With the government tightening the noose around Jignesh Shah in the NSEL fiasco, his global ventures too are no longer safe bets. For Shah, overseas exchanges were a big bet as they were perceived to be operating in bureaucratic hurdle free markets and were seen as a hedge against domestic business. Out of the five exchanges Financial Technologies (FT) set up globally, Bourse Africa based in Johannesburg, South Africa is yet to start trading despite being set up almost four years ago. “We are currently conducting a in-depth study of the market; i.e. the African continent and the right kind of products that would cater to the needs of the market. Only after the research is completed, will the Exchange commence operations,” said a spokesperson of the exchange. The FT group also has run into a dispute with the majority shareholders of its Dubai-based exchange DGCX. Singapore based, Singapore Mercantile Exchange Pte Ltd (SMX) has seen a sharp fall in volumes in last few months following the NSEL crisis and volumes on Bahrain Financial Exchange (BFX) based at Manama, Kingdom of Bahrain have almost been wiped out. The Global Board of Trade (GBoT), based at Mauritius, has seen a 20% fall in its volumes. While the NSEL crisis broke out in July, Shah’s problems started even earlier in April when the Reserve Bank of India issued a circular asking Indian companies investing overseas under direct investment route to take its permission to launch products/services based on Indian currencies. This took a toll on Indian rupee/US Dollar futures on BFX. In April, 762 lots were traded on BFX and it has phased out to almost nil now.