Millennium Post

NSEL 3rd payout gathers Rs5.97 crore against Rs174.7 crore target

The troubled National Spot Exchange Ltd (NSEL) has so far got Rs 5.97 crore from members, including biggest defaulter NK Proteins, against the third scheduled payout of Rs 174.72 crore due on Tuesday.

Of the 24 members, only four have paid a total of Rs 5.97 crore so far (Rs 80 lakh was paid on 28 August, Rs 17 lakh on 29 August, Rs 5 crore on 30 August), the exchange said in a release.

The exchange did not get any amount from members on 31 August.Releasing pay-in obligations of 39 clients through 24 members, NSEL on August 29 had said Ahmedabad-based NK Proteins was the biggest defaulter with net dues of around Rs 970 crore at members level.

Earlier, crisis-ridden NSEL had announced a seven-month plan to settle the dues to investors.
The beleaguered bourse has already defaulted in the last two pay-outs as it was able to gather only Rs 92.73 crore in the first pay-out and Rs 12.05 crore in the second pay-out, out of the scheduled Rs 174.72 crore each.

However, the exchange has already availed a bridge loan of Rs 177.23 crore from its promoter Financial Technologies (FTIL) to make payments on priority basis to small investors.

There are 24 buyers/members which have to pay Rs 5,600 crore to the spot exchange for settling dues to investors.Meanwhile, NSEL declared in total 19 members (buyers) who failed to pay their dues on in last two payouts as 'defaulters', following directives from the commodity market regulator Forwards Market Commission (FMC).

NSEL, promoted by Jignesh Shah-led FTIL, is facing the problem of settling Rs 5,600 crore dues to 148 embers/brokers, representing 13,000 investor clients, after it suspended trade on 31 July on the government direction.
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