The former CEO of the troubled National Spot Exchange Ltd (NSEL) blamed unscrupulous clients and wrongdoing by executives for its troubles. Both appear as attempts to clear the promoters and the board of the exchange of any blame for the crisis. According to an internal investigation, the clients of some defaulting members sold commodities held in warehouses to repay their bank loans. The exchange, which wasn’t regulated, was under the scanner of the consumer affairs ministry (under which the commodities market regulator Forward Markets Commission, or FMC.

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