The Reserve Bank of India is of the view that there should be a regulator for the spot exchanges and it has written to the finance ministry in this regard, according to news reports. The central bank had recently received a summons from the Gujarat High Court with regard to the scam involving the National Spot Exchange. Some investors had in May approached the court under the label of NSEL Aggrieved and Recovery Association alleging that the exchange was operating without authorization under the Payment and Settlement Services Act. The investors also alleged that the RBI knew about this discrepancy as early as 2011. RBI had exempted regulated exchanges from the Payment and Settlement Services Act as clearing and settlement are crucial aspects to their functioning and it wanted to avoid dual jurisdiction. While Sebi now regulates commodities derivatives market, spot exchanges are not under its purview.
