The NSEL crisis is a classic case of management fraud and NSEL board is its biggest victim, said Jignesh Shah in an exclusive interview to CNBC-TV18.<br /><br />

The NSEL crisis is a classic case of management fraud and NSEL board is its biggest victim, said Jignesh Shah in an exclusive interview to CNBC-TV18.

According to Shah, the worst hit is not investors but Financial Technologies.

To ease investor pain, NSEL is focussed on recovery of funds.

"We are making all efforts within our capabilities to solve the crisis," he added.

In the interview, Shah reiterated that NSEL is a trading platform and borrowers are to be blamed for the default.

Shah clarified that he has no plans to sell stake in MCX .

Hit by payment crisis, NSEL, part of the Jignesh Shah-led Financial Technologies group, had to suspend trading on July 31 after a government directive. Since then, it has defaulted six times in its weekly payment commitment to its investors.

Financial Technologies (India) also promotes two other trading platforms -- the Multi Commodity Exchange of India Ltd and MCX Stock Exchange Ltd.

Financial Technologies stock slipped another 13 percent in the afternoon trade taking MCX lower with it.

Shah also said that all the court cases have been filed default proceedings and the joint recovery process has been initiated.

"There are 20 steps which have been taken. It took us one month to take a grip thereafter very strict steps have been taken. So efforts are on to recover from these 23 brokers or buyers. We are very sensitive to the pain of investors. Anyone who has benefitted will be booked. There is internal investigation and a police investigation which is on. We will see to it that wholeheartedly and are committed to reach a conclusion, but that doesn't stop us from going after recovery," he added.

Watch the full interview above