Not able to read file content by using MFT as file server

It looks as though the failure is happening on the parse Snap, not the Reader. Perhaps you can try to do the File read from your MFT and temporarily write it to the local disk, then read with file reader and parse. This would help identify if the issue is the read from MFT or downstream. If you land the file, you may also check to see if you can ready it using Excel.