Oå_oXmamZm AmMaU, VWm NSEL H$s Q´>oqS>J H$m {Z`moOZ Am¡a {Z`§ÌU H$aZo H$s A`mo½` H$m`©àUmbr Am¡a Zr{V_Îmm H$s H$_r Ho$ BZ AmYmam| na h_Zo `h {ZîH$f© {ZH$mbm h¢ {H FTIL Ho$ nmg MCX _| eoàhmoëS>a hmoZo Ho$ {bE Amdí`H$ AÀN>r à{Vð>m, M[aÌ, àm_m{UH$Vm VWm {ZînjVm Zhr h¢.''

NSEL Ho$ ~mao _| FMC Zo H$hm… ""Hw$N> gXñ`m| go gm±R>-Jm±R> H$aHo$ NSEL Zo Cgo Xr J`r Ny>Q> H$m JbV _Vb~ {ZH$mbm Am¡a 5600 H$amoS> ê$n`m| H$m KmoQ>mbm hmo J`m {OgHo$ H$maU Am{W©H$ ~mOma Am¡a EŠgM|Om| H$s {dídgZr`Vm H$mo R>og nhþ±M gH$Vr h¢§.''

h_mao B{Vhmg _| em`X `h nhbr ~ma hþAm hmoJm {H$ {Og CÚ_r Zo {dídâ _| gd©loð> EŠgM|O {Z_m©U H$a Xoe H$m Zm_ amoeZ {H$`m Wm Cgo hr h_Zo EŠgM|O ì`dgm` Ho$ {bE "AnmÌ' Kmo{fV H$a {X`m Wm.

Xoe H$s Am{W©H$ amOYmZr _w§~B© _| `h {ZU©` {H$gr Ho$ Jbo Zhr CVam Wm bo{H$Z MH«$ì`yh nyU© hmo MwH$m Wm. H$U© Am¡a AOw©Z go r loð>V_ {OgH$s JwUdÎmm Am¡a H$m¡eb Wm, Eogo A{^_Ý`y H$mo _m¡V Ho$ KmQ> CVma {X`m J`m Wm.

BZ KQ>ZmAm| Ho$ H$maU a_oe A{^foH$ H$s ^y{_H$m eH$ Ho$ Koao _| Am ahr Wr. g^r H$mo EH$ hr ~mV h¡amZ H$a ahr Wr… H$m¡Z Wr `h ì`{º$ Am¡a Š`m Wr CgH$s JmonZr` gm{Oe?

98

AÜ¶m¶ 6

Ho$nrHo$, A{^foH$ Am¡a CZH$m "AY©gË¶'

_w§~B© `m {X„r _| a_oe A{^foH$ H$m AbJ go n[aM` XoZo H$s Amdí`H$Vm Zhr h¢. AnZo AmH$m Ho$ ha hþŠ_ H$mo A§Om_ XoZm CZH$s {\$VaV _| em{_b h¢. em`X Bgr{bE do A§J«oOr J«m_mo\$moZ H§$nZr "{hO _mñQ>g© dm°B©g' (HMV) Ho$ AmÚmjam| go ^r OmZo OmVo h¢§!

AnZr ñdm_r^{º$ Ho$ {bE A{^foH$ Imgo à{gÕ h¢§. Bgr{bE FTIL H$mo V~mh H$aZo Ho$ {bE 21 {gVå~a 2012 H$mo UPA-2 Ho$ {dÎm _§Ìmb` Ho$ Hw$N> ~S>o ZoVmAm| H$s N>ÌN>m`m _| CÝh| FMC H$m à_wI ~Zm`m J`m. A{^foH$ Ho$ H$maU {dÎm _§Ìmb` A{YH$ AmgmZr go emh Am¡a CZHo$ FTIL H$mo Q>mJ}Q> H$a gH$Vm Wm. bo{H$Z A{^foH$ H$m H$m_ BVZm AmgmZ ^r Zhr Wm. FTIL Vmo nhbo hr go AnZr VH$ZrH$s H$m¡eb go àJ{VnW na Wr Am¡a NSEL ^r A^yVnyd© VarHo$ go H$_mo{S>Q>r _mH}$Q²>g H$mo EH$ Z`m Am`m_ Xo ahr Wr.

NSEL H$_mo{S>Q>rO _mH}$Q> _| AÀN>r nH$S> bo ahr Wr. {\$a ^r Hw$N> ~S>r VmH$Vm| H$s Nw>nr H$m¶©dmhr Ho$ H$maU NSEL H$mo ôOo JE "H$maU ~VmAmo ZmoQ>rg' H$m AmYma boVo hþE A{^foH$ Zo NSEL H$s Q´>oqS>J ~§X H$amZo H$s {g\$m[ae Cn^moº$m {d^mJ H$mo H$a S>mbr. Cn^moº$m {d^mJ Zo ^r Cg na {~Zm ñdV§Ì Om±M-nS>Vmb {H$E A§_b H$a {X`m. EH$mEH$ _mH}$Q> ~§X H$a XoZo go Š`m Zm¡~V Am gH$Vr h¢§ `h ~mV FMC à_wI A{^foH$ AÀN>r Vah OmZVo Wo. em`X do `hr MmhVo Wo. Bg{bE do NSEL _m_bo H$mo gwbPmZo H$s ~Om` hmW na hmW Yao ~¡R>o aho. {\$a Omo Ano{jV Wm, dhr hþAm - NSEL no_|Q> {S>\$m°ëQ> _| \±$g J`m Am¡a A{^foH$ H$m {_eZ nyam hmo J`m.

NSEL H$s Q´>oqS>J H$m nyar Vah go "no-BZ' "no-AmD$Q>' hmoZo Ho$ ~mX eoS>çwëS> ~¢H$ BZ Q´>oS>g² H$mo nyam H$aVr Wr. BVZo gwMméê$n go Mb ahr Q´>oqS>J H$mo AMmZH$ ~§X H$aZo _| {MXå~a_, H¥$îUZ d A{^foH$ H$m hmW gm\$ {XIm`r Xo ahm Wm.

99

BZ {VZm| Ho$ Hw${Q>b fS>`§Ì Ho$ VhV hr emh H$mo ~XZm_ H$a, gmar Om±M EO§{g`m± CZHo$ nrN>o bJmZo Ho$ {bE, emh H$mo PwR>o Amamonm| _| Koa {b`m J`m Wm. Bggo NSEL Ho$ Q´>oqS>J ³bm¶§Q>g² H$mo CZHo$ nrN>o bJZm hr Wm. Om±M EO§{g`m± Zo ^r Eogm hr {H$`m. J¡aH$mZyZr VarH$m| go hr ghr bo{H$Z His Master’s Voice A{^foH$ `h g~ H$aZo-H$admZo Ho$ {bE H$Q>r~Õ Wo. Eogm H$aZm CZHo$ {bE H$moB© ZB© ~mV Zhr Wr. A{^foH$ nQ>Zm _| {Obm{YH$mar Wo V~ ^r do _w»`_§Ìr bmby àgmX `mXd Ho$ His Master’s Voice Ho$ Zm_ go hr OmZo OmVo Wo.

amOZoVmAm| H$s gw{dYm Ho$ {bE O~ Mmho V~ H$â`w© bJm XoZm, MwZmd Ho$ Xm¡amZ CZH$s ghþ{b`V Ho$ {bE gwajm `moOZmE§ ~ZmZm, _VXmZ H$jm| H$m {Z`moOZ H$aZm, B. A{^foH$ ~S>r AmgmZr go H$a boVo Wo.

A{^foH$ H$m `h "{~hma-ào_' Bg{bE Zhr Wm {H$ do ñd`§ {~hmar h¢§; do Vmo _madmS>r h¢§; d¡go hr O¡go 20:80 d 10:90 H$s ñH$s_ MbmZodmbo 5 ~S>o ~«moH$a ^r _madmS>r h¢§! BZ _madmS>r ~«moH$g© Zo NSEL Ho$ gm¡Xm| _| Omo H$mbm YZ S>mbm Wm, dh g~ amOñWmZ Ho$ OmoYnwa Ho$ Añnï> òmoVm| go Am`m Wm. FMC Ho$ VËH$mbrZ gXñ` Za|Ð nmaoI ^r OmoYnwa Ho$ hr Wo. nmaoI _hme` O~ SEBI Ho$ _hmì`dñWmnH$ Wo V~ CZ na CBI Zo N>mnm _mam Wm! BSE _| ^r JwOamVr ~Zm_ _madmS>r ~«moH$g© H$s Eogr H$B© H$hm{Z¶m± gwZZo H$mo {_bVr h¢§.

_w§~B© Zm_H$ {Og ñdßZZJar _| _¢ AnZr Bg {H$Vm~ Ho$ {bE NSEL àH$aU H$s N>mZ-~rZ H$a ahm Wm dh Xmo ~mVm| Ho$ {bE _ehÿa h¢§ - ñQ>m°H$ _mH}$Q> Am¡a ~m°brdyS>!

1983 _| "AY©gË`' O¡gr àIa dmñVddmXr {\$ë_ {X½X{e©V H$aZodmbo JmoqdX {ZhbmZr Ho$ gmW _¢ EH$ {XZ ~mV| H$a ahm Wm. ~mVm|-~mVm| _| _¢Zo CZgo nyN>m, ""~m°brdyS> Am¡a H$m°nm}aoQ> ñH°$ÊS>ëg Ho$ ~mao _| Amn Š`m am` aIVo h¢§?'' {ZhbmZr Zo h±gVo-h±gVo {g\©$ BVZm hr H$hm, ""H$mohrZya Zhr ahm!''

CZ {XZm| {~«Q>Z Zo H$mohrZya {ham ^maV H$mo dmng H$aZo go BZH$ma H$a {X`m Wm. h_mao Jm¡ad H$mo h_ h_oem Eogo hr Vmo Imo XoVo h¢.

{ZhbmZr H$s "AY©gË`' Zo ~S>r Iy~r go `h Xem©`m Wm {H$ {H$g Vah EH$ ^«ï> ì`dñWm Amo_ nyar Zo gmH$ma {H$E gƒo, {Zð>mdmZ AZ§V dobUH$a Zm_H$ nw{bg A{YH$mar Ho$ nmÌ H$mo Q>mJ}Q> H$aVr h¢§. ^«ï> A{YH$mar Am¡a amOZoVmAm| H$r

100

A^Ð-A_§Jb gm±R>Jm±R> Cg g_` ^r CVZr hr VmH$Vda Wr {OVZr H$s AmO h¢, `hr Bg ~mV go ñnï> hmoVm h¢§.

dfm] nhbo hm°brdyS> Zo "S>Q>u h°ar' Zm_H$ {\$ë_ [abrO H$s Wr. ‘¢Zo {ZhbmZr go nyN>m, ""³¶m dobUH$a S>Q>r© h°ar H$m Odm~ Wm?''

CÝhmo§Zo Zm ‘| Odm~ {X¶m Am¡a H$hm, ""AnZo \$m`Xo Ho$ {bE H$moB© ì`dñWm H$mo ~a~mX H$a XoVm h¢§ Am¡a {\$a `h ^«ï> ì`dñWm h_mao g^r AmXem] H$mo hr OS> go CImS>Zo H$m ~rS>m CR>mVr h¢. {\$a joÌ Mmho nw{bg H$m hmo `m H$moB© Am¡a. Bgr{bE _¢Zo "AY©gË`' _| EH$ S>m`bm°J H$hbdm`m h¢ - ""nw{bg H$s Zm¡H$ar, EH$ nb‹S>o _| Znw§gH$Vm, Xÿgao _| AY©gË`!''

NSEL àH$aU _| ^r _wPo H$B© OJh {ZhbmZr Ho$ "AY©gË` H$r naN>mB©`m± ZOa Am ahr Wr.

emh H$mo eh XoZo Ho$ {bE NSEL H$mo {H$g Vah go àmU{dhrZ H$a {X`m OmE Bg AY©gË` go âo hþE fS>`§Ì H$m Zm_ hr NSEL "no‘|Q> H«$mB{gg' h¢!

Bg NSEL àH$aU Ho$ ~mao _| H$B© ~mV| O¡go OmZ~yPH$a Nw>nm`r J`r, Cgr Vah H$B© ~mVm| H$mo OmZ~yPH$a bmoJm| Ho$ gm_Zo CN>mbm J`m. 4 AJñV 2013 H$mo _w§~B© Ho$ ~m§Ðm-Hw$bm© H$m°ånbo³g _| A{^foH$ Zo NSEL àH$aU go OwS>o g^r bmoJm| H$s EH$ Am_ ~¡R>H$ ~wbm`r. NSEL _m_bo Ho$ {bE H$m¡Z-H$m¡Z {Oå_oXma h¢§ `h ~mV Vmo g^r H$mo nVm Wr bo{H$Z H$B©`m| Zo NSEL _m_bo Ho$ ~mao ‘| AZ{^kVm H$m ~hmZm hr ~Zm¶m.

emh d NSEL Ho$ A{YH$mar ^r Bg ~¡R>H$ _| CnpñWV Wo. emh H$m NSEL àH$aU go {H$gr ^r Vah g§~§Y Zhr Wm. CZH$s FTIL H§$nZr ^r CZHo$ gmW S>Q>H$a I‹S>r Wr. na§Vw AnZr _yb H§$nZr H$s EH$ g~{g{S>¶ar "no‘|Q> H«$mB{gg' _| h¢ Bg ~mV go emh ì`J« Oê$a Wo.

NSEL Ho$ H$m±Q´>°³Q>g² ~‹T>m-M‹T>mH$a ~oMZo Ho$ Xmofr ~«moH$a ^r Bg ~¢R>H$ _| CnpñWV Wo bo{H$Z gmao _m¡O-_ñVr H$aVo ZOa Am aho Wo, _mZmo O¡go CÝh| nVm Wm, CZH$m ~mb ^r ~m±H$m Zhr hmoZodmbm Wm.

V_m_ Ý`yO M¡Zbm| Ho$ H¡$_ao ^r O¡go-V¡go AnZo {bE OJh ~ZmE IS>o Wo. ~¡R>H$ ewê$ hmo J`r Am¡a AmíM`©OZH$ VarHo$ go EH$ Ho$ ~mX EH$ ~«moH$a Zo NSEL H$s Vm[a\$ H$aZm ewê$ H$a {X`m.

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""h_go Hw$N> Jb{V`m± hmo J`r bo{H$Z CÝh| gwYmam Om gH$Vm h¢§, 20 hâVm| _| h_ no-AmD$Q> H$a X|Jo,'' Eogm AmídmgZ ^r CÝhm|Zo Xo S>mbm. emh Ho$ {bE `h Cå_rX H$s {H$aZ Wr. Bg ~o¡R>H$ H$mo A{^foH$ Zo g§VmofOZH$ ~Vm`m Am¡a {\$a A§OZr {gÝhm H$s Amoa XoIVo hþE H$hm, ""BZ {~hmar ~m~y Zo {R>H$ H$m_ {H$`m h¢, BZH$m H$moB© Xmof Zhr h¢!'' Eogm H$hH$a AJa A{^foH$ Bemam| _| Hw$N> Am¡a H$hZm MmhVo Wo Vmo ~mV Am¡a Wr na `h ~mV emh `m CZHo$ gh`mo{J`m| H$s g_P _| Zhr Am`r. do Vmo Bgr qMVm _| ì`J« Wo {H$ Q´>oqS>J ³bm¶§Q>g² Ho$ S>çyµO² {H$g Vah goQ>b {H$E Om gH$Vo h¢.

XoZXma no-BZ ~«moH$g© (Omo ~mX _| {S>\$m°ëQ>g© ~Z JE) S>çyµO² goQ>b H$aZo Ho$ {bE V¡`ma Wo, {OZH$m n¡gm AQ>H$m hþAm Wm do ^r n¡gm dmng boZo H$mo amOr Wo. bJ Vmo ahm Wm {H$ `h "no‘|Q> H«$mB{gg' gwbPm`m Om gH$Vm h¢. BgH$o Vwa§V ~mX ~«moH$g© Zo EH$-EH$ H$aHo$ A{^foH$ go ì`{º$JV ^|Q> H$s Am¡a H$‘mo{S>Q>rO Ho$ EodO _| S>çyµO² goQ>b H$aZo H$m AmídmgZ ^r Xo {X`m. bo{H$Z AmíM`© H$s ~mV Wr {H$ A{^foH$ Zo `h gË` Xoe H$s OZVm go Am¡a H$moQ>© go ^r Nw>nm H$a aIm.

6 AJñV 2013 H$mo Xmo{f`m| Ho$ {Ibm\$ H$m¶©dmhr H$aZo Ho$ ì`mnH$ A{YH$ma {XE OmZo Ho$ ~mdOyX A{^foH$ Zo CÝh| N>moS>H$a FTIL g_yh na hr {ZemZm gmYm. O¡go hr A{^foH$ H$mo nVm Mbm {H$ Hw$N> ~«moH$g© Zo n¡gm dmng H$aZm ewê$ {H$`m h¢§, EH$ AmíM`©OZH$ KQ>Zm KQ>r. Am_ ~¡R>H$ _| g~ Ho$ gm_Zo NSEL Ho$ ~mao _| AÀN>r-^br H$hZodmbo, n¡gm dmng H$aZo H$s nhb H$aZodmbo ~«moH$g© Zo AMmZH$ n¢Vam ~XbVo hþE NSEL ~moS>© na hr ì`dñWmnZ B. H$mo boH$a Amamon H$aZm ewê$ H$a {XE.

{OZHo$ n¡go AQ>Ho$ nS>o Wo, CZ Q´>oqS>J ³bm¶§Q>g² Ho$ bå~o-Mm¡S>o B§Q>aì`y AI~mam| _| N>nZo bJo. ~mOma _| EH$ hr Ib~br _M J`r. Am¡a Eogo _mhm¡b _|, FMC Zo FTIL H$mo Q>mJ}Q> H$aZm Amaå^ H$a {X`m.

emh A~ g_PZo bJo Wo {H$ FMC H$s ~¡R>H$ _| A{^foH$ d ~«moH$g© Zo {XE AmídmgZ Ho$db EH$ "AY©gË`' _mÌ Wo. CÝh| Xa{H$Zma H$aZo Ho$ {bE, CZHo$ gm_«mÁ` H$m {dÜd§g H$aZo Ho$ {bE, CZHo$ à{VÛ§{X`m| Ho$ nmg "AY©gË`' Ho$ Abmdm H$moB© Am¡a Mmam ^r Vmo Zhr§ Wm. emh Ho$ eÌwAm| Zo Eogm dmVmdaU ~Zm`m O¡go NSEL àH$aU emh, ‘¡gr VWm OdbJoH$a Zo hr H$adm`m Wm.

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AÝ` {H$gr H$m ^r, `hm VH$ {H$ A§OZr {gÝhm H$m ^r Zm_, Xmo{f`m| Ho$ ê$n _| FMC Zhr bo ahr Wr; J¡aH$mZyZr T>§J go Q´>oS>g² H$aZodmbo ~«moH$g© H$m {OH«$ Vmo ~hþV Xÿa H$s ~mV Wr.

A§OZr {gÝhm Vmo ~‹S>o ^m½`dmZ gm{~V hþE! gaH$ma H$mo Vmo Bg ~mV H$s ^r I~a Zhr Wr {H$ do ór h¢ `m nwéf! H§$nZr n§OrH$aU H$m`m©b` H$mo oOo EH$ JmonZr` nÌ _|, H$m°nm}aoQ> _§Ìmb` Zo ñnï> H$a {X`m Wm {H$ A§OZr {gÝhm na H$m¶©dmhr Zhr H$s OmE. Š`m|{H$ AJñV 2013 _| hr do AnZm nX "Ë`mJ MwH$s Wr'!

emh NSEL Ho$ AH$m`©H$mar g§MmbH$ Wo, CZH$m NSEL Ho$ amoOmZm H$m_H$mO go H$moB© g§~§Y Zhr Wm bo{H$Z gË` g_PZo Ho$ {bE H$moB© amOr Zhr Wm. emh ~ohX g\$b CÚ_r aho h¢; Am¡a em`X Bgr{bE CÝh| Xmofr H$ama XoZo Ho$ {bE g~ ~og~« hþE Om aho Wo! g^r Bgr OëX~mOr _| ZOa Am aho Wo {H$ {H$gr Vah emh H$mo AnamYr H$ama {X`m Om gHo$.

CYa, FMC {Og g§doXZhrZVm go NSEL _m_bo _| H$m¶©dmhr H$a ahr Wr, Cggo H$m\$s bmoJ ì`{WV Wo. O¡go-O¡go g_` ~rVVm J`m, H$moQ>© _| hmoZodmbr H$m¶©dmhr _| gË` Yrao-Yrao COmJa hmoZo bJm.

_r{S>`m Zo ^r AnZr Jb{V`m± gwYmaVo hþE NSEL _m_bo na Hw$N> EH$ gH$mamË_H$ MMm©E§ H$s. _moXrOr H$s gaH$ma Vmo Am J`r bo{H$Z em`X Bg gaH$ma H$mo ^r emh `m NSEL go Á`mXm FMC H$m g_W©Z H$aZm A{YH$ gwa{jV bJm.

Bg ~ma ^r {gÝhm Ho$ ~mao _| AZ{^kVm {XIm`r Xr.

2015 H$s ewédmV _| Hw$N> A{YH$mar d eoAahmoëS>g© H$m°nm}aoQ> amÁ`_§Ìr lr_Vr {Z_©bm grVmam_Z go O~ {_bZo JE Vmo CÝhm|Zo H$hm,""_¢ Bg _m_bo H$mo AÀN>r Vah g_PVr hÿ± bo{H$Z Amn A§OZr {gÝhm Zm_H$ Bg _{hbm H$mo Š`m| ~odOh naoemZ H$a aho h¢§? nhbo Amn dh ~§X H$a X|!''

Bg na `h A{YH$mar Š`m H$hVo?! _§Ìr _hmoX`m ^r Š`m H$aVr `{X CZ VH$ Hw$N> {d{eï> ^«m_H$ OmZH$mar hr nhþ±MmB© J`r hmo!

em`X CÝh| {H$gr Zo ~Vm`m hr Zhr {H$ NSEL H$m {Z_m©U Make in India H$m ñdßZ gmH$ma H$aZodmbo Hw$N> `wdm ^maVr` CÚ_r`m| Zo {H$`m Wm Am¡a nyao {díd _|

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^maV H$m {Va§Jm bhamZodmbo BZ CÚmoOH$m| H$mo ZrMo qIMZo H$s gm{Oe h_mao hr Hw$N> CƒnXñWm| Zo aMr Wr. Bgr gm{Oe Ho$ VhV NSEL H$mo boH$a O~aZ EH$ "no‘|Q> H«$mB{gg' V¡`ma {H$`m J`m Wm. Bg gm{Oe H$mo A§_b _| bmZodmbr FMC A^r ^r ~o{\$H«$ hmoH$a AnZm H$mamo~ma H$a ahr Wr. bo{H$Z grVmam_ZOr H$mo Bg ~mV H$s I~a VH$ Z Wr. FMC Ho$ amµO Nw>nmZo Ho$ {bE hr em`X CÝh| YmoIo _| aIm J`m Wm. BgH$m EH$ hr AW© hmo gH$Vm h¢… ^maVr` ~mOma Ho$ g~go ~S>o "AY©gË`' H$mo hr FMC Zo NSEL _m_bo Ho$ Zm_ go ^wZm`m Wm!

104

AÜ¶m¶ 7

emh Am¡a NSEL H$mo ˜Ë‘ H$aZo H$s gm{Oe

15 A³Qy>~a 2015 H$mo The Indian Express Zo EH$ gZgZrIoO I~a N>mnr. Bg I~a ‘| 26 AJñV 2015 H$mo, AnZo V~mXbo Ho$ Ho$db$Mma {XZ nhbo, {dÎm g{Md amOrd ‘oh[afr Zo {dÎm ‘§Ìr Aê$U OoQ>br H$mo {bIm hþAm EH$ nÌ CX²Y¥V {H$¶m J¶m Wm.

Bg nÌ ‘| ‘oh[afr Zo H$hm… ""NSEL-FTIL H$m {dbrZrH$aU amoH$Zo Ho$ {bE emh AZoH$ Ý¶m¶mb¶m| Ho$ XadmO| IQ>IQ>m aho h¢. {dÎm ‘§Ìr ¶h ~mV OmZVo h¢ H$s emh H$mo H$moQ>© go amhV Z {‘bo Bg{bE gaH$ma `Wme{º$ à`mg H$a ahr h¢; `hm± VH$ H$s EH$ ~ma Vmo gaH$ma Zo AnZm nj aIZo Ho$ {bE àË¶j gm°br{gQ>a OZab H$mo hr {Z¶wº$ {H$`m Wm.''34

`h AmíM`©OZH$ ~mV Wr. gaH$ma Zo AnZr gmar e{º$ Xm±d na bJmH$a h_mao bmoH$V§Ì Ho$ ñdV§Ì ñV§^-- Ý¶m¶nm{bH$m--na hr à^md S>mbZo H$s H$mo{ee H$s Wr, em`X Eogm hr Hw$N> _oh[afr H$hZm Mmh aho Wo.

emh O¡gm Make in India H$m dmñVddmXr nwañH$Vm© AnZo ñdm^m{dH$ d KQ>ZmË‘H$ A{YH$ma Ho$ {bE Ý`m` ‘m±JZo Ý¶m¶mb¶ ‘| OmVm h¢, ¶h ~mV àYmZ‘§Ìr Za|Ð ‘moXr Ho$ ñdÀN> gaH$ma ‘| {dÎm g{Md Ho$ d[að> nX na H$m`© H$a aho Zm¡H$aemh H$mo emo^m Zhr XoVr Š`m|{H$ `h ~mV emh VWm FTIL Ho$ _m¡{bH$ A{YH$ma H$mo Hw$MbZo Ho$ g_mZ h¢ Am¡a BgHo$ nrN>o `hr _§em Wr {H$ CÝh| Ý`m` Zm {_bo.

g§¶moJ go ‘r{S>¶m Zo ^r A~ NSEL _m_bo H$mo A{YH$ J§^raVm go boZm Ama§^ {H$`m.

34 http://indianexpress.com/article/india/india-news-india/nsel-scandal-before-he-was-moved-out-finance-secy-wrote-revenue-dept-helping-scam-accused-jignesh-shah/

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28 AŠQy>~a 2014 Ho$ g§nmXH$s¶ ‘| à{V{ð>V AI~ma The Economic Times35 Zo NSEL-FTIL Ho$ {dbrZrH$aU VWm FTIL Ho$ ì`dñWmnZ$ Ho$ àñVm{dV ~Xbmd H$m nwaOmoa {damoY {H$¶m Am¡a Bg H$m`©dmhr H$mo J¡aOê$ar ~Vm`m.

Bg g§nmXH$s` ‘| H$hm Wm… ""gaH$ma H$mo ¶h ~mV Xoedm{g`m| go ñnï> H$a XoZr Mm{hE H$s {H$g AmYma na FMC, FTIL Ho$ "_`m©{XV Xm{`Ëd' H$m C„§KZ H$aZodmbo àñVmd Xo ahr h¢ Š`m|{H$ `h A^r gm{~V Zhr hþAm h¢ {H$ CgHo$ ì`dñWmnZ Zo H$moB© J¡aH$mZyZr ì`dhma {H$`m `m énE E|R>o. ~pëH$, {S>\$m°ëQ>g© Zo hr H$‘mo{S>Q>rO Zm hmoZo na ^r Cgo ~oMZo Ho$ gm¡Xo {H$E, AV… n¡gm CÝht go AmZm h¢ `h {Z{d©dmX h¢. CZH$s nhMmZ ^r hmo MwH$s h¢. BgHo$ ~mdOyX h_mam {dYr _§Ìmb`, H$m°nm}aoQ> _§Ìmb` FMC Ho$ JbV àñVmdm| na A_b H$aVm ZOa AmVm h¢.

EOW Zo BZ Xmofr {S>’$m°ëQ>g© H$s àm°nQ>u AQ>¡M H$a Xr h¢ Am¡a _w§~B© hm`H$moQ>© Ûmam {Z¶wº$ EH$ g{‘{V {S>\$m°ëQ> H$s aH$_ dgybZo Ho$ à`mg H$a ahr h¢. 5300 H$amo‹S> ê$n¶m| H$s `h AQ>¡ÀS> àm°nQ>u ~oM H$a, S>çyµO² goQ>b H$aZm hr gd©loð> Cnm¶ h¢.

Satyam d NSEL Xmo {^Þ KQ>ZmE± h¢. Satyam Ho$ àdV©H$ Ûmam AnZm JwZmh H$~ybZo Ho$ ~mX gaH$ma Zo 4 ‘{hZmo ‘| hr ZE àdV©H$ bmH$a ì¶dñWmnZ ~Xb {X¶m Wm. FTIL Ho$ àdV©H$m| Zo {H$gr àH$ma Ho$ JbV ì`dhmag§~§Yr g^r Amamonm| go BZH$ma {H$`m h¢. NSEL Ho$ Q´>oS>g© Am¡a FTIL Ho$ ~rM H$moB© "_Zr Q´>ob' ^r Zhr nm`r J`r h¢. FTIL H$m O~aZ ì`dñWmnZ ~XbZm `m{Z FTIL Ho$ eoAahmoëS>g© Ho$ gmW YmoImYS>r H$aZo Ho$ ~am~a h¢. Agbr gdmb Vmo ¶hr h¢ {H$ Š`m| FMC, FTIL H$mo Vhg-Zhg H$aZo _| bJr h¢ Am¡a gaH$ma ^r CgH$s hm± _| hm± Š`m| {_bm ahr h¢?''

35 http://blogs.economictimes.indiatimes.com/et-editorials/whos-targeting-ftil-breaching-all-norms. The Economic Times Ho$ ‘w{ÐV g§ñH$aU ‘| ^r ¶h g§nmXH$s¶ àH$m{eV hmo MwH$m h¢.

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Am¡a ^r EH$ ~mV ‘hÎdnyU© Wr; FTIL Ho$ ì¶dñWmnZ H$mo ~XbZo Ho$ H$m°nm}aoQ> ‘§Ìmb¶ Ho$ àñVmd H$mo {dYr ‘§Ìmb¶ Zo {damoY {H$¶m Wm!

16 OyZ, 2014 Ho$ The Indian Express36 H$s I~a ‘| N>nm Wm… ""NSEL _m_bo ‘| H$mZyZ Ho$ àmdYmZ bmJy hr Zhr hmoVo `h ñnï> H$aVo hþE {dYr d Ý`m` _§Ìmb` Zo H$m°nm}aoQ> ‘§Ìmb¶ Ho$ FTIL Ho$ ì¶dñWmnZ ~Xbmd H$m àñVmd Zm_§Oya H$a {X`m Wm. _yb FTIL H§$nZr OmZ~yPH$a AnZr NSEL VWm MCX BZ g~{g{S¶ar H§$n{Z`m| H$m ì¶dhma, {ddoH$nyU© VWm AMyH$ nÕVr go H$aZo ‘| MyH$s Wr, ¶h Amamon bJmVo hþE FTIL na H$m¶©dmhr H$aZo Ho$ ~ma| ‘| {dYrgå_V am` ‘m±JZodmbm nÌ H$m°nm}aoQ> ‘§Ìmb¶ Zo {dYr d Ý¶m¶ ‘§Ìmb¶ H$mo 24 OZdar H$mo {bIm Wm.

H§$nZr H$mZyZ H$s Ymam 397 d 398 Ho$ A§VJ©V _ybH§$nZr FTIL VWm g~{g{S>¶ar NSEL Ho$ ~moS>© Ho$ g_mZ g§MmbH$m| na "CËnr‹S>Z VWm Hw$à~§YZ' H$m Amamon bJmVo hþE H$m°nm}aoQ> ‘§Ìmb¶ Zo H§$nZr H$mZyZ H$s Ymam 401, 402 d 408 Ho$ VhV FTIL Ho$ ì¶dñWmnZ H$mo ~XbH$a Z`m ì`dñWmnZ bmZo H$s Jwhma "Z°eZb H§$nZr bm° Q´>m`ã`wZb' (NCLT) Ho$ nmg bJm`r Wr bo{H$Z 4 OyZ 2014 Ho$ AnZo nÌ ‘| {dYr d Ý¶m¶ ‘§Ìmb¶ Zo `h ñnï> H$a {X`m {H$ `h YmamE§ FTIL na bmJy Zhr hmoVr. ""NSEL nyU©V… ñdV§Ì ñdm{_Ëd H$s H§$nZr hmoZo Ho$ H$maU Ymam 397 bmJy hmoZo H$s g§^mdZm Xþâ h¢. {dYr _§Ìmb` Ho$ Cn-gbmhH$ma Zo AmJo {bIm Wm… "CËnrS>Z Ho$ bm`H$ H$moB© ^r ì`dhma FTIL Ho$ eoAahmoëS>am| Zo - Omo NSEL H$m H$ar~-H$ar~ g§nyU© ñdm{_Ëd aIVo h¢ - Aëng§»`H$ eoAahmoëS>am| go Zhr {H$`m Wm.

H${WV Hw$à~§YZ VWm YmoImYS>r FTIL Z| Zhr ~pëH$ NSEL Ho$ Hw$N> A{YH$mar d H$_©Mm[a¶m| Zo H$aZo H$m Amamon h¢ Am¡a CÝh| ^r AbJ-AbJ Am°{S>Q>g© Zo gå_{V Xem©`r h¢. Bg{bE Ymam 398 ^r bmJy hmoZo H$s g§^mdZm H$_ hr h¢. Ymam 397 "CËnrS>Z' _m_bm| _| amhV Ho$ ~mao _| h¢ VWm Ymam 398 "Hw$à~§YZ' g§~§Yr h¢.''

bo{H$Z {dYr ‘§Ìmb¶ H$s Bg H$mZyZr gbmh H$mo ZOaA§XmO H$a ‘oh[afr O¡go ~‹S>o Zm¡H$aemh H$m nÌ-ì¶dhma ¶hr Xem©Vm h¢§ {H$ NSEL {S>\$m°ëQ> H$m n¡gm dgybZo _| {H$gr ^r Zm¡H$aemh H$mo H$moB© {XbMñnr Zhr Wr.

¶h ~mV Bg{bE ^r A{YH$ _hÎdnyU© h¢ {H$ emh Ho$ FTIL g_yh H$s H§$n{Z`m| Zo Xoeâ _| 10 bmI go ^r Á¶mXm amoOJma Ho$ Adga {Z_m©U {H$E Wo Am¡a `h H$moB©

36 A{‘Vd a§OZ, g§Xrn Hw$‘ma qgh, The Indian Express, ZB© {X„r, 16 OyZ 2014.

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Am¡a Zhr "Q>mQ>m BpÝñQ>Q>çyQ> Am°\$ gmoeb gm`Ýgog' (TISS) O¡gr à{V{ð>V g§ñWm Zo EH$ Aä`mgnyU© gd} Ho$ ~mX AnZo {ZîH$f© _| H$hm Wm.

A{^foH$ Zo H¥$îUZ d {MXå~a‘ go hmW {_bmZo Ho$ ~mX emh H$s gmar H§$n{Z`m| Zo nVZ H$s T>bmZ H$m ê$I H$aZm ewê$ H$a {X`m.

27 Aà¡b 2012 H$mo Cn^moº$m {d^mJ Zo Amamon bJm`m, NSEL Zo AnZo Q´>oS>g² H$s Omo OmZH$mar FMC H$mo Xr Wr Cg‘o§ Xmo Im{_`m± à_wI Wr… ‘‘àW‘V… Q´>oqS>J Šbm`§Q²>g Zo AnZo ~«moH$g© Ho$ {bE `h A{Zdm`© Zhr {H$`m {H$ do "em°Q>© nmo{OeZ' boZo go nhbo JmoXm_ _| H$‘mo{S>Q>rO O_m H$amE§. H$‘mo{S>Q>rO JmoXm_ _| h¢ ^r `m Zhr BgH$s Om±M-n‹S>Vmb H$aZo H$s H$moB© ^r ì`dñWm NSEL Ho$ nmg Zhr h¢. Bg ~mV H$s nw{ï> {H$E {~Zm hr NSEL Q´>oqS>J H$admVr Wr. Am¡a Bg Vah NSEL Zo

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"~«moH$g© Ûmam em°Q>© gob Zhr hm|Jo' Bg eV© H$m C„§KZ {H$`m h¢. Xÿgar ~mV, NSEL na 55 àH$ma Ho$ H$m°ÝQ´>°³Q>g² 11 {XZm| go A{YH$ {S>brdar H$mbmd{Y Ho$ h¢. Bg àH$ma Ho$ H$m°ÝQ´>°³Q>g² NTSD H$m°ÝQ´>°³Q>g² h¢. NSEL Zo `h ~mV _mZ ^r br h¢ bo{H$Z NSEL H$m H$hZm h¢, FCRA Ho$ A§VJ©V Cgo {_br Ny>Q> Ho$ MbVo `h H$m°ÝQ´>°³Q>g² d¡Y h¢ VWm FCRA H$m C„§KZ Zhr h¢. bo{H$Z gaH$ma Zo NTSD H$m°ÝQ´>³Qg² Ho$ ~mao _| NSEL H$mo H$^r H$moB© Ny>Q> Zhr Xr. Bg{bE NSEL Ho$ 11 {XZ go A{YH$ {S>brdar H$mbmd{Y Ho$ gmao H$m°ÝQ´>°³Q>g² FCRA H$m C„§KZ h¢.''

BZ Xmo Amamonm| Ho$ AmYma na Cn^moº$m {d^mJ Zo NSEL H$mo "H$maU ~VmAmo ZmoQ>rg' ôOH$a H$hm {H$ 5 OyZ 2007 H$s A{YgyMZm H$m C„§KZ H$aZo Ho$ ~mao _| 15 {XZ _| ñnï>rH$aU Zhr {X`m Vmo {~Zm {H$gr nÌ ì`dhma Ho$ `h Ny>Q> dmng boZo na Cn^moº$m {d^mJ ~mÜ` hmo OmEJm.

NSEL Zo VËH$mb CÎma {X`m, ‘‘O~ VH$ àmá aH$_ Ho$ ~Xbo Q´>oqS>J Šbm`§Q>g² {d{hV VmarI _| H$‘mo{S>Q>rO H$s {S>brdar XoVo h¢ V~ VH$ JmoXm_m| _| aIm hþAm ñQ>m°H$ BH$Æ>m H$a Ho$ aIm h¢ `m {\$a {S>brdar Ho$ nhbo {XZ bm`m J`m h¢ `h ~mV _m`Zo Zhr aIVr. Eogr Q´>oqS>J {H$gr ^r hmb _| em°Q>© gob Zhr hmo gH$Vr. AJa {d{hV VmarI H$mo H$‘mo{S>Q>rO H$s {S>brdar Z Xr OmE, V^r Bgo em°Q>© gob H$hm Om gH$Vm h¢. hmo gH$Vm h¢§ H$^r-H$^r H$‘mo{S>Q>rO H$s {S>brdar XoZo _| ~«moH$a MyH$ ^r OmE§. Eogo g_` EŠgM|O ~mOma go H$‘mo{S>Q>rO boH$a, Q´>oqS>J Ho$ g_` H$m ^md Am¡a dV©_mZ pñWVr Ho$ ^md Ho$ A§Va H$mo, EŠgM|O Ho$ {Z`_mZwgma {S>\$m°pëQ>¨J ~«moH$g© go dgwb H$aoJm, bo{H$Z Eogm H$^r-H$^ma hr hmoVm h¢. 31 _mM© 2012 VH$ Ho$ Mma dfm] _|, EŠgM|O Zo 3 bmI, 89 H$amoS> ê$n`m| Ho$ Q>oS> XO© H$amE Wo bo{H$Z {S>\$m°ëQ,> Bg aH$_ H$m 0.0011% AWm©V² Ho$db 4.47 H$amoS> ê$n o hr Wm. AWm©V² NSEL na "em°Q>© goëg' Zhr hmoVo Wo.''

Xÿgao Amamon Ho$ ~mao _| NSEL Zo ñnï> {H$`m… ""EŠgM|O na hmoZodmbo g^r Q´>oS> EH$-{Xdgr` "\$m°d©S>© H$m±Q´>°ŠQ>' h¢. CXm. aoÊS>r Vob H$m T+25 `h EH$-{Xdgr` \$m°d©S>© H$m±Q´>°ŠQ> boVo h¢. Bg H$m±Q´>°ŠQ> H$s {S>brdar T+25 do {XZ hmoZo Ho$ H$maU `h EH$-{Xdgr` \$m°d©S>© H$m±Q´>°ŠQ> ~ZVm h¢ Š`m|{H$ Bg_| no_|Q> d {S>brdar XmoZm| T+25 do {XZ hr Ano{jV h¢. Bg{bE `h H$m±Q´>°ŠQ> `m AÝ` 55 H$m±Q´>°³Qg² NTSD H$m±Q´>°³Qg² Zm hmoH$a, NSEL H$mo FCRA H$s Ymam 27 Ho$ A§VJ©V Xr J¶r Ny>Q> Ho$ H$maU, EH$-{Xdgr` \$m°d©S>© H$m±Q´>°³Qg² hr h¢.''

110

bo{H$Z FMC H$hm `h g~ gwZZodmbr Wr!

FMC Zo 29 A³Qy>~a 2012 H$mo Amamon bJm¶m {H$ NSEL H$m EH$ gXñ¶ {H$gr {Zdof àñVmd H$s Vah {ZpíMV _wZm\o$ H$m AmídmgZ Xo ahm h¢ Am¡a H$B© {ZdoeH$m| Zo Bg_| g¢H$S>mo H$amoS> ê$n`m| H$m {Zdoe {H$`m h¢.

NSEL Zo ôOr hþB© JmoXm_m| H$s A{YH¥$V ñQ>m°H$ nmoOreZ H$s Om±M H$aZo Ho$ ~mX FMC Zo àíZ {H$`m {H$ 31 AJñV VWm 30 {gVå~a 2012 Ho$ XmoZm| nIdmS>m| H$s gwMr _| ñQ>m°H$ nmoOreZ EH$ O¡gr H¡$go hmo gH$Vr h¢? `{X H$‘mo{S>Q>rO H$s {S>brdar H$s J`r h¢ Vmo AJbo _{hZo H$s gwMr _| ^r dhr H$‘mo{S>Q>rO {XIm¶r XoVr h¢. `h H¡$go hmo gH$Vm h¢?

17 Zdå~a 2012 H$mo {XE AnZo CÎma _| NSEL Zo ñnï> {H$`m {H$ NSEL Zo ñd`§ H$^r {H$gr ^r Q´>oS> na {ZpíMV _wZm\o$ H$m AmídmgZ Zhr {X`m. EH$ {d{eï> _`m©Xm Ho$ ~mX Q´>oqS>J Šbm`§Q> AnZo H$‘mo{S>Q>rO H$m Š`m Xa {ZpíMV H$aVo h¢ Bg na EŠgM|O Ho$ ZmVo NSEL Img Hw$N> Zhr H$a gH$Vr Wr. O~ H$^r H$moB© gXñ` AnZo Q´>oqS>J ³bm¶§Q>g² H$mo Q´>oS> g§~§Yr {H$gr ^r àH$ma H$m bmbM {XImVm hþAm àVrV hmoVm, V~-V~ NSEL Zo CÝh| Eogm Z H$aZo H$s g»V MoVmdZr Xr Wr. NSEL Zo ñd`§ {H$gr ^r àH$ma Ho$ _wZm\o$dmbo Q´>oS> V¡`ma Zhr {H$E Wo Am¡a Zm hr Eogm H$aZo Ho$ {bE gXñ`m| H$mo àmoËgm{hV {H$`m Wm.

dmñVd _|, BíVohma XoH$a Q´>oqS>J Ho$ {bE àmoËgm{hV H$aZo H$mo _Zmhr Wr Am¡a Eogm H$aZo na AZwemgZ^§J H$s H$m¶©dmhr H$s Om¶oJr Eogr MoVmdZr H$B© ~ma NSEL Zo AnZo gXñ`m| H$mo Xr Wr. BZ g^r gwMZmAm| Ho$ gmW-gmW, H$_ `m Á`mXm {H$gr ^r {S>brdar H$mbmd{Y Ho$ {bE {ZpíMV _wZm\o$ H$m H$moB© ^r AmídmgZ H$moB© ^r gXñ` AnZo Q´>oqS>J Šbm`§Q> H$mo Zm Xo, B. gy{MV H$aZodmbm n[anÌ NSEL Zo, FMC Zo {eH$m`V H$aZo go nhbo hr Omar H$a aIm Wm.

NSEL Zo FMC H$mo `h ^r ~Vm`m {H$ Q´>oqS>J Šbm`§Q²>g IarX-{~H«$s Ho$ Omo EH$-{Xdgr` H$m±Q´>°ŠQ> H$a aho Wo do JmoXm_m| H$s agrX Ho$ _mÜ`_ go hmoZodmbo dmñV{dH$ gm¡Xo Wo. JmoXm_ go H$‘mo{S>Q>rO H$s {S>brdar boZr h¢ `m {\$a dh H$‘mo{S>Q>rO AJbr {~H«$s Ho$ {bE dhr na aIZr h¢ `h {ZU©` Cg ì`{º$JV Q´>oqS>J Šbm`§Q> H$m hmoVm Wm. Bgr{bE 31 AJñV, 30 {gVå~a, 2012 H$s ñQ>m°H$ nmo{OeZ _| FMC H$mo JmoXm_ _|

111

H$‘mo{S>Q>rO Ohm° h¢ dhr {XImB© Xo ahr Wr. Bg ~mV _| AmíM`© H$aZo O¡gr H$moB© ~mV Zhr Wr. NSEL Zo `h ^r H$hm {H$ Ho$db Hw$N> JmoXm_m| _| hr ñQ>m°H$ Ohm h¢ dhr {XImB© XoVm h¢, AÝ` H$B© JmoXm_m| _| H$‘mo{S>Q>rO H$s {S>brdar Xr `m br Om ahr Wr.

Bg{bE FMC Ho$ Amamon _| H$moB© VÏ` Zhr Wm. AJa FMC IwX ^r `h Om±M H$aVr Vmo ^r Cgo `h gË` nVm Mb OmVm bo{H$Z em`X dh Eogm Zhr H$aZm MmhVr Wr.

FMC H$m `h Amamon ^r VÏ`hrZ Wm {H$ àË`j ~mOma H$s {H$_Vm| H$s VwbZm ‘| NSEL na H$‘mo{S>Q>rO H$s {H$_V H$m\$s H$_ hmoVr h¢ Am¡a Bgr{bE `h {H$_V Ho$db {XImdo Ho$ {bò h¢.

""NSEL Ho$ H$‘mo{S>Q>rO H$s VwbZm "â`wMg© Q´>oqS>J' `m "â`wMg© EŠgM|O Ho$ ñnm°Q> Q´>oqS>J' H$s {H$_Vm| go H$aZm Aì`dhm`© hr Zhr JbV ^r h¢… CXm. â`wMg© H$s ñnm°Q> Q´>oqS>J H$s {H$_V Am¡a Cgr H$‘mo{S>Q>rO H$s _§S>r H$s {Zbm_r H$s {H$_V _| ~hþV ~S>m A§Va {XImB© XoVm h¢. `h {ZË` Ho$ ì`dhmam| H$m EH$ gab dmñVd h¢. Xþgao, _m§J, nyVu, JwUdÎmm, IarXr hþB© H$‘mo{S>Q>rO H$m no_|Q> H$aZo H$m VarH$m, B. Ho$ AZwgma AbJ-AbJ OJhm| H$s _§S>r _| Cgr H$‘mo{S>Q>rO H$s {H$_V AbJ-AbJ hmoVr h¢.''

A~ EH$ hr ~mV gå^d Wr… `m Vmo A{^foH$ WmoH$ ~mOma Ho$ Bg ì`dhm[aH$ gË` go n[a{MV Zhr Wo `m {\$a CÝhm|Zo OmZ~wPH$a Bg gË` H$mo ZOaA§XmO H$a {X`m Wm.

""â`wMg© H$s ñnm°Q> {H$_Vm| _| _§S>r H$m gog OmoS>m OmVm h¢, NSEL H$s {H$_Vm| _| dh Zhr hmoVm h¢ Bg{bE ^r `h {H$_V AbJ-AbJ {XImB© XoVr h¢. AJa JbV VarH$m| go VwbZm H$s OmE Vmo JbV hr {ZîH$f© {ZH$b|Jo,'' NSEL Zo FMC H$mo g_PmZo H$s H$mo{ee H$s.

AZoH$ amÁ`m| Ho$ {dnUZ _§S>bm|Zo ~ma-~ma H$hm Wm {H$ NSEL na {H$gmZm| H$mo AnZr H$‘mo{S>Q>rO Ho$ {bE AÀN>m ^md {_bVm h¢ bo{H$Z FMC Hw$N> ^r gwZZo H$mo amOr Zhr Wr.

{ZË` ì`dhma H$m dmñVd g_PZo Ho$ {bE grYm gab Wm. ~{Zò H$s XþH$mZ _| `m {H$gr _m°b _| n¡go XoH$a H$‘mo{S>Q>rO H$s {S>brdar {_bVr h¢, Cg àH$ma H$s {S>brdar NSEL O¡go _mÜ`_ _| gå^d Zhr Wr. Bg{bE EH$-{Xdgr` H$m±Q´>°ŠQ> 11 {XZm| _| _wë` Am¡a H$‘mo{S>Q>rO H$m gm¡Xm H$aHo$ {ZpíMV H$aZo H$s Ny>Q> NSEL H$mo FCRA Ho$ A§VJ©V

112

Xr J`r Wr. AmJo Mb Ho$ FMC H$mo SEBI _| {dbrZ {H$E OmZo Ho$ ~mX ^r `hr Ny>Q> SCRA Ho$ A§VJ©V ^r bmJy Wr.

AmO ^r gmao Xoeâ _| H$_mo{S>Q>rO H$s IarX-{~H«$s NTSD H$m°ÝQ´>³Qg² Ho$ A§VJ©V hmoVr h¢ Š`m|{H$ Q´>oS>g© H$‘mo{S>Q>rO nhbo hr IarX boVo h¢. `h ì`dhma hmoZo go nhbo, \$gb H$m H$Q>Zm, {~ZZm, B. g~Hw$N> hmoZm A^r ~mH$s hmoVm h¢. `h g~ hmoZo Ho$ ~mX _mb _§S>r _| AmVm h¢ `m {\$a {Z`m©V Ho$ {bE hmo Vmo ~§XaJmh na bo Om`m OmVm h¢.

BZ ~mVm| Ho$ _ÔoZOa 1 Aà¡b 2003 H$mo H|$Ð gaH$ma Zo g^r H$m±Q´>°³Qg² H$mo {Z`_Z _| go Ny>Q> Xr Wr. Am¡a Bg{bE Bg àH$ma H$s {Ûnjr` IarX-{~H«$s gwMmé ê$n go hmoVr Am`r Wr.

NSEL Ho$ {bE ^r gaH$maZo g^r EH$-{Xdgr` H$m±Q´>°ŠQ> H$s {S>brdar A{Zdm`© H$aZo Ho$ H$maU hr NSEL Zo T+2 `h EH$-{Xdgr` H$m±Q´>°ŠQ> ewê$ {H$E Wo {OZH$s XoI-aoI Am¡a nyVu EŠgM|O Ho$ ZmVo NSEL H$a gH$Vr Wr. AÝ` H$_mo{S>Q>r EŠgM|Om| Zo ^r Bgr àH$ma Ho$ H$m±Q´>°ŠQ> ewé {H$E Wo Š`m|{H$ CÝh| ^r FCRA H$s Ymam 27 Ho$ A§VJ©V Ny>Q> Xr J`r Wr. bo{H$Z `h Ny>Q> FCRA Ho$ g^r àmdYmZm| H$s ~m~V h¢ `m {\$a Hw$N> {deof àmdYmZm| Ho$ ~mao _| h¢ `h ~mV gaH$ma Ho$ 5 OyZ 2007 Ho$ amOnÌr` AmXoe _| ^r ñnï> Zhr Wm Am¡a Zm hr _§Ìmb` Zo H$^r Bgo ñnï> {H$`m Wm. "FCRA Ho$ àmdYmZm| _| go Ny>Q>>' ¶h ñnï> C„oI Cg GR _| Wm. bo{H$Z Bg GR Ho$ ~mao ‘| 10 gmb 3 ‘{hZo Ho$ bå~o A§Vamb Ho$ ~mX FMC Zo ‘§Ìmb¶ go ñnï>rH$aU ‘m§Jm Wm. Bg‘| H$moB© AmíM¶© Zhr h¢ {H$ ‘§Ìmb¶ Zo dh {X¶m hr Zhr.37

NSEL Ho$ 11-{Xdgr` {S>brdar H$mbmd{Y Ho$ H$m°ÝQ´>³Qg² FCRA H$m C„§KZ Zhr H$aVo h¢ `h ~mV FMC H$mo ^r AÀN>r Vah nVm Wr. NSE H$m NCDEX EŠgM|O 75 {XZm| H$s {S>brdar H$mbmd{Y Ho$ H$m°ÝQ´>³Qg² H$s Q´>oqS>J H$a ahm Wm. The Bank of Nova Scotia 180 {XZ H$s {S>brdar H$mbmdYr Ho$ gmoZo Ho$ H$m°ÝQ´>³Qg² H$s Q´>oqS>J H$a ahr Wr bo{H$Z A{^foH$ H$s FMC BZ_| go {H$gr go ^r g\$mB© Zhr _m±J ahr Wr. CÝhm|Zo {g\©$ NSEL na hr gdmb IS>o {H$E Wo Š`m|{H$ "Zm°W© ãbm°H$' Ho$ {dÎm _§Ìmb` go \$Vdm hr Hw$N> Eogm Wm. {\$a NSEL Mmho {OVZm ñnï>rH$aU Xo, Š`m \$H©$ nS>Zodmbm Wm?!

37 http://www.sebi.gov.in/sebiweb/commodities/

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NCDEX Zo Vmo "H$maU ~VmAm| ZmoQ>rg' H$m Odm~ r Zhr {X`m Wm {\$a r FMC Im_moe Wr. NCDEX H$mo Q´>oqS>J ~§X H$aZo Ho$ {bE S>o‹T> gmb {_bm, NSEL H$mo Vwa§V Q´>oqS>J ~§X H$aZo Ho$ {bE H$hm J`m. Q´>oS> {ZpíMV H$aZo Ho$ {bE C{MV g_` {X`m J`m hmoVm Vmo {S>\$m°ëQ> hr Zhr hmoVm. bo{H$Z {O¾oe emh H$mo H$_mo{S>Q>r Am¡a EŠgM|O ì`dgm` go hr hQ>mZo Ho$ {bE nwdm}{„{IV VrZ fS>`§ÌH$m[a`m| Zo `h {S>\$m°ëQ> H$adm`m Vm{H$ emh AZwg§YmZmË_H$ VH$ZrH$ Ho$ joÌ _| Hw$N> H$a hr Zm nmE§.

OwbmB© 2013 _| FMC H$mo {dÎm _§Ìmb` Ho$ AW© {d^mJ Ho$ A§VJ©V bm`m J`m. Eogm H$aZo go NSEL H$mo IË_ H$aZm A~ AmgmZ hmo J`m Wm. ~«moH$g© H$s dOh go NSEL "no‘|Q> H«$mB{gg' _| Wm `h ~mV H$~ H$s ñnï> hmo J`r Wr. {X„r Ho$ _oao EH$ Zm¡H$aemh {_Ì Zo _wPo ~Vm`m {H$ ~«moH$g© H$s `h H$maJwOm[a`m± EH$ _mH}$Q> {deofk Zo Cn^moº$m {d^mJ d {dÎm {d^mJ Ho$ A{YH$m[a`m| H$mo g_Pm`r r Wr. ~«moH$g© Zo NSEL H$s MoVmdZrAm| H$mo AZXoIm H$a EH$ hr g_` IarX-{~H«$sdmbo "ñQ´>ŠMS>© àm°S>ŠQ>' ~ZmH$a CÝh| AnZo Q´>oqS>J Šbm`§Q> H$mo ~oMm Am¡a Eogm H$aZo Ho$ {bE OmoaXma _mH}$qQ>J r H$s. ~«moH$g© Zo Am`H$a ~MmZo {H$ {bE AnZo Q´>oqS>J Šbm`§Q²>g H$m ZwH$gmZ Xem©Zodmbr PyR>r agrX| V¡`ma H$s. Agb _|, ~«moH$g© H$m ñQ>m°H$ _mH}$Q> ì`dhmam| _| STT H$s dOh go Omo IMm© hmoVm Wm dh CZHo$ AÝ` ì`mdgm{`H$ Z\$m/ZwH$gmZ Ho$ bå~o g_` Ho$ "H°${nQ>b JoÝg' Ho$ Xm{`Ëd Ho$ ~Xbo _| "Am°\$goQ>' H$aZo H$s Ny>Q> {MXå~a_ Zo Xo aIr Wr.

9 OZdar 2014 H$mo EH$ Am¡a _hÎdnyU© ahñ`moX²KmQ>Z The Economic Times Zo {H$`m.38

dh I~a Bg àH$ma Wr… EOW H$s Om±M-n‹S>Vmb _| `h ~mV ñnï> hmo J¶r Wr {H$ ~«moH$g© Zo Am¡a A{YH$ ~«moH$aoO Ho$ bmbM _| 25% Eogo Q´>oS> {H$E Wo {OZ_| CÝhm|Zo nhbo AnZo hr ImVo go NSEL na H$‘mo{S>Q>rO H$s IarXXmar H$s d ~mX _| Cgo AÝ` Q´>oqS>J Šbm`§Q²>g H$mo ~oM {X`m!

Q´>oqS>J Šbm`§Q²>g H$s \§$qS>J Ho$ {bE ~«moH$g© H$mo 10-12% ã`mO d {ZdoeH$m| Ho$ 3-4% {~Zm-Omo{I_ Q´>m§P°³eZg² na 3-4 "~o{gg nm°BªQ²>g' BVZr H${_eZ {_bVr Wr. JmoXm_ _| H$‘mo{S>Q>rO Zhr hmoZona ^r ~«moH$g© Zo "Q´>m§P°ŠeZ' VWm "doAahm¢qgJ' MmO}g dgyb {H$E Wo.

38 The Economic Times, January 9, 2014

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AnZo hr Q´>oqS>J Šbm`§Q²>g H$s AZw_{V Ho$ {~Zm CZHo$ nhMmZnÌ, "Šbm`§Q> H$moS>' H$m Xþén`moJ H$aVo hþE ~«moH$g© Zo AnZr g~{g{S¶ar NBFCs Ûmam J¡aH$mZyZr T>§J go Q´>oqS>J Šbm`§Q²>g H$s \§$qS>J H$aVo hþE "~moJg Q´>oS>g²' {H$E {OgHo$ H$maU gaH$ma bJ^J XoT> bmI H$amo‹S> ê$n`m| H$m Q>¡Šg Imo MyH$s Wr.

JmoXm_ _| H$‘mo{S>Q>rO Zhr hmoZo H$s ~mV na BVZm ~dmb IS>m hþAm Wm bo{H$Z Q´>oqS>J Šbm`§Q²>g Ho$ "pŠbA[a¨J d \$m°d©{S>ªJ' EO|Q>g² Zo H$B© ~ma JmoXm_m| H$mo ^|Q> Xr bo{H$Z CÝhm|Zo ^r Bg ~mao _| H$^r H$moB© gyMZm Zhr Xr.

AmJo OmH$a `h ~mV ^r gm_Zo Am J`r H$s ~«moH$g© Zo H$ar~-H$ar~ 3 bmI Q´>oqS>J Šbm`§Q²>g Ho$ {d{eï> "Šbm`§Q> H$moS>' _| CÝh| {~Zm ~VmE hoam\o$ar H$aHo$ Q´>oS> {H$E Wo Am¡a CÝhm|Zo Bg ~mV H$s NSEL H$mo ^ZH$ VH$ Z bJZo Xr Wr.

_mH}$Q> {deofk Zo _§Ìmb` Ho$ A{YH$m[a`m| H$mo `h ^r ~Vm`m {H$ NSEL _m_bo _| ~«moH$g© Am¡a Q´>oqS>J Šbm`§Q²>g Ho$ ~rM hr H$m±Q´>°ŠQ> hþE Wo, NSEL H$m BZgo grYm g§~§Y hr Zhr Wm. Bg{bE _wÔm `h h¢ {H$ H$m±Q´>°ŠQ> ~«moH$g© {ZpíMV H$ao `m NSEL BgHo$ {bE {dÎm d Cn^moº$m _§Ìmb` Zo NSEL H$mo {Oå_oXma R>hamZm JbV h¢,'' {deofk Zo AnZr am` A{YH$m[a`m| Ho$ gm_Zo aI Xr.

bo{H$Z hH$sH$V H$mJO na Hw$N> Am¡a dmñVd _| Hw$N> Am¡a Wr.

Q´>oqS>J Šbm`§Q²>g A~ ~«moH$g© H$mo ^ybH$a NSEL go hr {S>\$m°ëQ> H$s aH$_ _m±JZo bJo. Agb _| Q´>oqS>J Šbm`§Q²>g Zo NSEL Ho$ Zhr ~pëH$ ~«moH$g© Ho$ {Ibm\$ hr {S>\$m°ëQ> H$s aH$_ H$s dmngr Ho$ {bE H$mZyZr H$m¶©dmhr H$aZr Mm{hE Wr _Ja Eogm Hw$N> Zhr hþAm. BVZm g~Hw$N> hmoZo Ho$ ~mX ^r ~«moH$g© Ho$ `h J¡aH$mZyZr Vm¡a-VarHo$ COmJa Zhr hþE, FMC `m BZ XmoZm| _§Ìmb`m| Zo ^r CZgo Hw$N> Zhr H$hm.

_mH}$Q> {deofk Zo {H$gr H$m Zm_ boZm C{MV Zhr g_Pm na§Vw BVZm Oê$a H$hm {H$ ""H$moB© _§Ìr NSEL H$mo Q>mJ}Q> H$a ahm h¢, Cgr Zo FMC H$mo {XE AmXoe na `h g~ hmo ahm h¢.''

CYa _mH}$Q> _| CbQ>m Mmoa H$moVdmb H$mo S>m±Q> ahm Wm. ~«moH$g© Am¡a CZHo$ g‘W©Z go H$m¶© H$aZodmbr g§ñWmE§ gaH$ma Ho$ nrN>o nS> J`r {H$ {S>\$m°ëQ> H$m n¡gm NSEL bm¡Q>mE§! `h ~S>r AOr~ ~mV Wr Š`m|{H$ BÝhr ~«moH$g© Zo Q´>oqS>J Šbm`§Q²>g H$mo "{ZpíMV _wZm\o$' H$m Pm±gm XoH$a \±$gm`m Wm `h A~ ñnï> hmo MyH$m Wm.

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~«moH$g© Zo hr Q´>oqS>J Šbm`§Q²>g H$mo {~Zm ~VmE§ CZHo$ {bE NSEL na Q´>oqS>J H$s Wr Am¡a A~ {S>\$m°ëQ> hmoZo na gmam n¡gm CÝht Ho$ nmg hmoZo H$s nw{ï> hmo MyH$s Wr Bg{bE Q´>oqS>J Šbm`§Q²>g Zo ~«moH$g© Ho$ {Ibm\$ H$m`©dmhr H$s _m±J H$aZr Mm{hE Wr bo{H$Z do Eogm Zhr H$a aho Wo Š`m|{H$ H$_mo{S>Q>rO H$s ~Om` CÝhm|Zo VWmH${WV "{ZpíMV _wZm\o $' H$s Q´>oqS>J H$aHo$ H$mZyZ H$m C„§KZ {H$`m Wm bo{H$Z {~µOZog {_{S>`m _| ^r BÝhr Xmofr bmoJm|Zo H$hr _ZJT>§V H$hm{Z`m± N>nZo bJr Wr.

""bo{H$Z AOr~ ~mV Wr {H$ ~«moH$g© na H$moB© H$m`©dmhr Zhr hþB©,'' {deofk Zo H$hm. NSEL Ho$ A{YH$mar {dÎm _§Ìmb` go H$hVo aho {H$ Xmof FMC H$m Wm bo{H$Z _§Ìmb` `m H$moB© Am¡a Hw$N> ^r gwZZo Ho$ {bE amOr Zhr Wm. Zm¡H$aemhr XâVaemhr H$m Xÿgam Zm_ h¢. {ZU©` Z H$aZo `m Q>mb XoZo Ho$ {bE h_mao A{YH$mar OmZo OmVo h¢. Eogr gyaV _|, {~Zm A{YH$ gmoMo-g_Po `m J§^ra _§WZ Ho$ grYo EŠñM|O ~§X H$admZo H$s hr H$m`©dmhr H$aZm ~ohX AmîM`©OZH$ h¡ Š¶m|{H$ Eogm nhbr ~ma hþAm h¢. AMmZH$ NSEL ~§X H$aZo go Š`m H$moham_ _M gH$Vm h¢ Bg ~mV H$s CÝh| {\$H«$ hmoZr Mm{hE ¶h Anojm H$aZm hr JbV Wm. NSEL H$mo AMmZH$ ~§X H$admZo go hr {S>\$m°ëQ> hþAm Wm, Am¡a NSEL ~§X H$aZo H$m àñVmd FMC Zo hr Cn^moº$m {d^mJ H$mo {X`m Wm.

NSEL Zo 2007 go hr EH$ n[anyU© "{bJb A°ÊS> H§$ßbm`Ýg' {d^mJ ~Zm`m Wm Am¡a NSE d BSE na n§OrH¥$V ~‹S>o ~«moH$g© H$mo {_bmH$a 800 gXñ`m| H$mo gXñ`Vm Xr Wr. NSEL Zo AJwdmB© H$aVo hþE 43 H$_mo{S>Q>rO _| Q´>oqS>J Iwbr H$s {OZ_| 34 H¥${f `m g§~§{YV CËnmX Wo. nyao Xoeâ _| \¡$bo hþE 46000 Q´>oqS>J Q>{_©Zëg Am¡a 147 {S>brdar H|$Ðmo Ho$ _mÜ`_ go `h Q´>oqS>J hmo ahr Wr.

Bg g~ Ho$ ~mdOyX 27 Aà¡b 2012 H$mo Cn^moº$m {d^mJ Zo NSEL H$mo "H$maU ~VmAmo Zmo{Q>g' ôO Xr Am¡a NSEL Zo 23 _B© 2012 d 11 AJñV 2012 H$mo ôOo hþE ñnï>rH$aU H$m CÎma XoZo H$m ^r H$ï> Zhr CR>m`m. {XZ hâVo, _{hZm| Am¡a gmb _| ~Xb JE§. NSEL Zo g‘Pm, _§Ìmb` Zo CgH$m ñnï>rH$aU ñdrH$ma H$a {b`m h¢ bo{H$Z {\$a AMmZH$ 12 OwbmB© 2013 H$mo Cn^moº$m {d^mJ Zo Z`r Q´>oqS>J amoH$Zo H$m nÌ ôOm Am¡a Bggo nhbo {H$ H$moB© Hw$N> g_P nmVm, ~mOma _| Ib~br _M J`r.

12 d 22 OwbmB© 2013 H$mo NSEL Zo Cn^moº$m {d^mJ H$mo `h OmZH$mar Xr Wr {H$ AMmZH$ Q´>oqS>J amoH$Zo go no_|Q>g§~§Yr g_ñ`mE§ IS>r hmo gH$Vr h¢ {OgH$m ~mOma na {dn[aV n[aUm_ hmoJm bo{H$Z BgH$m H$moB© Aga _§Ìmb` na Zhr hþAm.

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12 OwbmB© H$m _§Ìmb` H$m NSEL H$mo ôOm JmonZr` nÌ ^r {_{S>`m VH$ nhþ±Mm {X`m J`m. NSEL/ FTIL Ho$ A{YH$mar h¡amZ ah JE. Ý`yO M¡Zbm| na hS>~S>r _M J`r. Eogm Š`m| hþAm `h g_PZo H$s H$mo{ee NSEL/FTIL Ho$ A{YH$mar H$aZo bJo. ~mV J§^ra Wr. Bg Vah H$m JmonZr` nÌ gmd©O{ZH$ H$aZm gd©Wm AZw{MV Wm bo{H$Z em`X NSEL H$mo ~a~mX H$aZo Ho$ {bE {X„r Ho$ Hw$N> ~S>o bmoJ `hr MmhVo Wo.

4 AJñV 2013 H$mo, ñQ>m°H$ nmo{OeZ VWm no‘|Q> Xm{¶Ëd Ho$ ~mao‘| FMC à_wI H$s {S>’$m°ëqQ>J ~«moH$g© Ho$ gmW MMm© Ho$ ~mX, CÝhm|Zo AmídmgZ {X¶m {H$ do gmao S>çyµO goQ>b H$a X|Jo. BgHo$ Xmo {XZm| ~mX Cn^moº$m {d^mJ Zo ""Xmofr ì`{º$, {~Mm¡{bE VWm NSEL go OyS>o JmoXm_, B.g§~§Yr'' Amdí`H$ H$m`©dmhr H$aZo Ho$ ì`mnH$ A{YH$ma FMC H$mo Xo {XE Wo.

_mH}$Q> {deofk `h gmar H$hmZr _§Ìmb` Ho$ A{YH$m[a`m| H$mo {dñVma go ~Vm ahm Wm. "am`grZm {hb' na A~ gyaO Sw>~Zo bJm Wm. {\$a Mm` Am¡a {~ñHw$Q>m| H$m EH$ Am¡a Xm¡a hþAm. MMm© Am¡a ^r amoMH$ hmoVr Mbr J`r. A{YH$mar gwZVo JE.

""em¶X ¶h EH$ ~ohX Jhar gm{µOe Wr. Bg EŠgM|O H$mo IË_ H$aZm hr h¢ Š`m|{H$ CgHo$ {Z_m©UH$Vm© H$mo {_Å>r _| {_bmZm h¢. AWm©V² Eogm H$aZo go {H$gr H$m Vmo \$m`Xm hmoZm hr Wm. dh {damoYr Bgr Xoe H$m hr BZH$m H$moB© à{VÛ§Xr ¶m {’$a ~mhar Xoe H$m ^r hmo gH$Vm h¢. bo{H$Z "Cna' go AmXoe `hr Wo {H$ Eogm H$aZm hr h¢,'' _mH}$Q> {deofk ~Vm ahm Wm.

{X„r Ho$ {H$gr H$moZo _| ~mOma H$mo V~mh H$aZo H$s `h ^`§H$a gm{Oe aMr Om ahr Wr bo{H$Z {H$gr na H$moB© Aga Zhr hþAm.

""fS>`§ÌH$m[a`m| Zo BZ {dZmeH$mar KQ>ZmAm| H$mo Bgr Vah KQ>Zo {X`m; CÝh| amoH$Zo H$s Oam ^r H$mo{ee Zhr H$s,'' _mH}$Q> {deofk Zo H$hm. {O¾oe emh H$m gm_«mÁ` CÜdñV H$aZo H$o {bE FMC ~og~« hþB© Om ahr Wr. gmam _m_bm Ý¶m¶mb¶ Ho$ {dMmamYrZ hmoZo Ho$ ~mdOyX Am¡a EO§{g`m| H$s Om±M-n‹S>Vmb nyar hmoZo go nhbo hr ~«moH$g© VWm {S>’$m°ëQ>g© XmoZm| H$mo hr H$m`©dmhr go ANy>Vm aIm J`m. Bg{bE "{S>\$m°ëQ>' H$s 85% aH$_ Ho$db 7 "{S>\$m°ëQ>g©' Ho$ nmg hmoVo hþE ^r CZHo$ {Ibm\$ H$m`©dmhr Zhr hþB©. FMC Am¡a Cn^moº$m {d^mJ BZ 7 ~«moH$g© na H$m`©dmhr H$aHo$ _m_bo H$mo OëXr gwbPm gH$Vo Wo bo{H$Z Eogm hþAm Zhr.

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19 AJñV 2013 go NSEL na AZ{JZV àhma {H$E JE. FMC, FTIL Ho$ {Ibm\$ EH$ Ho$ ~mX EH$ X§S>mË_H$ H$m¶©dmhr H$aVr Mbr J`r Am¡a A§V _| FMC Zo FTIL H$mo "Zm°Q> {\$Q> A°ÊS> àm°na' Kmo{fV H$a hr {X`m.

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A^r CÝhm|Zo AnZo OrdZ Ho$ 36 df© hr nyao {H$E Wo bo{H$Z do {dÎmr¶ AI~mam| ‘| H$m’$s gw{I©¶m± ~Q>moa MwHo$ Wo, YmVw Ed‘² H$ƒo Vob O¡gr H$‘mo{S>Q>r S>o[ado{Q>ìhO ‘| Bbo³Q´>m°{ZH$ Q´>oqS>J H$aZodmbo CZHo$ "‘ëQ>r-H$‘mo{S>Q>r E³gM|O' (MCX) Ho$ Q´>oqS>J H$s ewédmV hr ñd¶§ [abm¶Ýg B§S>ñQ´>rO Ho$ à‘wI ‘wHo$e A§~mZr Ûmam "JmoëS> â¶wMg© H$m±Q´>°³Q>' IarXZo go hþB© Wr. BVZr H$‘ Am¶w ‘| ^r AnZo {dZ¶erb AmMaU Am¡a AnZo H$m‘ VH$ hr ñd¶§ H$mo gr{‘V aIZo Ho$ ñd^md Ho$ H$maU emh H$s VwbZm Hw$N> AI~mam| Zo {Yé^mB© A§~mZr go ^r H$a Xr Wr.

emh AnZo Xoe Ho$ gd©g‘mdoeH$ {dH$mg Ho$ {bE A{daV à¶mg H$a aho Wo. CZH$m Vmo ¶hr ‘mZZm Wm {H$ O~ VH$ H$‘ go H$‘ 10 H$amo‹S> bmoJm| VH$ CÚmoJOJV Ho$ ’$m¶Xo Zm nhþ±Mo V~ VH$ Aa~m| S>m°bg© H$s H§$n{Z¶m| H$s H$moB© gmW©H$Vm hr Zhr h¢. em¶X Bgr{bE emh AmYw{ZH$ VH$ZrH$ Ho$ joÌ ‘| {d{^Þ àH$ma Ho$ bmoH$mon¶moJr CËnmXm| Ho$ {Z‘m©U Ho$ {bE AmJ«h H$aVo AmE Wo.

2004-05 ‘|, O~ ‘mo~mB©b ’$moZ Amapå^H$ AdñWm ‘| Wm V~ "EZr Q´>mÝP°³eZ Am°Z ‘mo~mB©b' AWm©V ATOM Zm‘H$ ‘mo~mB©b ’$moZ na gwa{jV B©-IarX H$m "no‘oÝQ> gmoë¶weZ' FTIL Zo {Z‘m©U {H$¶m Wm. em¶X, emh H$s Ðï>r Zo g‘¶ go nhbo hr VmS> {b¶m Wm {H$ ATOM AWm©V Bbo³Q´>m°{ZH$ S>o{~Q>/H«o${S>Q> hr ^{dî¶ ‘| ‘mo~mB©b ’$moZ B©-em°qnJ Ho$ ‘mÜ¶‘ go g‘mO ‘| H«$m§{VH$mar n[adV©Z bmEJm. ‘mo~mB©b ’$moZ hr Xþ{Z¶mâ Ho$ bmoJm| H$mo EH$-Xÿgao go Omo‹S>Zo H$m gdm}Îm‘ ‘mÜ¶‘ ~ZoJm ¶h ~mV emh dº$ go nhbo hr g‘P JE Wo.

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gZ² 2008 ‘| O~ ‘¢ ~±qH$J joÌ ‘| H«$m§{VH$mar n[adV©Z bmZodmbo ICICI ~±H$ Ho$ à‘wI Ho$. ìhr. H$m‘V go {‘bm Vmo CÝhm|Zo Cgr g‘¶ emh H$mo AmYþ{ZH$ "’$m¶Zm§{e¶b ‘mH}$Q>g²' H$m OZH$ ~Vm¶m Wm. emh H$s dOh go VH$ZrH$ d d¡pídH$sH$aU Ho$ ’$m¶Xo OZgmYmaU VH$ nhþ±M aho h¢, bmoJm| H$mo {d{dY joÌm| ‘| CƒV‘ CËnmXm| H$m ghr ^md {‘b ahm h¢, Eogm H$m‘VOr H$m H$hZm Wm. ñd¶§ ~±{H$J joÌ Ho$ CÚmoOH$ hmoZo Ho$ ZmVo H$m‘VOr emh H$s ‘m¡{bH$Vm OmZVo h¢. emh H$s H§$n{Z¶m| H$s dOh go bmImo bmoJm| H$mo amoOJma CnbãY hmo ahm Wm. E³gM|O ì¶dgm¶ Ho$ ’$m¶Xm| Ho$ H$maU bmIm| bmoJ g§nÞ hmo aho Wo. Bg l¥§Ibm H$mo AmJo ~‹T>mZo Ho$ {bE emh Zo FT ‘| d[að> bm|Jmo H$s EH$ ~¡R>H$ ~wbm¶r Wr.

""^maV ‘| h‘| Omo H$m‘ H$aZm Wm dh A~ nyam hmo MwH$m h¢, A~ h‘| ~mha {ZH$bZm Mm{hE. h‘| qgJmnya go ~moñVdmZm VH$ XO©Zâ E³gM|O ñWm{nV H$aZo h¢.''

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B©î¶m© Ho$ Hw$N> ñda CZ VH$ ^r nhþ±Mo na emh H$^r {dM{bV Zhr hþE bo{H$Z NSEL àH$aU Ho$ MbVo emh H$m Make in India H$m gnZm {‘Å>r ‘| {‘bm {X¶m J¶m. emh {JaâVma hþE, ZmamO ^r hþE, bo{H$Z S>J‘JmE Zhr. ""gaH$ma ‘oar H§$n{Z¶m| H$mo Vhg-Zhg H$aZo na ³¶m| Vwbr hþB© h¢,'' CÝhm|Zo AnZo EH$ {dídgZr¶ gh¶moJr go nyN>m. CgZo Hw$N> H$mJOmV CZHo$ gm‘Zo aI {XE. CZ‘| Omo ã¶moam Wm dh Hw$N> Bg àH$ma Wm:

25 {gVå~a 2014 H$mo E{e¶m Ho$ Xþgao Z§~a Ho$ E³gM|O MCX H$mo Kotak Mahindra Bank Zo 495 H$amo‹S> én¶m| ‘| IarXm Wm. 18 Zdå~a 2014 H$mo

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New York Stock Exchange Zo 900 H$amo‹S> én¶m| ‘| Singapore Mercantile Exchange

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H$mo {g’©$ Bg ~mV ‘| A{YH$ é{M Wr {H$ ^maV H$mo {H$g Vah H$nmg Ho$ CËnmXZ H$m d¡pídH$ AmYma ~Zm¶m Om gH$Vm h¢. am¶M§X Zo ^maV ‘| H$‘mo{S>Q>rO ‘mH}$Q> {H$g Vah I‹S>m {H$¶m Am¡a Cgo {H$g Vah d¡pídH$ ~mOma H$m H|$Ð ~Zm {X¶m Bg‘| CÝh| AË¶m{YH$ é{M Wr.

emh ZoH$s H$s {damgV H$mo AmJo ~‹T>mZm MmhVo Wo. Financial Times, London H$mo {XE B§Q>aì¶y ‘| CÝhm|Zo H$hm Wm… ""‘mH}$Q>g² ‘oam em¡H$, ‘oam OwZyZ h¢. amV-{XZ, gmoVo-OmJVo, ‘¢ {g’©$ Am¡a {g’©$ ‘mH}$Q>g² Ho$ ~ma| ‘| gmoMVm ahVm hÿ§.''

"Ðï>m CÚmoOH$' H$hbmZodmbo emh Zo EH$ Ho$ ~mX EH$ Aìdb XO} Ho$ E³gM|O ‘mH}$Q>g² H$m {Z‘m©U {H$¶m. CgH$m H$maU CZH$m ¶hr OwZyZ Wm. O~ dh H$moB© H$m¶© H$aZo H$s R>mZ boVo, {’$a Cgo dmñVd ‘| bmE {~Zm CÝh| M¡Z Zhr {‘bVm. Cg‘| H$moB© bmnadmhr do ~Xm©íV Zhr H$aVo. "{Pamo Q>m°baÝg ’$m°a ’o$ë¶wAa' H$s VµO© na hr do H$m‘ H$aVo AmE h¢.

Bg g~ Ho$ ~mdOyX Hw${Q>b fS>¶§Ì Ho$ {eH$ma ~Zo emh Zo AnZo n[adma go H$h aIm Wm… ""h‘mar H§$n{Z¶m± AmO h‘mao nmg Zhr h¢, {’$a ^r CZH$s JwUdÎmm AmO ^r H$m¶‘ h¢. NSEL ‘| hþE 5600 H$amo‹S> én¶m| Ho$ {S>’$m°ëQ> H$m EH$ n¡gm ^r h‘mao nmg Zhr Am¶m h¢. h‘ {H$gr Ho$ ^r EH$ ZE n¡go Ho$ XoZXma Zhr h¢.''

AmO AbJ-AbJ AXmbVm| ‘| Ý¶m¶ H$s Jwhma bJmZodmbo emh ^maV Ho$ loð>V‘ E³gM|O ‘mH}$Qg² Ho$ {Z‘m©Vm h¢. Xþ^m©½¶ go, NSEL O¡go ‘mH}$Qg§~§Yr {ZU©¶ boZodmbr {d{dY g§ñWmE§ Ed‘² {Z¶m‘H$ ¶§ÌUmE§ AmO ^r ñdV§Ì ê$n go H$m¶© H$aZo H$s ~Om¶ H$‘Omoa hmoH$a Zm¡H$aemhr H$s bmb’$sV Am¡a Am{W©H$ àUmbr Ho$ Hw$à~§Y ‘| AQ>H$s nS>r h¢.

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FT Tower H$s 9 dr ‘§{Ob na emh AnZo gh¶mo{J¶m| Ho$ gmW Bg gd©Wm AZw{MV AmXoe Ho$ g§^mì¶ n[aUm‘m| na MMm© H$a aho Wo. emh Zo AnZo OZg§nH©$ A{YH$m[a¶m| H$mo Bg ~mV na Omoa XoZo Ho$ {bE H$hm {H$ ¶h ~mV g‘P boZr Mm{hE {H$ ¶{X NSEL àH$aU Ho$ dmñV{dH$ AnamYr N>moS> {XE JE Vmo ¶h "‘O©a Am°S>©a' ~mOmam| Ho$ {bE Ho$db {dÜd§g boH$a AmEJm.

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_¢ `hm± àmW©Zm H$aZo dmng Zhr AmD±$Jm.'' emh H$s AmdmO H$m±n ahr Wr. CZH$s Am±Im| _| Am±gy Am JE Wo. 2013 VWm CgHo$ ~mX Ho$ gaH$mar AmXoem| Zo emh H$m gd©ñd CZgo N>r>Z {b`m Wm Am¡a ¶h gmam _m_bm PyR na AmYm[aV Wm BgH$m emh H$mo A{YH$ Xþ…I Wm. CZH$m Or-OmZ go IS>m {H$¶m hþAm FTIL J«wn CÜdñV H$aZo Ho$ {bE {Z¶‘ZH$mar g§ñWm Am¡a VËH$mbrZ gaH$ma Zo {Og àmBgdm°Q>ahmCg Hy$ng© (PWC) H$s [anmoQ>© H$m AmYma {b¶m Wm dh Vmo Am{YH$m[aH$ Vm¡a na Am°{S>Q>a ^r Zhr Wr! Bg [anmoQ>© na hñVmja H$aZodmbo PWC Ho$ A{YH$mar Xe©Z nQ>ob Vmo H$m¶©aV MmQ>©S>© EH$mCÝQ>oÝQ> ^r Zhr Wo! PWC Zo AnZr [anmoQ>© _| ñnï> {bIm Wm {H$ CÝhm|Zo ¶h [anmoQ>© {bIVo g‘¶ FTIL Ho$ A{YH$m[a`m| H$s am` Zhr br h¢ Am¡a Bg [anmoQ>© H$mo Ho$db g§X^© Ho$ {bE hr à¶moJ {H$`m OmE, {H$gr ^r àH$ma H$s H$mZyZr H$m¶©dmhr Ho$ {bE Zhr. {\$a ^r FMC Zo AW©{d^mJ Ho$ fS>`§Ì Ho$ AZwgma PWC H$mo O~aXñVr \$m°aopÝgH$ Am°{S>Q>a H$ama XoVo hþE CgH$s [anmoQ>© H$m FTIL Ho$ {Ibm\$ Xþê$n¶moJ {H$¶m.

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NSEL {S>\$m°ëQ> H$m EH$ n¡gm r emh Ho$ nmg Zhr Am¶m h¢ ¶h ~mV _w§~B© hmB©H$moQ>© Z| ñnï> H$a Xr Wr. {H$gr g_` V‘m‘ _r{S>`mdmbm| Ho$ {bE "hoS>bmB©Z ‘Q>o[a¶b' ahZodmbo emh AmO OJh-OJh Hw$Moï>m H$m {df` ~Zm {XE JE Wo. BZ g~ ~mVm| H$m n[aUm‘ ¶h hþAm {H$ bmoJm| H$m Ü`mZ {S>\$m°ëQ>g© go hQ>H$a emh H$s Amoa Mbm J`m. CZHo$ Xþí_Z `hr Vmo MmhVo Wo.

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""H$moB© Vmo h¢ Omo ‘wPo {ZH$mb ~mha H$a XoZm MmhVm h¢, {Ogo ‘oao dOyX go hr Z’$aV h¢,'' emh AnZo H$ar~r XmoñV H$mo ~Vm aho Wo. ""Om±M EO§{g¶m| Zo _oao {Ibm\$ "bwH$AmCQ> Zmo{Q>g' Omar {H$`m h¢. _¢ Xoe Ho$ ~mha Zhr Om gH$Vm. ~«moH$g© Ho$ {Ibm\$ Omar H$s J¶r ¶hr Zmo{Q>g CÝhm|Zo dmng bo br. _oar gmar àmnQ>u grb H$a Xr J¶r h¢ bo{H$Z CZHo$ {Ibm\$ Eogr H$moB© H$m¶©dmhr Zhr h¢.''

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dmñVd ‘| gË¶ Hw$N> Am¡a hr Wm: NSEL Ho$ àdV©H$ emh Zhr, MCX Wm!

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Zo IwX hr Cn^moº$m {d^mJ go H$hm Wm {H$ ñnm°Q> E³gM|Omo H$mo FCRA Ho$ A§VJ©V Xr J¶r Ny>Q> {H$gr {deof àmdYmZ Ho$ {bE Z hmoH$a gd©gmYmaU Wr.

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MmO©erQ> _| ^r Eogm Amamon Wm {H$ N>moQ>o-~‹S>o {S>\$m°ëQ> NSEL _| nhbo ^r hmo MwHo$ h¢; bo{H$Z Eogo {S>\$m°ëQ>g© H$mo {ZîH$m{gV H$aZo H$s ~Om` NSEL Zo CÝh| _m{O©Z EŠOoåneZ {X`m, "H$m°nm}aoQ> J°a§Q>r' XoVo hþE H$O© ^r {X`m.

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Cn^moº$m {d^mJ Ho$ "H$maU ~VmAmo Zmo{Q>g' H$m ¶Wmo{MV ì¶dpñWV ñnï>rH$aU {X¶m Wm.

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Zdå~a 2011 go hr "Q´>oqS>J ³bm¶§Q>g²' Ho$ Zm‘, nVo, JmoXm‘ ‘| pñWV ñQ>m°H$ B. H$s OmZH$mar NSEL ha n§Ðh {XZ ‘|| FMC H$mo ôO ahr Wr. ~«moH$g© VWm "Q´>oqS>J ³bm¶§Q>g²' ^r 50 ~ma JmoXm‘m| H$m M¸$a bJmH$a AmE Wo co{H$Z {H$gr Zo ^r H$moB© {dnarV à{V{H«$¶m Zhr Xr Wr.

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138

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139

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140

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"Zm°Q> {’$Q> A°ÊS> àm°na' H$m ’$Vdm {ZH$mbm Wm. em¶X Eogm H$aZm A{^foH$ Ho$ {bE Oê$ar Wm. CZH$s {Z¶w{º$ Am¡a Va¸$s ^r H¥$îUZ Am¡a CZHo$ d[að>m| H$s ‘Ou na {Z^©a Omo Wr. {MXå~a‘ Am¡a H¥$îUZ Ho$ {bE ¶h ì¶{º$JV Ûof OZ{hV Am¡a amï´>{hV go ^r ~‹T>H$a Wm. Bgr VWmH${WV OZ{hV H$mo AmYma ~ZmH$a A{^foH$ FTIL na EH$ Ho$ ~mX EH$ bm§N>Z bJmE Om aho Wo. BgHo$ {bE, CÝhm|Zo Bg ~mV H$mo ZOaA§XmO H$a {X¶m {H$ FTIL VWm NSEL H$mZyZr Vm¡a na Xmo AbJ-AbJ H§$n{Z¶m± h¢ {OZH$m ñdm{‘Ëd Am¡a ì¶dñWmnZ Xmo AbJ-AbJ ~mV| h¢.

Img ~mV Vmo ¶h h¢ {H$ "{S>å¶wMwAbm¶PoeZ' ñdrH$maZo Ho$ ~mX FMC Zo Bg VËd H$mo ~‹T>mdm {X¶m Wm. "{S>å¶wMwAbmBOoeZ' VËd Ho$ AZwgma FTIL Bg ñdV§Ì H§$nZr H$mo CgH$s ñdV§Ì g~{g{S>¶ar Ho$ ì¶dñWmnZ Ho$ {bE H$mZwZZ {Oå‘oXma Zhr R>ham¶m Om gH$Vm.

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H$m à¶moJ H$aHo$ emh Am¡a FTIL O~ VH$ (MCX go) ~mha Zhr {ZH$bVo V~ VH$ MCX H$mo â¶wMg© Q´>oqS>J amoH$Zo Ho$ {bE ~mÜ¶ H$a {X¶m J¶m. Bg{bE MCX Ho$ BZ Q´>oS>g² H$s {S>brdar 2016 VH$ AmJo Y>Ho$bZr n‹S>r.

2015 H$s MCX H$s "H$‘mo{S>Q>r S>o[ado{Q>d Q´>oqS>J' ~§X hmoZo H$s dOh go WmoH$ {dH«o$Vm, JmoXm‘YmaH$, ‘mbna à{H«$¶m H$aZodmbo, CËnmXH$, Am¶mV-{Z¶m©V H$aZodmbo B. H$B© bmoJm| H$mo mar ZwH$gmZ CR>mZm n‹S>m. Kaoby VWm {dXoer H$‘mo{S>Q>rO hoqOJ Q´>oS>g² na ^r BgH$m Xþîn[aUm‘ hþAm. OZVm H$m ZwH$gmZ H$aZodmbo AmXoe ‘| H$hm± A{^foH$ H$m VWmH${WV "OZ{hV' Nw>nm hþAm Wm?

gË¶ Vmo ¶hr h¢ {H$ {X„r ‘| ~¡R>o Hw$N> ~‹S>o bmoJm| H$m {hV Bg‘| Nw>nm hþAm Wm.

"Zm°Q> {’$Q> A°ÊS> àm°na' Ho$ ~mX ^r BZ E³gM|Om| go ~mha {ZH$cZm AmgmZ Zhr Wm. ‘mÝ¶Vm àmá "H$‘mo{S>Q>r E³gM|O ‘| "A±H$a BÝdoÝQ>a' Ho$ "noS>-An eo¶a H¡${nQ>c' Ho$ {Zdoe H$s ‘¶m©Xm H$mo 26% go grYo 5% na CVmam J¶m Wm. A~ H$moB© ^maVr¶ AHo$bo/ñd¶§ AWdm {H$gr Ho$ gmW àË¶j ¶m AàË¶j ê$n go 5% go Á¶mXm {Zdoe Zhr H$a gH$Vm Wm. {g’©$ H$‘mo{S>Q>r E³gM|O, ñQ>m°H$ E³gM|O, {S>nm°{OQ>ar, ~¢H$, ~r‘m H§$n{Z¶m± VWm {dÎmr¶ g§ñWmE§ hr 15% VH$ {Zdoe H$a gH$Vr Wr.

FMC Zo {Z¶‘m| ‘| {H$E BZ ~Xcmdm| Ho$ H$maU FTIL Ho$ E³gM|Om| ‘| 26% VH$ {Zdoe H$aZo Ho$ BÀNw>H$ "A±H$a BÝdoñQ>a' AnZo Amn hr ~mha ’|$H$ {XE JE, ~Mo Ho$dc N>moQ>o-‘moQ>o {ZdoeH$. AcJ-AcJ O{Q>c {Z¶‘m| Ho$ H$maU FTIL ^r A~ Aghm¶ ~ZH$a ah J¶r Wr. Bg Vah BZ E³gM|Om| Ho$ BÀNw>H$ IarXXma ^r H$‘ H$a {XE JE Am¡a CZH$s ~mocr ^r H$‘ cJm¶r J¶r. AWm©V² FTIL H$mo ‘O~yaZ AnZm {hñgm H$‘ Xm‘ na ~oMZm n‹S>m. FTIL H$m hOmam| H$amo‹S> ê$n¶m| H$m ZwH$gmZ hmo J¶m.

{X„r H$s fS>¶§ÌH$mar {VH$‹S>r ^r ¶hr MmhVr Wr. {’$a Eogm H$aZo Ho$ {cE, 1991 ‘| Xoe Zo ñdrH$ma {H$E cmoH$V§ÌOZrV ny±OrdmX H$m VWm àmH¥${VH$ {Z…nj Zr{V-{Z¶‘m| H$mo ~{c ^r M‹T>m¶m OmVm Wm Vmo Cggo BÝh| ³¶m ’$H©$ n‹S>Zodmbm Wm?!

Xoe H$m ì¶mnH$ {hV Ü¶mZ ‘| aIVo hþE FTIL, {g’©$ Bg{cE {H$ CgHo$ H$maU ~mOma ‘| AÝ¶m| H$m H$moB© ZwH$gmZ Z hmo, AnZo E³gM|Om| Ho$ ~Xbo {‘co Xm‘ ñdrH$maVo hþE MCX, MCX-SX VWm IEX go ~mha hmo J¶r bo{H$Z {X„r H$s IVaZmH$ g‹S>H$m| H$s H$hmZr A^r g‘má Zhr hþB© h¢.

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18 AJñV 2014 H$mo emh Am¡a FTIL Ho$ eÌwAm| Zo {’$a Z¶m àhma {H$¶m: H§$nZr H$mZyZ H$s Ymam 396 Ho$ VhV NSEL H$mo FTIL ‘| {dcrZ H$a {X¶m OmE ¶h àñVmd FMC Zo AW© {d^mJ H$mo ôO {X¶m. H¥$îUZ Zo VËnaVm go ¶h àñVmd H$mnm}aoQ> ‘§Ìmc¶ H$s Amoa ~‹T>m {X¶m. H¥$îUZ Zo {Og 21 A³Qy>~a 2014 H$mo ¶h àñVmd AmJo ~‹T>m¶m Wm CgHo$ EH$ {XZ nhco hr CZH$m V~mXbm J«m‘rU ‘§Ìmc¶ ‘| H$a {X¶m J¶m Wm. 19 Am¡a 20 A³Qy>~a H$mo e{Zdma/a{ddma hmoZo Ho$ H$maU H|$Ð gaH$ma Ho$ H$m¶m©c¶m| ‘| Nw>Å>r Wr. Bggo ¶h ñnï> {XIm¶r XoVm h¢ {H$ H¥$îUZ Zo NSEL Am¡a FTIL Ho$ "‘O©a' H$m ¶h àñVmd AmJo ~‹T>mZo ‘| {H$VZr OëX~mOr {XIm¶r. FTIL go CZH$s Xþí‘Zr H$m’$s nwamZr Wr Am¡a Bg{cE Eogm hmoZm em¶X Ano{jV hr Wm. A{^foH$ ^r AnZr "Or hwOya' dmcr ^y{‘H$m ~XñVya ~Om aho Wo.

Bg OëX~mOr H$m EH$ Am¡a H$maU gm‘Zo Am¶m.

2014 Ho$ MwZmd ‘| H$m§J«og gÎmm go ~mha hmo J¶r. {MXå~a‘ A~ {dÎm‘§Ìr Zhr Wo co{H$Z CZHo$ M{hVo H¥$îUZ A~ ^r godmaV Wo.

17 A³Qy>~a 2014 H$mo A{^foH$ Zo AW©{d^mJ H$mo EH$ Am¡a nÌ {bIH$a NSEL – FTIL Ho$ "‘O©a' H$m AmJ«h {H$¶m. Bg ~mV Ho$ g‘W©Z ‘| CÝhm|Zo H$hm {H$ NSEL Ho$ Hw$N> Q´>oqS>J ³bm¶§Q>g² "‘O©a' H$s Jwhma bJm aho h¢.

Xþ^m©½¶de, Bg àñVmd H$s {H$gr ^r àH$ma H$s Om±M-n‹S>Vmc Z H$aVo hþE {dÚ‘mZ NDA gaH$ma Ho$ H$mnm}aoQ> ‘§Ìmc¶ Zo 21 A³Qy>~a 2014 H$mo "‘O©a' H$m ‘gm¡Xm gmd©O{ZH$ H$a {X¶m. "‘O©a' Ho$ {cE FMC Zo Omo H$maU AmJo ~T>mE Wo do Bg àH$ma Wo: ¶Ú{n FMC, NSEL Ho$ Q´>oS>g² H$s ny{V© à{H«$¶m H$s XoIaoI H$a ahr h¢ co{H$Z {S>’$m°ëQ> H$m n¡gm nwZ… àmá H$aZo ‘| NSEL H$m’$s g‘¶ cJm ahr h¢. NSEL H$mo 13000 "Q´>oqS>J ³bm¶§Q>g²' Ho$ 5689.95 H$amo‹S> ê$n¶m| Ho$ S>çyµO² goQ>b H$aZo h¢, Am¡a A~ VH$ dh {g’©$ 362.43 H$amo‹S> ê$n¶m| Ho$ S>çyO hr goQ>b H$a nm¶r h¢.

dmñVd ‘|, 13000 VWmH${WV {ZdoeH$m| Ho$ "{hV' H$s ~mV hr g§XohmñnX Wr. NSEL {S>’$m°ëQ H$s aH$‘ ‘| VH$ar~Z 66% aH$‘ Ho$dc 6% AWm©V² 789 "Q´>oqS>J ³bm¶§Q>g²' Ho$ nmg nm¶r J¶r Wr. ‘w§~B© hmB©H$moQ>© Zo ^r AnZo 22 AJñV 2014 Ho$ AmXoe ‘|, ¶h "Q´>oS>g©' dmñVd ‘| Agbr h¢ ^r ¶m Zhr Bg ~mV H$mo boH$a gdmc CR>m¶m Wm.

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A~ VH$ ~mOma ‘| A’$dmh| C’$mZ na Wr {H$ FMC Zo UPA-2 Ho$ Cn^moº$m {d^mJ H$mo gy{MV {H$¶m {H$ "‘m±{ZQ>[a¨J A°ÊS>> Am°³eZ H${‘Q>r' (MAC) Ho$ AZwgma ê$n¶o VWm ‘mZd g§gmYZ H$s H$‘r, {dídgZr¶Vm H$m A^md, B. Ho$ H$maU NSEL A~ hVmhV hmo MwH$s h¢.

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FMC Zo BZ na VWm Eogo H$B© Xmofr ì¶{º$¶m| na H$moB© H$m¶©dmhr Zhr H$s, Z CZHo$ ~¢H$ Im±Vmo H$mo grc {H$¶m, Z CZH$s H§$n{Z¶m± {dcrZ H$s Am¡a Z hr CZH$s H§$n{Z¶m| H$m ì¶dñWmnZ ~XcZo H$s {g’$m[ae H$s.

EOW ‘w§~B© Zo AnZr Om±M-n‹S>Vmc ‘| NSEL H$m gmam n¡gm 24 "{S>’$m°ëQg©' Ho$ nmg nmE OmZo H$s nw{ï> H$s Wr. ‘w§~B© hmB©H$moQ>© Zo ^r ñnï> H$a {X¶m Wm {H$ ¶h gmam

146

n¡gm NSEL, FTIL VWm emh Ho$ nmg Z hmoH$a BZ "~moJg Q´>oS>g©' Ho$ nmg J¶m h¢.39

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"{S>’$m°ëQ>' g§~§Yr g^r Amdí¶H$ H$m¶©dmhr H$aZo Ho$ {cE nw»Vm A{YH$ma gaH$ma Ûmam ~hmb {H$E OmZo Ho$ ~mX ^r H$moB© H$m¶©dmhr Z H$aZodmco A{^foH$ {Z¶‘ZH$mar g§ñWm Ho$ à‘wI Ho$ ê$n ‘| IwX hr "Zm°Q> {’$Q> A°ÊS> àm°na' Wo Bg ~mV ‘| H$moB© g§Xoh Zhr Wm.

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147

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148

Ho$ {cE {Oå‘oXma R>ham¶m OmE ¶h A{^foH$ H$m {ZîH$f© AVm{H©$H$ hr Zhr ~pëH$ J¡a{Oå‘oXmamZm h¢. FTIL Zo NSEL H$s ‘XX H$s Ho$dc g{XÀN>m go ào[aV hmoH$a Am¡a dh ^r {~Zm {H$gr àH$ma Ho$ nydm©J«h Ho$ H$s h¢.

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Xÿgar ‘hÎdnyU© ~mV ¶h Wr {H$, 6 AJñV 2013 H$mo FMC Ho$ H$hZo na H$mnm} aoQ> ‘§Ìmc¶ Zo EH$ J¡OoQ> AmXoemZwgma NSEL H$mo YmVw Ho$ "B©-gr[aO' H$m±Q´>±³Q>g² amoH$Zo H$mo H$hm Wm. Bg AmXoe Ho$ {Icm’$ Hw$N> "Q´>oqS>J ³bm¶§Q>g²' H$moQ>© Mco JE. BZ Q´>oS>g² H$s ny{V© Ho$ {cE g‘¶ Vmo cJm na§Vw OyZ-AJñV 2014 H$s H$mcmd{Y ‘| FMC H$s AZw‘{V go hmB©H$moQ>© Ho$ AmXoemZwgma g^r 33000 "Q´>oqS>J ³bm¶§Q>g²' Ho$ g^r Q´>oS>g² H$s ny{V© H$s J¶r. AcJ-AcJ YmVwAm| Ho$ Q´>oS>g² Wmo‹S>o-Wmo‹S>o g‘¶ na {ZpíMV {H$E JE.

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Am¡a ¶hr dmñV{dH$Vm ^r Wr.

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Bg‘| go H$moB© ^r H$m¶©dmhr H$aZo ‘| FMC Zo Oam ^r ‘XX Zhr H$s Wr. "[aH$dar' H$s gmar {Oå‘oXmar FMC Zo NSEL na S>mc Xr Wr. "{S>’$m°ëQ>g©' H$s Vah "Q´>oqS>J ³bm¶§Q>g²' H$mo NSEL H$m±Q´>°³Q>g² ~‹T>m-M‹T>mH$a ~oMZodmbo VWm ~ZmdQ>r H$m±Q´>°³Q>g² H$s Q´>oqS>J H$aZodmco ~«moH$g© ^r Xmofr Wo co{H$Z A{^foH$ Zo ¶h gË¶ H$m°nm} aoQ> ‘§Ìmc¶ go Nw>nmH$a aIm.

149

BZ ~mVm| Ho$ ‘ÔoZµOa, NSEL Ho$ nmg Amdí¶H$ ñQ>m’$ Zm hmoZo H$s dOh go "‘O©a' H$am {X¶m OmE ¶h A{^foH$ H$m H$hZm {H$VZm ghr hmo gH$Vm h¢?

O~ VH$ NSEL à{V{XZ ~hþV ~‹S>o n¡‘mZo na Q´>oqS>J H$aZodmbm H$‘mo{S>Q>r E³gM|O> Wm V~ VH$ ñQ>m’$ ^r ânya Wm na O~ NSEL H$mo ~§X H$aZo H$m ’$Vdm Am¶m Vmo Cg g‘¶ NSEL H$mo BVZo A{YH$ ñQ>m’$ H$s Amdí¶H$Vm Z ahZm ñdm^m{dH$ hr Wm. A{^foH$ ¶h ~mV AÀN>r Vah OmZVo Wo Am¡a Bgr ~mV H$m ’$m¶Xm CR>mVo hþE CÝhm|Zo H$mnm}aoQ> ‘§Ìmb¶ H$s Am±Im| ‘| Yyb Pm|H$s.

Xþ^m©½¶de, H$mnm}aoQ> ‘§Ìmc¶ ^r A{^foH$ Ho$ Bg ^«m‘H$ H$WZ ‘| ’±$g J¶m.

"‘O©a' Ho$ H$maU {OZ "ñQ>oH$hmoëS>g©' na {dn[aV n[aUm‘ hmoJm Eogo g^r bmoJm| go H$mnm}aoQ> ‘§Ìmc¶ Zo à{V{H«$¶m ‘m§Jr bo{H$Z H$B©¶m| H$m {damoY hmoZo Ho$ ~mX ^r H$m°nm}aoQ> ‘§Ìmc¶ Zo 12 ’$adar 2016 H$mo "‘O©a' H$m A§{V‘ AmXoe Omar H$a hr {X¶m. FTIL Zo Bg AmXoe H$s KQ>ZmË‘H$ d¡YVm H$mo hr ‘w§~B© hmB©H$moQ>© ‘| MwZm¡Vr Xr h¢.

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150

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151

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"A°Q>bg l½S' H$m Zm¶H$ Om°Z Jm°ëQ> EH$ H$mën{ZH$ nmÌ Wm. 1950 Ho$ XeH$ Ho$ H$B© àíZm| H$s nmíd©^y{‘ ‘| a°ÊS> Zo Bg nmÌ H$s H$ënZm H$s Wr. 1949-1954 Ho$ Xaå¶mZ ‘mAmo PoS>m±J Ho$ MrZ ‘| 8 bmI bmoJm| H$mo gm‘m{OH$ X§Jm| ‘| H$Ëb H$a {X¶m J¶m Wm, Bg ~mV H$s n¥ð>^y{‘ ^r Bg nwñVH$ H$mo Wr naÝVw {O¾oe emh EH$ dmñVd h¢. {OX Am¡a {Za§VaVm Ho$ Bg dmñVd Zo hr Xþ{Z¶mâ ‘| loð>V‘ E³gM|Om| H$s EH$ l¥§Ibm {Z{‘©V H$s h¢. gM h¢, ~w{ÕOr{d¶m| H$m g’$a Eogo hr H$‘© na lÕm go AmH$mer¶ {Z{‘©Vr H$s Amoa C‹S>mZ boZodmbm hmoVm h¢. H$B© Omo{I‘ CR>mVo hþE emh Zo AnZo {dMmam| go ~mOma H$s AW©ì¶dñWm ‘| H«$m§Vr H$s ‘emb gwbJVr aIr. emh ñQ>m°H$ ‘mH}$Q> H$s Xþ{Z¶m Ho$ Xmo V¥Vr¶m§e H$m {hñgm aho bo{H$Z CÝhm|Zo AnZo Amn H$mo à{g{Õ go h‘oem Xÿa hr aIm bo{H$Z O¡go-O¡go CZH$m H$m‘ ~‹T>Vm J¶m, Xþ{Z¶m Ho$ ~‹S>o-~‹S>o bmoJm| Ho$ gmW CZH$m Zm‘ {b¶m OmZo bJm, ¶h à{g{Õ Am¡a ~S>ßnZ CZHo$ ^r {hñgo Am¶m Am¡a ¶hr CÝh| ‘h±Jm n‹S> J¶m.

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152

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emh H$s nrS>m r Cggo {^Þ Zhr Wr. CZH$s BÀN>me{º$, AZwg§YmZmË‘H$ {H«$¶me{º$ Ho$ {Ibm’$ ^r h‘mar ì¶dñWm Zo Eogo hr Vah-Vah Ho$ amo‹S>o I‹S>o H$a {XE Wo.

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Jm°ëQ> g‘P OmVm h¢ {H$ A‘ra hmoZo Ho$ ~mdOyX aoAaS>Z EH$ Aghm¶ ì¶{º$ h¢, EH$ Eogm CÚmoOH$ {Ogo Jm°ëQ> Ho$ ê$n ‘| hr H$moB© {Xbmgm {‘b gH$Vm Wm. ¶h Ñí¶> Am¡a ¶h àg§J {Og‘| Jm°ëQ> AnZr ¶h ^mdZmE§ S>°Zr Ho$ gm‘Zo ì¶º$ H$aVm h¢, CgHo$ M[aÌ H$s JhamB©¶m| H$mo Xem©Vm h¢.

{O¾oe emh H$m H$‹S>r ‘ohZV go I‹S>m {H$¶m gm‘«mÁ¶ O~ CZgo N>rZ {b¶m J¶m Am¡a CÝh| {hamgV ‘| {b¶m J¶m V~ emh r Bgr Vah H$s ¶mVZmAm| H$s ¶mÌm go JwOao.

Oob ‘| CÝh| Bg AHo$bonZ H$m Ehgmg Hw$N> A{YH$ ‘hgyg hþAm. AnZo gmWr H¡${X¶m| go CÝhm|Zo AnZr ^mdZmE§ ^r gmPm H$s. {’$a ^r emh pñWa aho, {ZíMb aho, CÝhm|Zo H$^r ^r ~w{Õ Am¡a ^mdZmAm| H$m ‘ob Zhr hmoZo {X¶m.

BVZm g~ Hw$N> XoIZo, ghZo Ho$ ~mX ^r emh em§V Wo. Bgr JhZ em§{V ‘| CÝhm|Zo AnZo AJbo g’$a H$m Zm‘ aIm 63 moons technologies limited! FTIL H$m ¶h Z¶m Zm‘ Wm, Z¶r {Xem Wr!

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Jm°ëQ> Am¡a emh XmoZm| Zo hr ny§OrdmXr ì¶dñWm Ho$ gdm}Îm‘ JwUm| H$mo ñdrH$mam Wm; ñdV§ÌVm, ñdm¶ÎmVm, AZwg§YmZ VWm gaH$mar hñVjon go ‘wº$s. XmoZm| Zo hr g‘wXm¶dmX Ho$ loð>V‘ {dH$ën {XE; {díd H$s Am{W©H$ g‘ñ¶mAm| Ho$ {bE g‘mYmZ noe {H$E. XmoZm| H$m hr ¶h ‘mZZm ahm h¢ {H$ ì¶{º$JV AZwg§YmZ go hr gm‘wXm{¶H$ {hV gmYm Om gH$Vm h¢. XmoZm| Zo hr Aìdb XO} Ho$ g¥OZerb CËnmXm| H$m {Z‘m©U {H$¶m bo{H$Z XmoZm| Ho$ n¡a gXm O‘rZ na hr aho. Owë‘r bmb{’$Vemhr Zo {Og ì¶dñWm H$mo Xr‘H$ H$s Vah Mm§Q> {b¶m h¢ Cg ^«ï> dmVmdaU ‘| Jm°ëQ> ¶m emh Zo Hw$N> ^ì¶V‘ H$a {XImZm H$ënZmVrV Wm.

emh Am¡a Jm°ëQ> XmoZm| ì¶dñWm go b‹S>o Am¡a Eogm H$aZo Ho$ {bE XmoZm| Zo ~S>r ^mar H$s‘V MwH$m¶r. XmoZm| H$mo AÝ¶m¶, AË¶mMma ghZ H$aZm n‹S>m na XmoZm| ^r gË¶ H$s amh na A{S>J aho. AË¶§V {dn[aV n[apñWVr ‘| ^r Jm°ëQ> Am¡a emh ñdV§Ì CnH«$‘m| Ho$ d¡H$pënH$ eãX ~Z JE.

1995-2012 VH$ emh Ho$ FTIL Zo {dídâ ‘| E{e¶m go A{’«$H$m VWm ‘Ü¶nyd© VH$ Xg loð>V‘ E³gM|O I‹S>o {H$E, Q>mo{H$¶mo go CÎma A‘o[aH$m VH$ emh Zo ^mJrXmar Ho$ ì¶dgm¶ I‹S>o {H$E. BZ CÚmoJm| H$mo Zï> Zhr {H$¶m OmVm Vmo do {Zg§Xoh Make in India Ho$ g~go ~‹S>o ~hþamï´>r¶ CÚmoJ ~Z JE hmoVo.42

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emh H$s {Z{‘©Vr H$m AmcoI ^r AX²^yVnyd© ahm h¢.

1) ODIN (1998 go ^maV H$s gdm©{YH$ ¶eñdr ~m¡{ÕH$ V§Ì g§nXm):

A‘o[aH$m ¶m ¶yamon Ho$ E³gM|Om| Ho$ VH$ZrH$s CËnmXm| H$s VwcZm ‘| FTIL Zo Xoe-{dXoe Ho$ E³gM|Om| Ho$ {cE {Z{‘©V {H$¶m ¶h "Q´>oqS>J Q>{‘©Zc' H$m’$s H$‘ IMucm h¢.

ODIN Ho$ H$maU hr h‘ nwamZo O‘mZo ‘| Q>rìhr na XoIm H$aVo Wo dh ~«moH$g© Ûmam ñQ>m°H$ ‘mH}$Q> ‘| ~mocr cJmZo H$m {gc{gcm IË‘ hþAm Am¡a {^Þ-{^Þ eham| Ho$ ñQ>m°H$ ‘mH}$Q H$s Q´>oqS>J VSAT VWm 2.5 àmoJ«°‘ Ho$ ‘mÜ¶‘ go gwMmé ê$n go hmoZo cJr. ODIN EH$ Eogm ‘ëQ>r-goJ‘|Q> gm°âQ>doAa h¢ Omo Amdí¶H$ g^r OmoIr‘ Ho$ à{V gwa{jVVm àXmZ H$aVm h¢.

N>moQ>o-~S>o ~«moH$g© g{hV ~‹S>o-~‹S>o {dXoer {ZdoeH$ g§ñWmAm| (FII) Ho$ {cE ^r ODIN g‘mZ ê$n go Cn¶moJr h¢. C{MV H$s‘V Am¡a nhþ±M Ho$ ~mao ‘| ^r ODIN Xþ{Z¶mâ ‘| Aìdc Z§~a na ahm h¢. nyao ^maV Xoe ‘| 20 cmI go ^r Á¶mXm ODIN Q>{‘©Zëg Ho$ 10 cmI go A{YH$ cmBgoÝgYmaH$ h¢. BgH$s VwcZm ‘|, hmc hr H$s OmZH$mar Ho$ AZwgma 100 df© go ^r A{YH$ g‘¶ Ho$ {cE H$m¶©aV Reuters ¶m {’$a 40 dfm} go A{YH$ g‘¶ Ho$ {cE ì¶dgm¶ H$a ahr Bloomberg BZ {dXoer H§$n{Z¶m| Ho$ ^r 350 go Á¶mXm Q>{‘©Zëg Zhr h¢.

2) DOME (~m¡{ÕH$ V§Ì g§nXm - 2003)

DOME AWm©V "{S>ñQ´>rã¶wQ>oS> Am°S>©a ‘°qMJ B§{OZ' ¶h "Q´>oqS>J cmB’$ gm¶H$c' Ho$ g^r {hñgm| ‘| AË¶§V Cn¶moJr h¢. E³gM|Om| Ho$ AcJ-AcJ goJ‘oÝQ²>g H$s Q´>oqS>J à{H«$¶m gwc^ H$aZodmcr ¶h VH$ZrH$ h¢.

3) Internet & Mobile Trading (~m¡{ÕH$ V§Ì g§nXm 1998)

AcJ-AcJ E³gM|Om| ‘| g^r CËnmXm| H$s "S>o[ado{Q>ìh H$m°ÝQ´>³Qg² Q´>oqS>J>' B§Q>aZoQ> VWm ñ‘mQ>©’$moZ Ho$ ‘mÜ¶‘ go gwc^ H$aZodmcr ¶h VH$ZrH$ h¢.

4) MCX ({Z¶‘Zm§VJ©V {dÎmr¶ g§ñWm 2003) {Z¶‘ZH$mar g§ñWm: ’$m°d©S>© ‘mH}$Q>g² H${‘eZ (FMC)

157

¶h E³gM|O gmoZo-Mm§Xr H$s "â¶wMg© Q´>oqS>J' ‘| Xþ{Z¶m ‘| Z§~a 1, Vm§~m Ed‘² àmH¥${VH$ J°g H$s Q´>oqS>J ‘| Z§~a 2 Am¡a H$ƒo Voc Ho$ â¶wMg© Q´>oqS>J ‘| Z§~a 3 ahm h¢. Xoeâ H$s H$‘mo{S>Q>r Q´>oqS>J ‘| 85% {hñgm {g’©$ Am¡a {g’©$ MCX H$m ahm h¢. ‘yë¶dmZ YmVw, cmoh VWm A-cmoh YmVw, D$Om©, H¥$fr CËnmX, B. {^Þ-{^Þ joÌm| Ho$ CËnmXm| ‘| 30 go A{YH$ àH$ma H$s "â¶wMg© Q´>oqS>J' MCX McmVm h¢.

5. NSEL ({Z¶‘Zm§VJ©V {dÎmr¶ g§ñWm - 2005) {Z¶‘ZH$mar g§ñWm: ’$m°d©S>© ‘mH}$Q>g² H${‘eZ (FMC)

{~Mm¡{b¶m| H$s EH$m{YH$maemhr H$mo ÜdñV H$aZodmbm ¶h Xoe H$m nhcm ñnm°Q> E³gM|O Wm. Xoeâ Ho$ AZoH$ H¥$fr CËnÞ ~mOma g{‘{V¶m| Ho$ gmW g§c¾ hmoZo Ho$ H$maU NSEL Zo {H$gmZm| H$s CnO H$mo AÀNo Xm‘ àmá H$admH$a {XE.

14 Aà¡c 2016 H$mo NDA gaH$ma Zo Xoeâ Ho$ 21 H¥$fr CËnÞ ~mOma g{‘{V¶m| H$mo Omo‹S>H$a ~ZmB© B©-‘§S>r (e-NAM) 10 df© nyd© ñWmnZ H$s J¶r NSEL H$s à{VH¥$Vr hr h¢. Bggo ¶h gm{~V hmoVm h¢ {H$ emh g‘¶ go {H$VZo AmJo gmoMVo AmE h¢.

6) MCX-SX ({Z¶‘Zm§VJ©V {dÎmr¶ g§ñWm 2008) {Z¶‘ZH$mar g§ñWm: {g³¶w[aQ>rO A°ÊS> E³gM|O ~moS>© Am°’$ B§{S>¶m (SEBI)

7 A³Qy>~a 2008 H$mo SEBI VWm [aOd© ~¢H$ Ho$ {Z¶‘Zm§VJ©V {ZOr ‘mÜ¶‘ go "H$aÝgr S>o[aìhoQ>rìhO Q´>oqS>J' H$aZodmcm ¶h Xoe H$m nhcm ñQ>m°H$ E³gM|O Wm. ñQ>m°H$ E³gM|O Ho$ ê$n ‘| Q´>oqS>J H$aZo H$s ‘mÝ¶Vm {‘cZo Ho$ ~mX MCX-SX Zo "{g³¶w[aQ>rO â¶wMg© A°ÊS> Am°neÝg' (SX 40) {ZX}em§H$ VWm AcJ-AcJ joÌm| Ho$ 40 AÝ¶ ~S>o ñQ>m°³g ‘| Q´>oqS>J H$aZm àma§^ H$a {X¶m.

7) IEX ({Z¶‘Zm§VJ©V {dÎmr¶ g§ñWm 2008) {Z¶‘ZH$mar g§ñWm: H|$Ðr¶ {dÚwV {Z¶m‘H$ Am¶moJ (CERC)

Xoeâ Ho$ 29 amÁ¶ VWm 5 H|$Ðem{gV àXoem| H$mo Omo‹S>>H$a {~Ocr H$s IarX-{~H«$s H$s nmaXeu Q´>oqS>J H$aZodmcm ¶h E³gM|O OyZ 2008 ‘| ñWm{nV {H$¶m J¶m. ’$adar 2011 ‘| IEX Zo "[aÝ¶wE~c EZOu g{Q>©{’$Ho$Q>' H$s Q´>oqS>J ewê$ H$s. AWm©V, Aj¶ {dÚwV joÌ ‘| ^r Eogr D$Om© H$m {Z‘m©U H$aZodmco

158

amÁ¶/g§ñWm VWm CÝhm|Zo {Z‘m©U H$s hþB© {~Ocr Ho$ ~Xco ‘| ¶h g{Q>©{’$Ho$Q> IarXH$a do Bg E³M|O na ~oM gH$Vo Wo. {dÚwV {dVaU H§$n{Z¶m±, {dÚwV àH$ën ¶m {’$a AÝ¶ Q´>oS>a CÝh| Amdí¶H$ "[aÝ¶wE~c nM}g Am°ãcrJoeZ' H$s nyVu Ho$ {cE ¶h g{Q>©{’$Ho$Q²>g IarX gH$Vo Wo. gm¡a VWm A-gm¡a D$Om© ‘mÜ¶‘ ‘| ^r ¶h g{Q>©{’$Ho$Q²>g CncãY Wo.

8) SMX ({Z¶‘Zm§VJ©V {dÎmr¶ g§ñWm 2008) {Z¶‘ZH$mar g§ñWm: ‘m°{ZQ>ar Am°Wmo[aQ>r Am°’$ qgJmnya (MAS)

E{e¶m VWm E{e¶m Ho$ ~mha ^r H$‘mo{S>Q>r Ho$ gmW gmW S>o[ado{Q>ìhO H$s Q´>oqS>J H$aZodmcm "qgJmnya ‘Hª$Q>mBc E³gM|O' (SMX) {Z¶‘ZH$mar g§ñWm H$s AZw‘{V {‘cZo Ho$ ~mX 31 AJñV H$mo ewê$ hmo J¶m. qgJmnya ¶h E{e¶m H$m ‘hÎdnyU© Am{W©H$ H|$Ð ahm h¢ Bg{cE emh Zo X{jU VWm X{jU-nyd© E{e¶m ‘| H$‘mo{S>Q>rO VWm H$aÝgr S>o[ado{Q>ìhO Q´>oqS>J ‘| Amdí¶H$ Omo{I‘ ì¶dñWmnZ H$s gw{dYm Bg E³gM|O Ho$ ‘mÜ¶‘ go àXmZ H$s.

9) DGCX ({Z¶‘Zm§VJ©V {dÎmr¶ g§ñWm - 2005) {Z¶‘ZH$mar g§ñWm: E{‘aoQ>g² {g³¶w[aQ>rO A°ÊS> H$‘mo{S>Q>rO Am°Wmo[aQ>r (ESCA)

2005 ‘| ñWmnZ {H$¶m J¶m Aa~ Xoe H$m ¶h nhcm "Bco³Q´>m°{ZH$ H$‘mo{S>Q>rO H$aÝgr S>o[adoQ>rìhO² E³gM|O' Wm. {dídâ ‘| ’¡$co Bg E³gM|O Ho$ gXñ¶ YmVw, D$Om©, H$aÝgr, B. ‘| "â¶wMg© VWm Am°neÝg' Q´>oqS>J H$a gH$Vo Wo. {d{^Þ joÌm| ‘| {H$gr ^r ~«moH$a Ho$ ‘m’©$V "A°ëJmo[aX{‘H$ Q´>oqS>J {gñQ>‘' H$s gw{dYm XoZodmcr Flex Trade Systems ¶h g§ñWm Bg E³gM|O H$s ñdV§Ì gm°âQ>doAa doÝS>a (ISV) ~Zr Wr.

10) BFX ({Z¶‘Zm§VJ©V {dÎmr¶ g§ñWm 2009) {Z¶‘ZH$mar g§ñWm: g|Q´>c ~±H$ Am°’$ ~harZ (CBB)

H¡$e BÝñQ®>‘|Q²>g, gmoZm-Mm§Xr S>o[ado{Q>ìO, H$aÝgr â¶wMg©, Bñcm{‘H$ e[a¶m H$mZyZ Ho$ A§VJ©V d¡Y {dÎmr¶ H$m±Q´>°³Q>g², B. H$s Q´>oqS>J H$aZodmco ~harZ Xoe Ho$ Bg E³gM|O H$mo BFX-USD ~Zm‘ ^maVr¶ ê$n¶m| Ho$ B§S>o³g â¶wMg© Ho$ {cE 2012 ‘| gmVdo "Om°S>©Z ’$m°aoZ E³ñnmo' ‘| 2012 H$m g~go ZdrZV‘ ’$m°ao³g CËnmX H$m nwañH$ma XoH$a ZdmµOm J¶m.

159

11) GBOT ({Z¶‘Zm§VJ©V {dÎmr¶ g§ñWm 2008) {Z¶‘ZH$mar g§ñWm: ’$m¶Zm§{e¶c gpìh©gog H${‘eZ (FSC)

YmVw, D$Om©, H¥${f, H$aÝgr S>o[ado{Q>ìO, B. O¡go {d{^Þ joÌm| ‘o§ nyao 186 CËnmXm| H$s Q´>oqS>J H$aZodmcm ¶h E³gM|O ‘m°[aeg H$s FSC H$s AZw‘{V Ho$ ~mX 15 A³Qy>~a 2010 H$mo ewê$ hmo J¶m. ‘m°[aeg H$m ¶h nhcm d¡pídH$ "‘ëQ>r-A°goQ> E³gM|O' ~Zm.

12) Bourse Africa ({Z¶‘Zm§VJ©V {dÎmr¶ g§ñWm 2009) {Z¶‘ZH$mar g§ñWm: ’$m¶Zm§{e¶c gpìh©gog H${‘eZ (FSC)

nyd© H$m GBOT AWm©V² BA E³gM|O na E{e¶m VWm A{’«$H$m H$s g§ñWmE§ ¶m {ZdoeH$ ‘m°[aeg hr Zhr ~pëH$ nyao E{e¶m, A{’«$H$m, ¶yamon VWm A{’«$H$m Ho$ ñWm{ZH$ g‘¶mZwgma H$‘mo{S>Q>r, H$aÝgr Ho$ gmW-gmW B{¹$Q>r Q´>oqS>J ^r H$a gH$Vo Wo.

13) ATOM (2005) {Z¶‘ZH$mar g§ñWm: ^maVr¶ [aµOd© ~¢H$$

nyao 4500 go ^r A{YH$ {dH«o$Vm 35 go ^r A{YH$ ~¢H$ VWm 3 go A{YH$ Q>o{c’$moZ H§$n{Z¶m| Ho$ Q´>m§P°³eZg² B§Q>aZoQ,> IVR ‘mo~mB©c A°n, B. Ho$ ‘mÜ¶‘ go H«o${S>Q>, S>o{~Q>, ZoQ~¢qH$J, H¡$e H$mS>©, IMPS, B. H$s gw{dYm XoZodmcm Atom Xoe H$m AJ«Ur "no‘oÝQ> JoQ>do' ahm h¢.

14) NBHC (2005) {Z¶‘ZH$mar g§ñWm: doAahm¡qgJ S>oìhcn‘|Q> A°ÊS> ao½¶wcoQ>ar Am°Wmo[aQ>r

Xoeâ Ho$ 19 amÁ¶ Am¡a 35 go ^r A{YH$ JwUdÎmm n[ajU à¶moJemcmAm| H$mo Omo‹S>Zodmcr VWm 160 àH$ma Ho$ WmoH$ H$‘mo{S>Q>rO H$m n[ajU, àm‘m{UH$sH$aU, H$sQ>>H$ZmeH$m| go ajm, H$mob¡Q>aëg ì¶dñWmnZ, AmdmJ‘Z B. O¡gr g^r gw{dYm§E "Z°eZc ~ëH$ h¢S>qcJ H$mnm}aoeZ' àXmZ H$aVr h¢.

"’y$S> H$m°nm}aoeZ Am°’$ B§{S>¶m' (FCI) Ho$ {bE NBHC, ^maV gaH$ma Ho$ "Ý¶yZV‘ g‘W©Z ‘yë¶' H$m¶©H«$‘ Ho$ A§VJ©V YmZ H$s IarX H$aVr h¢. H$B© ~¢H$ VWm {dÎmr¶ g§ñWmAm| go g§c¾ NBHC Q´>oqS>J ³bm¶§Q>g² H$mo JmoXm‘ ‘| aIo hþE

160

ñQ>m°H$ Ho$ ~Xco ‘| BZ g~ {dÎmr¶ g§ñWmZm| go H$O© àmá H$am H$a XoZo ‘| ^r ghm¶Vm H$aVr h¢.

15) Tickerplant (2005)

¶h VH$ZrH$ ì¶dgm{¶¶m| VWm {ZdoeH$m| H$mo {Zdoeg§~§Yr ¶mo½¶ {ZU©¶ coZo Ho$ {cE Amdí¶H$ Am{W©H$ joÌ Ho$ ~mao ‘| g^r àH$ma H$s OmZH$mar àXmZ H$aVr h¢. gmW hr, B{¹$Q>r, H$‘mo{S>Q>r, ’$m°ao³g, {d{^Þ Xoem| H$m MbZ, gwa{jV O‘mny±Or, B. Ho$ ~mao ‘| "[a¶b-Q>mB‘' AWm©V VËH$mb OmZH$mar XoVr h¢. ¶h gw{dYm H$åß¶yQ>a VWm ‘mo~mBb A°n na ^r CnbãY h¢.

16) TAER (2007)

Xoe Ho$ Am{W©H$ joÌm| Ho$ {dH$mg H$mo ~‹T>mdm {‘c gHo$ Bg{bE gm‘m{OH$ Ed‘² n¶m©daUr¶ AZwg§YmZ hoVy FTIL Zo "Vj{ecm A°H°$S>o{‘Am Am°’$ BH$m°Zm°{‘H$ [agM© {c.' OwbmB© 2007 ‘| ñWm{nV H$s. Xoe Ho$ g^r gaH$mar CnH«$‘ VWm {dXoer g§ñWmAm| Ho$ {cE ^r gcmhH$ma Ho$ ê$n ‘| "Vj{ebm' H$m‘ H$aVr Wr. Am{W©H$ joÌ Ho$ {^Þ-{^Þ nmR>H$ dJm] Ho$ {cE "Vj{ecm' "H$‘mo{S>Q>r pìhOZ' O¡gr H$B© àH$ma H$s n{ÌH$mE§ ^r àH$m{eV H$aVr Wr. Am°ZcmBZ ^r H$B© àH$ma Ho$ àH$meZ Wo. {H$gr ^r àH$ma Ho$ Am{W©H$ VWm amOZr{VH$ àdmh H$m ~§YH$ ~Zo {~Zm nyU©V: ñdV§Ì VWm {Z:nj Zr{V Ho$ AZwgma "Vj{ecm' AnZr am¶ Xoe Ho$ gm‘Zo aIVr Am¶r Wr.

"Vj{ecm' H$m "H$‘mo{S>Q>r pìhOZ' AnZr Vah H$m Xoe H$m EH$‘od àH$meZ Wm. "H$‘mo{S>Q>r S>o[ado{Q>ìhO' Ed‘² "n¶m©daUr¶ AW©emó' BZ {df¶m| H$mo g‘{n©V H$B© àH$ma H$s nwñVH|$ ^r Vj{ecm Zo àH$m{eV H$s.

{^Þ àH$ma Ho$ {df¶m| H$mo coH$a Am{W©H$ joÌ ‘| d¡Mm[aH$ ‘§WZ H$admZo Ho$ {cE Vj{ecm H$B© àH$ma H$s MMm©, gå‘ocZ ^r Am¶mo{OV H$aVr Wr {OZ‘| AW©joÌ Ho$ ‘mÝ¶dam| H$mo dº$mAm| Ho$ ê$n ‘| Am‘§{ÌV {H$¶m OmVm Wm. BZ gå‘ocZm| ‘| AcJ-AcJ {df¶m| na emoY {Z~§Y ^r àH$m{eV {H$E OmVo Wo.

161

17) FTKMC (2007)

Am{W©H$ joÌ Ho$ ~mao ‘| gmYmaU OZ‘mZg H$s é{M ~‹T>o Bg{cE Bg joÌ H$s OmZH$mar Ed‘² kmZ àgm[aV H$aZo H$m CÔoí¶ coH$a "’$m¶Zm§{e¶c Q>o³Zm°cm°OrO² Zm°coO ‘°ZoO‘|Q> H§$nZr {c.' H$s ñWmnZm H$s J¶r. Am{W©H$ ~mOma, CZH$m ì¶dñWmnZ, {dH$mg Zr{V, ny±Or I‹S>r H$aZm, Omo{I‘ ì¶dñWmnZ, Am{W©H$ AZwg§YmZ, AW© à{ejU, gcmh-‘edam, H$‘mo{S>Q>rO, H$aÝgr â¶wMg©, B. {df¶m| H$mo coH$a ¶h H§$nZr Xoeâ ‘| AcJ-AcJ CnH«$‘/Aä¶mgH«$‘ McmVr Wr. BVZm hr Zhr, MrZ, ‘mcXrd, B{W¶mo{nAm VWm nm{H$ñVmZ ‘| r Bg H§$nZr Zo AZoH$ àH$ma Ho$ H$m¶©H«$‘ Am¶mo{OV {H$E. {dÎmr¶ ì¶dñWmnZ H$mo coH$a amï´>r¶ {díd{dÚmb¶ Ho$ ê$n ‘| ¶h H§$nZr H$m¶© H$aVr Am¶r Wr.

18) IBS Forex (2001) {Z¶‘ZH$mar g§ñWm: ’$m°aoZ E³gM|O S>rbg© Agmo{gEeZ Am°’$ B§{S>¶m

(FEDAI for RBI)

"ñnm°Q> ’$m°ao³g' Ed‘² "’$m°d©S>© ñd°ßg' ‘| "{S>c-‘°qMJ' H$s gw{dYm XoZodmcm VWm Am§Va-~±qH$J ~mOmam| ‘| FX-Direct CnH«$‘ Ûmam {dXoer McZm| ‘| Q´>oqS>J H$aZodmcm ¶h nhcm {dXoer E³gM|O Wm.

g‘¶ go H$m’$s AmJo gmoMH$a {O¾oe emh Zo BZ ZdrZV‘ CnH«$‘m| Ho$ gmW Xoe Ho$ Am{W©H$ ~mOmam| Ho$ {dH$mg H$mo H$‘ go H$‘ 10 JwZm ~‹T>m {X¶m. BZ g~ CnH«$‘m| Ho$ H$maU hr Xoeâ ‘| 10 cmI amoOJma Ho$ Adga {Z‘m©U hþE Wo.

UPA-2 Ho$ Hw$N> Hw${Q>c bmoJmo Zo BZ H§$n{Z¶m| H$m Jcm Zhr KmoQ>m hmoVm Vmo {ZpíMV ê$n go ¶h H§$n{Z¶m± Make in India H$m gdm}Îm‘ CXmhaU ~Z J¶r hmoVr.

OmnmZ VWm npíM‘r amï´>m| ‘| ^r E³gM|Om| Ho$ ~mXemh H$hcmZodmco emh Zo AcJ-AcJ Xoem| H$s gaH$ma| VWm dhm± Ho$ {Z¶‘m| Ho$ AZwgma H$mZyZr AZw‘{V coZo Ho$ ~mX hr ¶h E³gM|O ewê$ {H$E Wo co{H$Z AnZo hr Xoe ‘o§, {~Zm {H$gr JcVr Ho$ CÝh| nXÀ¶yV H$a {X¶m J¶m, ~XZm‘ H$a {X¶m J¶m.

dmñV{dH$ JwZhJmam| Zo AnZo hr nmn T>±H$Zo Ho$ {cE emh Ho$ gm‘«mÁ¶ H$mo ~{b M‹T>m {X¶m, Zm°W© ãcm°H$ Ho$ Hw$N> ~‹S>o Agm{‘¶m| H$mo gmW coH$a, CZHo$ eÌwAm| Zo emh H$mo E³gM|O ì¶dgm¶ go ~mha H$a {X¶m.

162

15 dfm] nhc| Ohm§ Bg Xoe H$s IT H§$n{Z¶m± ^r dmñV{dH$ VH$ZrH$ {dH${gV H$aZo H$s ~Om¶ "~m°S>r em°qnJ' AWm©V² Ho$dc "VH$ZrH$ Vk' H$s Amny{V© H$aVr Am¶r Wr, Cg g‘¶ emh Zo ODIN, DOME, Vat-Sat, Atom O¡gr AZoH$ ñdXoer ~m¡{ÕH$ g§nXmAm| H$m {Z‘m©U {H$¶m Wm, {d{^Þ Xoem| ‘| "‘ëQ>r-A°goQ> E³gM|O' {Z‘m©U {H$E Wo.

àXÿfU VWm H$m~©Z-~hþcVm H$‘ H$aZo Ho$ CÔoí¶ go EH$ n¶m©daUào‘r E³gM|O ewê$ H$aZo H$s ^r CZH$s ‘hËdH$m§jm ahr h¢.

10 dfm] go ^r nhco emh Zo Omo H$a {XIm¶m Wm, AmO dh g~ Hw$N> ¶h Xoe nhcr nm¶XmZ go ewê$ H$aZo H$m à¶mg H$a ahm h¢.

emh H$s Ñ{ï> hr Hw$N> Am¡a Wr.

CZH$s g^r H§$n{Z¶m± Cƒ H$mo{Q> H$m H$m¶© H$a| Bg{cE emh Zo 50-5000 Hw$ec ì¶dgm{¶¶m| H$m M¶Z {H$¶m Wm. ha H§$nZr H$m AnZm ñdV§Ì ~moS>©, ì¶dñWmnH$s¶ g§MmcH$, ‘w»¶ H$m¶©H$mar A{YH$mar B. Wo. gmW hr, AÝ¶ ñdV§Ì g§MmcH$ ^r Wo.

BZ g^r cmoJm| H$s H$m¶©àUmcr Ho$ H$maU hr 10 cmI amoOJma Ho$ Adga {Z‘m©U hmo gHo$ Wo Am¡a Bgr{cE Am{W©H$ ~mOmam| H$s ‘hÎmm ^br-^m±{V g‘PZodmco ~«moH$g© ^r emh H$s à{V^m H$m ‘mob OmZVo h¢. Bgr{cE do CZH$s VwcZm "Om°Z Jm°ëQ'> go H$aVo AmE h¢.

gË¶ Mmho {H$VZm ^r H$Qy> hmo, gË¶ H$m g’$a Mmho {H$VZm hr H±$Q>rcm hmo, gË¶ hr ñdrH$maZm, gË¶ H$s amh Z Ë¶mJZm, ¶hr Jm°ëQ> Am¡a emh H$m ñd^md ahm h¢. Am¶Z a°ÊS> Ho$ Bg Zm¶H$ Ho$ g‘mZ hr à{VHy$c n[apñW{V ‘| ^r emh Zo gË¶ H$s Im{Va ha àVm‹S>Zm H$mo Jbo bJm¶m h¢, Xþ{Z¶mâ ‘| AnZo H$m‘ Ho$ {bE ‘ehÿa hmoZo Ho$ ~mX ^r ha ~XZm‘r H$mo Pobm h¢.

AnZm H$m‘ ghr h¢, nmaXeu h¢, àm‘m{UH$ h¢ Bgr AQy>Q> lÕm Ho$ H$maU hr emh AnZo {dMmam| na pñWa ah nmE h¢. àIa dmñVddmX hr CZH$m AmXe© ahm h¢. Bgr{cE à{VHy$c g‘¶ ‘| ^r hmW-na-hmW Yao ~¡R>Zo H$s ~Om¶ CÝhm|Zo Bgr H$‹S>do dmñVddmX H$m CËgd ‘ZmZm ñdrH$ma H$a {b¶m. do AÀN>r Vah OmZVo h¢, gË¶ H$s amh Ë¶mJZo na {dZme {ZpíMV hmoVm h¢.

163

"A°Q>cg l½S>' H$m Zm¶H$ ‘mZdr OrdZ ‘o§ AmYw{ZH$ {dkmZ, d¡ÚH$s¶, VH$ZrH$s Ed‘² AZwg§YmZmË‘H$ {dH$mg H$m àVrH$ Wm.

AY©eVH$ Ho$ ~mX hr ghr, AmYw{ZH$ {dH$mg H$m ¶h àVrH$ {O¾oe emh Ho$ ê$n ‘| dmñVd ‘| CVa Am¶m h¢ ¶h H$hZm A{Ve¶mo{º$ Zhr hmoJr.

Ho$dc Vrd« ~w{Õ‘Îmm Ho$ {d{^Þ Am{dîH$mam| ‘| go C{O©V H$ënZmAm| go hr ‘mZdr OrdZ g§nÞ hmo gH$Vm h¢ Bg ì¶{º$JV lÕm Ho$ H$maU hr g^r H$m Ü¶mZ A~ {O¾oe emh H$s 63 moons technologies Ho$ ZdrZ ñdßZ H$s Amoa AmH${f©V hmo ahm h¢.

OrdZ ‘| EH$ Z¶r Cå‘rX coH$a, amI go {’$a EH$ ~ma C‹S>mZ âZodmco {’${Z³g n§N>r H$s Vah, emh EH$ Z¶r C‹S>mZ â aho h¢.

{H$gr Am¡a H$mo ncm¶Z ¶m AmË‘KmV A{YH$ AmgmZ cJ gH$Vm Wm bo{H$Z n[al‘ H$s namH$mð>m Ho$ {bE emh Zo {’$a EH$ ~ma H±${Q>cm amñVm hr MwZm.

EH$ gwIr OrdZ H$m ñdßZ XoIZm nmn Zhr, {H$gr H$m O~ ~wam Zm gmoMm hmo Zm {H$¶m hmo Vmo Ho$dc eh Am¡a ‘mV H$s amOZr{V Ho$ gm‘Zo hma ñdrH$maZm ‘§Oya Zhr, ¶hr {dMmaYmam emh H$s Cå‘rX ahr h¢.

NSEL ‘m‘bo Ho$ gmW-gmW emh H$m ¶h ‘wpíH$c g’$a ewê$ hmo J¶m Wm.

O¡gm {H$ a°ÊS>> Zo AnZr nwñVH$ ‘| Jm°ëQ> Ho$ ~mao ‘| {bIm h¢, emh Zo ^r H$V©ì¶ H$s H$Xa Z H$aZodmcr {dMmaYmam Ho$ {Icm’$ JXa {H$¶m h¢.

emh H$mo AnZo eÌwAm| Ho$ ~mao ‘o§ ^cr-^m±Vr OmZH$mar Wr. do CZH$s Hw${Q>b Zr{V¶m| go ^r AÀN>r Vah n[a{MV Wo co{H$Z g‘Pm¡Vm H$aZm CZH$m ñd^md Zhr h¢.

"O~ JcVr H$s hr Zhr Vmo {’$a gOm {H$g ~mV H$s' ¶hr CZH$m ad¡¶m ahm h¢.

Am¡a Eogo ad¡¶o Ho$ ~Xco AJa gÎmm Ho$ J{c¶mam| go H$moB© CZgo H$hVm h¢, ""h‘| AmnH$s Oê$aV Zhr h¢ emh,'' Vmo dh g~Hw$N> gwZZo, ghZo Ho$ {bE do gXm V¡¶ma aho h¢.

AWm©V, BVZo ‘hV²à¶mgm| Ho$ níMmV {Z‘m©U {H$E JE AnZo gm‘«mÁ¶ H$mo AnZr hr Am§°Im| Ho$ gm‘Zo CÜdñV hmoVo XoIZm emh Ho$ {cE H$m’$s ³coeXm¶r ahm h¢. {’$a ^r

164

gmao {ZamemdmX H$mo Xÿa H$hr Y>Ho$bVo hþE, Ooc H$s D±$Mr Xrdmam| Ho$ AôÚ A§YH$ma H$mo MraVo hþE, {’$a EH$ ~ma Z¶r {hå‘V, Z¶m CÝ‘of coH$a emh AmJo ~‹T> aho h¢.

Xþ:I CÝh| {g’©$ EH$ hr ~mV H$m h¢: {H$gr Zo ^r H$^r ¶h grYm-gab àíZ Zhr nyN>m Wm: ³¶m {O¾oe emh gM‘wM JwZhJma h¢? CZgo ³¶m JbVr hþB© h¢? Am¡a {H$g$ AmYma na?

Jm°ëQ> Ho$ CXmÎm Ü¶o¶ Am¡a CgH$s ‘hÎdH$m§jm H$m {dñVma a°ÊS> Zo AnZr {H$Vm~ ‘| ~‹S>r Iy~r go Xem©¶m h¢. {dS>§~Zm ¶hr h¢ {H$ Z¡{VH$ AY:nVZ Ho$ H$mc ‘| H$moB© ^r Hw$N AmXe© Am¡a CXmÎm Zhr MmhVm h¢. Eogo hr ‘mhm¡b Zo emh H$s amh ‘| amo‹S>o I‹S>o {H$E Wo. Xoe H$m Am{W©H$ ~mOma PyR> Am¡a ’$ao~ H$s EH$m{YH$maemhr H$s H¡$X ‘| Wm. Bgr EH$m{YH$maemhr Ho$ g‘yhdmX H$mo Vmo‹S>Zo Ho$ {cE a°ÊS>> Zo Jm°ëQ> H$mo ~w{ÕdmX {gIm¶m Wm, ~w{Õ H$m {damoY ‘Vc~ OrdZ H$m hr {damoY h¢, {gIm¶m Wm. Am¶Z a°ÊS> Zo Jm°ëQ> H$s ‘mZ{gH$Vm na Bgr gË¶ H$mo A§{H$V {H$¶m {H$ ~w{Õ hr ha ì¶{º$ Ho$ OrdZ H$m AmYma hmo gH$Vr h¢.

Am¶Z a°ÊS> {bIVr h¢: ""AmX‘r H$mo OÝ‘ go ~w{Õ Vmo {‘cVr h¢ na CgH$s VmH$V, CgH$m {dñVma, Cgo AnZo H$‘m] go hr àmá H$aZm hmoVm h¢. Am¡a Eogm H$aZo Ho$ {cE Cgo AnZo H$‘m] H$m CÔoí¶ nVm hmoZm Mm{hE. AÞ H$m kmZ hmoZm ^r CVZm hr Amdí¶H$ hmoVm h¢ {OVZm Cgo àmá H$aZo H$m VarH$m nVm hmoZm Oê$ar hmoVm h¢. à¶moJemcm ‘| "gm¶³bmoQ´>Z' H$m {Z‘m©U Vmo ³¶m, BÝgmZ gmYmaU J‹T>S>m ^r kmZ Ho$ {~Zm Zhr ImoX gH$Vm h¢. ~w{Õ H$m à¶moJ Am¡a {dMmam| Ho$ ‘ÝWZ Ho$ ~J¡a, OrZm Ho$dc Ag§^d h¢.''

Jm°ëQ Am¡a emh, XmoZm| >Zo ¶hr {H$¶m.

{Xc H$s YS>H$Z ¶m gm±go AnZo Amn MbVr h¢ co{H$Z ~w{Õ H$m H$m¶© Eogo AnZo Amn Zhr hmoVm. CgHo$ {cE {dMmam| H$s, H$ënZmAm| H$s C‹S>mZ Oê$ar hmoVr h¢, H$‘© Am¡a H¥$Vr H$s {ZpíMVVm Amdí¶H$ hmoVr h¢, emh OrdZ H$m ¶h {gÕm§V ~hþV nhco g‘P JE Wo.

Am¶Z a°ÊS> H$s Vah {dkmZ Ho$ {Z¶‘m| na emh H$m r AQy>Q> {dídmg ahm h¢: nXmW© A{dZmer hmoVm h¢, dh Ho$dc AnZm ñdê$n ~XbVm h¢.

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165

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~m¡{ÕH$ H$m¡eb Ho$ H$‘© H$s àoaUmZwgma emh Zo {’$a EH$ ~ma g¥OZerb {Z‘m©UH$Vm© H$m OrdZ OrZm àma§^ H$a {X¶m h¢.

166

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ED Zo AnZr {deof AXmcV ‘| AmamonnÌ XO© {H$¶m Wm. Cg‘| r NSEL {S>’$m°ëQ> H$m EH$ n¡gm ^r emh Ho$ nmg Zhr hmoZo H$s ~mV {gÕ hmo MwH$s Wr. Bg ~ma ^r ED Ho$ A{YH$mar emh Ho$ ~mao ‘| g§Vwï> Wo. CÝh| nVm Wm: emh VWm CZHo$ n[adma Ho$ nmg Bg {S>’$m°ëQ> H$s EH$ H$m¡‹S>r ^r Zhr nhþ±Mr Wr. {’$a ^r ED Zo ³¶m| ~wcm¶m Wm, emh Zhr OmZVo Wo.

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Am{Ia ‘| emh Zo Pw§PbmH$a H$hm, ""‘m’$ {H${OE ‘¢ Amngo ³¶m H$hÿ±? ‘¢ Omo H$hÿ§Jm ³¶m Amn cmoJ dh N>mnZodmco hmo? ¶m {’$a Hw$N> Am¡a hr Kw‘m-{’$am Ho$ ~VmZodmco hmo?' ‘¢ Omo gM ‘mZVm hÿ±, dh Vmo Amn N>mnZodmco hmo Zhr!''

nÌH$mam| Zo Hw$N> Zhr H$hm. {’$a ^r CZ‘| go EH$ Zo gmhg H$aHo$ emh go nwN> hr {b¶m: ""Bg Ho$g ‘| H$moB© B§Q>aopñQ>¨J A±Jc h¢ ³¶m?'' nÌH$mam| H$mo h‘oem ha hmb ‘| I~a Mm{hE hmoVr h¢. {’$a ^r emh nÌH$mam| H$mo H$moB© à{V{H«$¶m Zhr Xo aho Wo.

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167

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emh Zo g’$mB© XoZo H$s H$mo{ee H$s co{H$Z H$moB© ’$H©$ Zhr nS>m. ""‘¢ Vmo ewé go hr gh¶moJ H$aVm Am¶m hÿ±,'' emh Zo H$hm.

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168

¶h ~mV ‘w§~B© ‘| {H$gr H$s g‘P ‘| Zhr Am ahr Wr. {H$gr Ho$ ^r nmg Bg gdmb H$m Odm~ Zhr Wm.

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169

‘m±J {cE hm|Jo Vmo A~ ³¶m h¢? emh Ho$ ~mao ‘| ED {OVZr gVH©$Vm {XIm ahr h¢ CVZr ¶{X dh NSEL Ho$ 24 {S>’$m°ëQ>g© Ho$ ~mao ‘| {XImVr ZOa Zhr AmVr, {OZgo {S>’$m°ëQ> H$s gmar aH$‘ AmZr ~mH$s h¢,'' ‘o‘Z Zo H$hm.

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I¡a, A^r Bg ~mao ‘| Am{Iar ’¡$gcm Zhr hþAm h¢.

{’$a emh H$s {JaâVmar Ho$ AmXoe {H$gZo {XE? AJa ED Ho$ nmg Odm~ Zhr h¢ Vmo ³¶m ’$µH©$ nS>Vm h¢?! emh H$mo gbmIm| Ho$ nrN>o ahZm hr hmoJm, CÝh| Ka H$m ImZm Zhr {X¶m OmEJm, AÝ¶ H¡${X¶m| H$mo Omo {X¶m OmVm h¢, dhr CÝho ^r ImZm nS>oJm, O¡go-V¡go {XZ H$mQ>Zo hm|Jo.

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CZ na ¶h AÝ¶m¶ H$aZodmco ¶m {’$a NSEL Ho$ 5600 H$amo‹S> ê$n¶o h‹S>nH$a S>H$ma ^r Z XoZodmco ‘m¡O-‘ñVr ‘| Or aho h¢.

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h‘mao Xoe ‘| Hw$N> KQ>ZmE§ ~S>r {d{eï> VarHo$ go KQ>Vr h¢.

170

PMLA Ho$ "‘Zr cm±S>[a¨J' H$mZyZ H$s Ymam 45 H$mo AË¶§V H$R>moa ‘mZm OmVm h¢ {OgHo$ VhV ñd¶§ H$mo {ZXm}f gm{~V H$aZo H$s nyar {Oå‘oXmar Amamonr H$s AnZr hmoVr h¢ co{H$Z BgHo$ ~mdOyX "gË¶‘od O¶Vo' H$s VµO© na {JaâVmar Ho$ 27 d| {XZ hr emh H$mo O‘mZV {‘c J¶r.

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‘m.Ý¶m.lr nr.Ama. ^mdHo$, {deof PMLA H$moQ>©, ‘w§~B©, H$m 6 AJñV, 2016 H$m emh H$mo O‘mZV ‘§Oya H$aZodmcm AmXoe.

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BZ dH$sbm| Zo Bg ~mV H$m ^r C„oI {H$¶m {H$ FIR XO© H$aZo Ho$ ~mX emh 13 Aà¡c 2016 H$mo CBI Ho$ gm‘Zo nyN>VmN> H$o {cE hm{Oa hþE V~ CBI Zo CÝh| {JaâVma Zhr {H$¶m. ED Ho$ ‘m‘co ‘| emh 12 OwcmB© 2016 go 6 AJñV 2016 VH$ {hamgV ‘| Wo. Cg g‘¶ CBI Zo CZgo nyN>VmN> ³¶m| Zhr H$s? emh Ho$ dH$sbm| Zo Ý¶m¶mc¶ go ¶h ^r H$hm MCX-SX ‘m‘co ‘| "~m¶~°H$ A°J«r‘oÝQ' H$mo X~mZo H$m Amamon ‘ycV: VÏ¶hrZ h¢ ³¶m|{H$ 30 AJñV 2010 H$mo MCX-SX H$mo nwZ: cmBg|g XoVo g‘¶ SEBI H$mo BZ "~m¶~°H$' H$s nyar OmZH$mar Wr. ‘mM© 2012 ‘| ‘w§~B© hmB©H$moQ>© Zo ^r BZ "~m¶~°H$' H$s d¡YVm H$mo ‘§Oyar Xr Wr co{H$Z CBI Zo OmZ~yPH$a BZ g~ ~mVm| H$mo ZOaA§XmO {H$¶m Wm.

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2013 go hr CZHo$ nrN>o n‹S>o Zm¡H$aemhm| H$m ~mc ^r ~m±H$m Zhr hþAm Wm bo{H$Z emh OmZVo Wo {H$ Ý¶m¶mc¶ ‘| {dO¶ gË¶ H$s hr hmoJr Am¡a 29 {XZm| Ho$ H$mamdmg Ho$ ~mX 19 A³Qy>~a 2016 H$mo CBI Ho$ {deof Ý¶m¶mc¶ Zo emh H$mo O‘mZV Xo Xr.

172

VrZ-VrZ EO§{g¶m, ‘B© 2014 ‘| EOW, OwcmB© 2016 ‘| ED Am¡a A~ {gVå~a 2016 ‘| CBI, {~Zm {H$gr g~yV Ho$ CÝh| Oob H$s grIMm| Ho$ nrN>o S>mb MyH$s Wr.

Xoe H$s Am{W©H$ amOYmZr ‘| ¶h gdmc {’$a EH$ ~ma MMm© ‘o Am J¶m.

H$m¡Z Wo do fS>¶§ÌH$mar Omo 2013 go emh H$mo ~a~mX H$aZo na Vybo hþE Wo?

I¡a, O‘mZV Vmo {‘c J¶r co{H$Z emh Ho$ Mohao na Bg AÝ¶m¶ Ho$ {Icm’$ H$moB© CX²{d¾Vm Zhr {XIm¶r Xr. Ka cm¡Q>Vo g‘¶ CÝh| EH$ hr ~mV H$s g§Vw{ï> Wr - gË¶ H$s {’$a EH$ ~ma OrV hþB© Wr.

~ma-~ma hmoZodmcr BZ {JaâVmar¶m| H$s dOh go Hw$N> gdmc Oê$a I‹S>o hmoVo h¢.

³¶m Eogr {JaâVm[a¶m± H$admH$a emh Ho$ M[aÌ H$s ~{c M‹T>m¶r Om ahr h¢? Bggo nhbo {H$ Ý¶m¶mc¶ CZHo$ {Icm’$ H$moB© {ZU©¶ Xo, ³¶m CÝh| "IcZm¶H$' Ho$ ê$n ‘| Xem©Zo H$s H$mo{ee H$s Om ahr h¢?

em¶X, Bgr ~mV H$s g§^mdZm A{YH$ {XIm¶r Xo ahr h¢.

O¡go hr emh H$mo {JaâVma {H$¶m OmVm CZH$m Zm‘ ‘r{S>¶m ‘| CN>mbm OmVm Am¡a {’$a {~Zm {H$gr g~yV Ho$ {JaâVma {H$E JE emh na gmoeb ‘r{S>¶m ‘| CZHo$ ~mao ‘| A^Ð ~mVo H$hr OmVr, Xoe Ho$ H$mZyZ H$s YpÁO¶m± CS>mVo hþE ‘r{S>¶m AnZm AbJ ‘wH$X‘m MbmVm.

Eogm H$aZo go emh Ho$ eÌw CÝh| g§Xoh Ho$ Koao ‘| S>mbZo ‘| g’$c hmo JE. CZHo$ M[aÌ, CZH$s àm‘m{UH$Vm Am¡a ZoH$s na eH$ Ho$ H$mohao H$s H$mbrI nm|V Xr J¶r. EH$ ñdV§Ì Am¡a Agr‘ ~w{Õ‘Îmm Ho$ CÚmoOH$ H$s nhMmZ aIZodmco emh Ho$ ~mao ‘| Vah-Vah H$s ~mV| ’¡$cm¶r J¶r. CZHo$ H$m¡ec na hr gdmc I‹So H$a {XE JE.

BZ {JaâVmar¶m| H$s dOh go ¶h ~mV ^r H$hr X~H$a ah J¶r {H$ emh Ho$ FTIL J«wn Zo hr Xoe H$mo nyao 2000 H$amo‹S> ê$n¶o Q>¡³g Ho$ ê$n ‘| AXm {H$E Wo.

NSEL {S>’$m°ëQ> H$m gmam n¡gm 24 "{S>’$m°ëQ>g©' Ho$ nmg h¢ ¶h gm{~V hmoZo na ^r Xmofr "~«moH$g©' Am¡a "{S>’$m°ëQ>g©' H$mo N>mo‹S>H$a {g’©$ emh Ho$ {Icm’$ hr H$m¶©dmhr hmo ahr Wr.

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173

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‘w§~B© Ho$ Hw$bm~m BbmHo$ ‘| pñWV "{cAmonmoëS> H°$’o$' Ho$ ‘m{cH$ ’$amÝP H$mo ‘¢ Aà¡c 2016 H$s EH$ em‘ {‘cZo J¶m Wm. nm{H$ñVmZ Zo 26/11 H$mo ‘w§~B© na {H$E h‘bm| Ho$ Xm¡amZ Bg H°$’o$ ‘| hr h‘mar OmZ-nhMmZ hþB© Wr. dhr ‘oam EH$ ñQ>m°H$ ‘mH}$Q> ì¶dgm¶r {‘Ì ^r h‘mar ~mVMrV ‘| em{‘c hmo J¶m. CgZo Omo H$hm dh ‘wPo H$m’$s amoMH$ bJm.

17 ‘mM© 2013 H$mo ‘ehÿa hm°{bdyS> {’$ë‘ {Z‘m©Vm pñQ>ìhZ pñnc~J© H$s ‘w§~B© ^|Q> Ho$ Xm¡amZ nÌH$mam| Zo CZgo nyN>m, ""B§{S>¶mZm OmoÝg² grarO ‘| Amn h°[agZ ’$moS>© Ho$ nmÌ H$mo BVZo {Z¶{‘V ê$n go H¡$go ~Xc gH$Vo h¢?''

pñnc~J© Zo à{VàíZ {H$¶m, ""{Z¶{‘V ê$n go AmnH$m ³¶m ‘Vb~ h¢?'' nÌH$ma Zo H$hm, ""EH$ nc B§{S>¶mZm nyU© nam{OV {XIm¶r XoVm h¢ co{H$Z Xþgao hr nc dh AnZo V‘m‘ à{VÛ§{Û¶m| na gdma hmoVm ZOa AmVm h¢!''

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174

Zhr, gË¶ H$s OrV hmoVr h¢ co{H$Z CgHo$ {cE AmnHo$ nmg n¶m©á Y¡¶©, gmhg Am¡a AmË‘{dídmg hmoZm Mm{hE!''

pñnc~J© H$m ¶h {dMma Bg ~«moH$a Zo EH$ ~ma emh Ho$ gm‘Zo aIm Wm ³¶m|{H$ do ^r {’$ë‘m| ‘| é{M aIVo h¢. ""nVm Zhr A~ ¶h ~mV CÝh| ¶mX ^r h¢ ¶m Zhr ³¶m|{H$ A~ Vmo CZHo$ nrN>o gaH$ma, Om±M EO§{g¶m±, {Z¶‘ZH$mar g§ñWm, g^r bJo hþE h¢,'' ‘oao ~«moH$a {‘Ì Zo H$hm.

emh O~ Ooc ‘| Wo Cg g‘¶ H$s Hw$N> KQ>ZmE§ ^r ‘wPo ‘oao Bg {‘Ì Zo ~Vm¶r.

""63 moons H$m I¶mc emh Ho$ ‘Z ‘| H$mamdmg Ho$ Xm¡amZ hr Am¶m. Oob ‘| Hw$N> {cIZo Ho$ {cE H$mJO ^r CÝh| dH$sb Ho$ ‘m’©$V AZw‘{V boZo Ho$ ~mX hr {‘co. EH$ ~ma H$mJO-H$b‘ {‘cZo Ho$ ~mX emh ZmoQ²>g ~ZmZo ‘| OyQ> JE. XoIZodmbm| H$mo bJVm Wm emh AnZm AmË‘M[aÌ ¶m {’$a n[adma H$mo nÌ {bI aho h¢.

emh EH$mÝV ‘| H$m‘ H$aVo ahVo. do OmZVo Wo, CZHo$ [ahm hmoZo VH$ CZH$m gm‘«mÁ¶ CZHo$ hmW go {ZH$c J¶m hmoJm Am¡a CÝh| {’${Z³g n§N>r H$s Vah Bgr amI ‘| go Xþ~mam Câ H$a AmZm hr hmoJm. Bg Z¶r C‹S>mZ Ho$ {bE, {’$a EH$ ~ma Xoe ‘| VH$ZrH$s H«$m§{V bmZo Ho$ {cE, ZdrZV‘ g¥OZmË‘H$ H$ënZmAm| Ho$ ghmao Xoe H$s OZVm Ho$ {bE ZE V§Ì-CËnmX {Z‘m©U H$aZo Ho$ {cE, emh H$mo Z¶r nr‹T>r Ho$ ~w{Õ‘mZ ¶wdmAm| H$s Amdí¶H$Vm ‘hgyg hþB©. CZH$m Z¶m gnZm AmH$ma boZo bJm.

Bg ZE gnZ| H$s àoaUm CÝh| ~¥hñn{V (Jwé) AWm©V Á¶w{nQ>a J«h Ho$ na§namJV VWm AmYw{ZH$ ‘hÎmm go àmá hþB© Wr. Bg ZE ñdßZ, Z¶r àoaUm H$m Zm‘ Wm… 63 moons. ~¥hñn{V J«h Am¡a CgHo$ 63 M§Ð‘mAm| H$s ‘hÎmm emh OmZVo Wo.

63 g§»¶m H$m OmoS> 9 ~ZVm h¢ Am¡a 9 Ho$ Bg A{dZmer g§»¶m go emh H$mo h‘oem H$m’$s bJmd ahm h¢.

‘w§~B© Ho$ AmamÜ¶ JUnVr H$mo ^r Bg 9 H$s g§»¶m go OmoS>m J¶m h¢. emh Zo R>mZ {c¶m, CZH$s H§$nZr H$m, Z¶r C‘§J H$m Zm‘, 63 moons hr hmoJm. gmar g~{g{S>¶arO² ^r A~ 63 moons Ho$ A§VJ©V H$m‘ H$a|Jr.

O‘mZV na [ahm hmoZo Ho$ ~mX emh grYo AnZo Am°{’$g FT Tower ‘| Am JE Am¡a AnZo d[að gh¶mo{J¶m| go ~¡R>H$ H$aZo Ho$ ~mX hr Ka Ho$ {cE admZm hmo JE. nyao

175

3 ‘{hZm| ~mX emh go {‘cZo na CZH$m n[adma ^r ^mdwH$ hmo J¶m Wm.

Xÿgao {XZ go hr emh Zo H$m‘ g§^mb {b¶m Am¡a, FTIL H$mo g§H$Q> go ~mha {ZH$mcZo H$s ¶moOZmE§ ~ZmZo ‘| OyQ> JE.

20 Zdå~a 2014 H$mo emh Zo AnZo d[að> gh¶mo{J¶m| H$s EH$ ~¡R>H$ ~wcm¶r. Hw$N> nyd©{Z¶mo{OV Vmo Zhr Wm, Bg{bE {H$gr H$mo H$moB© H$m¶©H«$‘ n{ÌH$m Zhr Xr J¶r Wr. AJbo nƒrg {‘ZQ>m| VH$ emh AnZo gh¶mo{J¶m| Ho$ gmW AJbo {XZ Ho$ {Z¶moOZ Ho$ ~mao ‘| MMm© H$aVo aho Am¡a ~¡R>H$ g‘má hmo J¶r.

Xÿgao {XZ H$s ~¡R>H$ ‘| emh Zo FTIL ~moS>© go Ë¶mJnÌ Xo {X¶m! Xoe H$s Am{W©H$ amOYmZr h¸$m-~¸$m ah J¶r. {X„r Ho$ gÎmmYre Xÿa go BZ KQ>ZmAm| H$m AdbmoH$Z H$a aho Wo.

EH$ go ~T>H$a EH$ {díd{H$Vu‘mZ E³gM|O H$m {Z‘m©U H$aHo$ ^maV H$m {Va§Jm, E{e¶m, A{’«$H$m, ‘Ü¶-nyd© Ho$ Aa~ Xoem| ‘| bhamZodmbr CZH$s H§$n{Z¶m| H$mo gmar Xþ{Z¶m Zo gmoZo go ^r ~T>H$a Am§H$m Wm, BZ H§$n{Z¶m| H$m CÝh| 100% ñdm{‘Ëd {X¶m Wm. Eogm nhco H$^r Zhr hþAm Wm. Bg g~ Ho$ ~mdOyX, FTIL Ho$ {hñgo r, {hamo{e‘m H$m {dÜd§g Am¡a Z¥e§gVm hr Am¶r Wr.

’$µH©$ {g’©$ BVZm Wm {H$ FTIL Ho$ ‘m‘bo ‘| {H$gr Zo Zhr H$hm, ""ho ^JdmZ, ¶h ‘¢Zo ³¶m {H$¶m!''

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A~ Eogm bJVm h¢ {H$ AJa AXmbV CBI Ûmam NSEL ‘m‘bo H$s Om±M AnZo hmW ‘| boVr h¢ Vmo hr H$‘mo{S>Q>rO² ‘mH}$Q>g² Ho$ {dZme Ho$ ghr H$maU OZVm Ho$ gm‘Zo Am gH|$Jo.

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176

Eogm H$aZm {H$gr CÚmoJ H$mo {~Ocr H$s Amny{V© ~§X H$a XoZo O¡gm hr nmn h¢! ‘¢ Vmo Bgo XoeÐmoh hr H$hþ§Jm.

BVZm {dZme hmoZo na ^r emh {Zame Zhr hþE; do hma ‘mZZodmcm| ‘| go Zhr h¢. Amazon, Facebook, Google, Twitter, Baidu, Alibaba BZ H§$n{Z¶m| H$s VµO© na VH$ZrH$ Ho$ ‘mÜ¶‘ go {dembH$m¶ ì¶dgm¶ {Z‘m©U H$aZo H$m CZH$m FT 3.0 Zm‘H$ ñdßZ dmñVd ‘| n[ad{V©V hmoZo Ho$ {bE V¡¶ma I‹S>m h¢.

{’$a EH$ ~ma emh H$m CÝ‘oe CZH$s Zd{Z‘m©U H$s C‘§Jm| H$mo àmoËgm{hV H$a ahm h¢.

emh Zo ZE ~moS>© H$m ñdmJV H$aVo hþE ZE MD/CEO H$m A{^Z§XZ {H$¶m. H§$nZr H$s Amoa go EH$ àog ZmoQ> ^r Omar {H$¶m J¶m… ""{O¾oe emh FTIL ‘o§ H$moB© ^r H$m¶©H$mar VWm ì¶dñWmnH$s¶ nX^ma Zhr g§^mc|Jo co{H$Z FTIL J«wn Ho$ ‘mJ©Xe©H$ Ho$ ZmVo do "MoAa‘Z E‘o[aQ>g²' Ho$ ê$n ‘| ZdCÚmoOH$Vm H$mo àmoËgm{hV H$aZo Ho$ {cE h‘oem gmW ~Zo ah|Jo. H§$nZr ‘| CZH$m 45% {hñgm ~Zm ahoJm.''

Bg KQ>ZmH«$‘ Ho$ ~mX r CZHo$ ~ma| ‘| Ag‘§Og H$m ‘mhm¡b ~Zm ahm. VH©$-{dVH©$ {H$E OmZo bJo. emh A~ ³¶m H$a|Jo?

àdV©H$ Zo AnZr hr H§$nZr H$mo Ë¶mJZm H$moB© Am‘ ~mV Zhr hmoVr.

emh Zo H§$nZr H$s Z¶r {Xem, Z¶m {dOZ ~moS>© H$mo g‘Pm¶m. ""h‘Zo O~ FTIL H$s ewê$AmV H$s Wr V~ h‘mam cú¶ Wm VH$ZrH$s H$m¡eb go ~m¡{ÕH$ g§nXm hm{gc H$aHo$ ^maV H$m Zm‘ nyao {díd ‘| amoeZ H$aZm Am¡a gmW-gmW h‘mar gm‘m{OH$ {Oå‘oXmar H$mo Ü¶mZ ‘| aIVo hþE h‘mar V‘m‘ ¶wdm nr‹T>r H$mo amoµOJma {XcmZm. AmO H§$nZr Z¶r nr‹T>r Ho$ hmWm| gm¢n Xr J¶r h¢ {’$a ^r CgH$m ¶h Ü¶o¶ A~m{YV ahoJm.''

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177

h¢. CZHo$ O¡go n[al‘r CÚ‘r H$mo ¶hr emo^m XoVm h¢.

Xoe-{dXoe Ho$ ZdCÚmoOH$m| H$mo, CZHo$ {ZË¶ ZE g¥OZ ‘o§ ghm¶Vm H$aZodmcr, CÝh| ny§Or CncãY H$amZodmcr, AmYw{ZH$ VH$ZrH$ Ho$ ÛmXe joÌm| ‘| ~m¡{ÕH$ g§nXm H$m g¥OZ H$aZodmcr JS Innovation Lab H$s {Z{‘©Vr H$aHo$ ^maVr¶ VH$ZrH$ Ho$ joÌ ‘| emh {’$a EH$ ~ma emZXma H$m¶© H$aZm MmhVo h¢. ~moS>© ^r A~ emh H$m ¶h Z¶m ñdßZ g‘PZo bJm Wm.

AnZo nyd© Ho$ AdVma ‘| emh Ho$ FTIL J«wn Zo 10 cmI amoOJma Ho$ Adga {Z‘m©U {H$E Wo. Bg ZE Am{dîH$ma ‘| emh 10 cmI ZdCÚmoOH$ hr {Z‘m©U H$aZm MmhVo h¢. Bg Ðï>m AZw^dr CÚmoOH$ Zo AnZr nyar ~m¡{ÕH$ g§nXm hr Z¶r nr‹T>r H$mo gm¢n Xr h¢.

Xÿa {X„r ‘|, Mwßnr gmYo emh Ho$ eÌw BZ g~ J{V{d{Y¶m| H$m AdbmoH$Z H$a aho Wo.

CÝhm|Zo emh H$m gm‘«mÁ¶ CÛÜdñV Vmo H$a {X¶m Wm na emh Ho$ FT 3.0 Ho$ gmW CZH$m nwZO©Ý‘ hmo MwH$m Wm, ¶hr gË¶ h¢!

‘wPo ^r ‘Z-hr-‘Z Bg ~mV H$m Ehgmg hmo J¶m h¢!

178

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9 CLB H§$nZr bm° ~moS>©

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12 CVC g|Q´>b pìh{ObÝg H${‘eZ

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22 FII ’$m°aoZ BZpñQ>Q>çyeZb BÝdoñQ>g©

23 FDI ’$m°aoZ S>m¶ao³Q> BZdoñQ>‘|Q>

24 FSC ’$m¶Zm§{eAb gpìh©gog H${‘eZ

25 FS ’$m¶Zm§g goH«o$Q>ar

26 FM ’$m¶Zm§g {‘{ZñQ>a

27 GBOT ½bmo~b ~moS>© Am°’$ Q´>oS>

28 GIC OZab BÝewaÝg H$m°nm}aeZ Am°’$ B§{S>¶m

29 IEX B§{S>¶Z EZOu E³gM|O

30 IFCI B§S>ñQ´>r¶b ’$m¶Zm§{eAb H$m°nm}aoeZ Am°’$ B§{S>¶m

31 IL&FS B§’«$mñQ´>³Ma {bqPJ A°ÊS> ’$m¶Zm§{eAb gpìh©gog

32 IDBI B§S>ñQ´>r¶b S>oìhbn‘|Q> ~±H$ Am°’$ B§{S>¶m

33 IFCI B§S>ñQ´>r¶b ’$m¶Zm§g H$m°nm}aoeZ Am°’$ B§{S>¶m

34 IP B§Q>obo³MwAb àm°nQ>u

35 IPO B©{Z{eAb npãbH$ Am°’$[a¨J

36 LBMA b§XZ ~w{b¶Z ‘mH}$Q> Agmo{gEeZ

37 MoCA {‘{ZñQ´>r Am°’$ H§$Â¶w‘a A’o$Ag©

38 MCA {‘{ZñQ´>r Am°’$ H$m°nm}aoQ> A’o$Ag©

39 MoF {‘{ZñQ´>r Am°’$ ’$m¶ZmÝg

40 MCX ‘ëQ>r-H$‘mo{S>Q>r E³gM|O Am°’$ B§{S>¶m

41 MCX-SX E‘.gr.E³g. ñQ>m°H$ E³gM|O Am°’$ B§{S>¶m

180

42 MPID ‘hmamï´> àmoQ>o³eZ Am°’$ B§Q>aoñQ> Am°’$ {S>nm°{PQ>g©

43 NSEL Z°eZb ñnm°Q> E³gM|O {b.

44 NSE Z°eZb ñQ>m°H$ E³gM|O

45 NCDEX Z°eZb H$‘mo{S>Q>r A°ÊS> S>o[adoQ>rìhO² E³gM|O

46 NBHC Z°eZb ~ëH$ h°ÊS>qbJ H$m°nm}aoeZ

47 NBFC Zm°Z-~±qH$J ’$m¶Zm§{eAb H§$nZrO²

48 NTSD Zm°Z-Q´>m°Ýg’$ao~b ñno{g{’$H$ {S>brdar

49 NSDL Z°eZb {g³¶w[aQ>rO² {S>nm°{PQ>ar {b.

50 NABARD Z°eZb ~±H$ ’$m°a A°J«rH$ëMa A°ÊS> éab S>oìhbn‘|Q>

51 NAFED Z°eZb A°J«rH$ëMa H$mo-Am°naoQ>rìh ‘mH}$Q>tJ ’o$S>aoeZ Am°’$ B§{S>¶m

52 PMLA {àìh|eZ Am°’$ ‘Zr-bm±S>[a¨J A°³Q>

53 PNB n§Om~ Z°eZb ~±H$

54 PN nmQ>u[gnoQ>ar ZmoQ²>g

55 PTI àog Q´>ñQ> Am°’$ B§{S>¶m

56 RBI [aPìh© ~±H$ Am°’$ B§{S>¶m

57 ROC a{OñQ´>ma Am°’$ H§$nZrO²

58 SAT {g³¶w[aQ>rO² A°noboQ> Q´>m¶ã¶wZb

59 SCRA {g³¶w[aQ>rO² H$m°ÝQ´>°³Qg² ao½¶wboeZ A°³Q>

60 SEBI {g³¶w[aQ>rO² A°ÊS> E³gM|O ~moS>© Am°’$ B§{S>¶m

61 STT {g³¶w[aQ>rO² Q´>m§P°³eZ Q>°³g

62 UPA ¶wZm¶Q>oS> àmoJ«o{gìh Abm¶§g

63 UTI ¶w{ZQ> Q´>ñQ> Am°’$ B§{S>¶m

Documents

{O¾oe emh Ho$ d¡{œH$ gm‘«mÁ ... - thetarget-book.com › the-target-hindi.pdf · {O¾oe emh Ho$ d¡{œH$ gm‘«mÁ¶ Ho$ {dÜd§g H$m fS>¶§Ì. H¡$go CÝhm|Zo ~mµOma ‘|