Table Of Content{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 ao
àñVmdZm- 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$aVo h¢.
ISBN: 978-1-64255-581-3
‘wÐH$: gm¡a^ qàQ>g©
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 Aݶ {H$gr
OmZH$mar Ho$ {b¶o à˶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
Aܶm¶ 1 {dÜd§g Ho$ {bE X~mdVÝÌ H$m à¶moJ 19
Aܶm¶ 2 hpñVZmnya H$m Hw${Q>b fS>¶§Ì 27
Aܶm¶ 3 ^maVr¶ EŠgM|Om| H$s amOZr{V 44
Aܶm¶ 4 H$nQ> Am¡a Jham hþAm 61
Aܶm¶ 5 gµ’o$X PyR> 77
Aܶm¶ 6 Ho$nrHo$, A{^foH$ Am¡a CZH$m "AY©g˶' 98
Aܶm¶ 7 emh Am¡a NSEL H$mo ˜Ë‘ H$aZo H$s gm{Oe 104
Aܶm¶ 8 emh ~Zm‘ do g~ $ 118
Aܶm¶ 9 B§ÐàñW Ho$ bwQ>oao H$m¡Z? 123
Aܶm¶ 10 ApÝV‘ àhma 137
Aܶm¶ 11 EH$ A§e Jm°ëQ>, Xmo A§e emh 150
Aܶm¶ 12 ED Am¡a CBI H$m nbQ>dma 166
Cng§hma 173
eãXmdbr 178
àñVmdZm
‘¢Zo em§VZw H$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${චCnݶmg "A°Q>bg l½S>' Ho$ Zm¶H$ Om°Z Jm°ëQ>> ‘o§
H$mµ’$s g‘mZVm h¢. EH$ ‘moQ>a H§$nZr ‘| {Z˶ ZE Am{dîH$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{ÕOݶ 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{^‘ݶy 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.
1
‘w§~B© hmB©H$moQ>© Zo ^r MmO©erQ> H$m Aܶ¶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$m Cn¶moJ emh Ho$ OrdZ^a 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 ܶ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 V϶ 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$a emh Ho$
2
{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$m, ‘ܶ-nyd© go boH$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$s Wr. ¶h gmao
EŠgM|O ^maV ‘| Z§~a 1 Am¡a Xþ{Z¶m^a ‘| Z§~a 2 aho h¢.
‘ëQ>r-H$‘mo{S>Q>r EŠgM|O (MCX) nhbm Eogm {bñQ>oS> EŠgM|O ~Zm {OgZo
^maV H$mo {díd^a Ho$ 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$aZm MmhVr Wr.
3
‘wPo bJVm h¢ nhbr nr‹T>r Ho$ ¶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$a XoZm EH$ OKݶ
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’$b E³gM|O ~ZmZo ‘| OrdZ^a H$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 A˶§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-bIo H$ h.¢ EH$ ñV^§ H$ma H$o ê$n ‘ | gRo > bJmVma The Financial Times (London),
Hindustan Times Am¡a The Indian Express ‘| {bIVo aho h¢. ~ohX Omoerbo dŠVm
Ho$ 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’$s bmoH${චh¢.
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