Millennium Post

NSEL settles only Rs 330 cr of Rs 5,500-cr dues in 33 weeks

The National Spot Exchange Ltd (NSEL), promoted by Jignesh Shah-led Financial Technologies (India) Ltd (FTIL), has been facing problems settling dues to 148 members after it suspended trade in July 2013 following a government order in the wake of violation of trading norms.

The exchange paid Rs 330.14 crore as of 7 April, against about Rs 5,500 crore owed to investors, according to NSEL data. On its weekly payout on Monday, the exchange disbursed Rs 50 lakh against the scheduled payment of Rs 86.02 crore, defaulting for the 33rd straight time.

The bourse had proposed to settle all dues amounting to Rs 5,574.31 crore in 30 weeks, according to a settlement schedule issued by NSEL on 16 August. Starting 20 August, it would pay Rs 174.72 crore each for the first 20 weeks, followed by Rs 86.02 crore each in the subsequent 10 weeks, ending on March 11.

During this period, some members would settle their dues through the sale of commodities, fixed assets, land and other measures, amounting to Rs 1,219.71 crore, NSEL had said.

NSEL has started the process of liquidating attached assets of defaulting borrowers to ensure payment of dues.
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