The Bombay High Court has just upheld the governments order directing the merger of the erstwhile Financial Technologies (India) Ltd (FTIL) and its subsidiary, National Spot Exchange (NSEL). To refresh your memory, NSEL, a commodities exchange promoted by the Jignesh Shah-led group company, was rocked by a Rs 5,600 crore scam first unearthed in mid-2013. It involved NSEL executing illegal forward contracts along with commodity spot trading along with running a Ponzi scheme, according to Capital Mind. When a notification from the Forward Markets forced the exchange to suspend most contracts in view of violation of regulatory norms, a payment crisis snowballed out of control, leaving over 10,000 investors in the lurch. This was among the biggest commodities markets frauds in the country.