Taking a tougher stance in the National Spot Exchange Ltd (NSEL) crisis case, the Forward Markets Commission (FMC) has slapped Financial Technologies, the promoter of commodity exchange MCX, FT Group owner Jignesh Shah and other senior officials with show-cause notice.

The FMC asked Shah and others to show cause why they shouldn’t be declared not ‘fit & proper’ to be MCX shareholders and directors.

The list of people who were slapped with the harsh-worded notice also includes MCX Stock Exchange’s CEO Joseph Massey, and MCX MD Shreekant Javalgekar.

A government official with direct knowledge of the matter said, "The show-cause notice has been issued on Friday. Financial Technologies and the three officials have been given two weeks to reply to the notice."

The FMC has issued the notices against 22 to 24 people.

Investigators are of the view that the board of NSEL was well aware of the happenings that eventually led to the 5,500-crore payments crisis. In the year of 2009, it approved the paired contracts, which were not permitted as they were a financing activity.

Meanwhile, the Economic Offences Wing of the Mumbai Police has issued a lookout notice against promoter Shah and his associates, and requested the immigration department to make sure that none of the accused leaves the country.