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NSEL announces settlement plan, PMO orders probe

Soothing frayed investor nerves, beleagured National Spot Exchange Ltd (NSEL) today announced the settlement plan for outstandings worth R5,574 crore, even as the Prime Ministers Office (PMO) set up a special team headed by economic affairs secretary to look into the issue.

business Updated: Aug 14, 2013 21:56 IST
HT Correspondent

Soothing frayed investor nerves, beleagured National Spot Exchange Ltd (NSEL) on Wednesday announced the settlement plan for outstandings worth R5,574 crore, even as the Prime Ministers Office (PMO) set up a special team headed by economic affairs secretary to look into the issue.

The payment schedule ranging over nine months begins this week from Friday and ends on March 11, 2014.

“Starting this Friday, August 16th, 2013, there will be pay-in every Friday and pay-out every subsequent Tuesday,” said Anjani Sinha, managing director and CEO, NSEL.

The payment schedule comes a day after NSEL Investors Forum — a joint body of investors and brokers — alleged that the exchange did not have adequate stock in its warehouses to meet obligations.

“There are 24 buyers who are required to complete funds pay-in obligation to ensure smooth settlement,” said Sinha.

“Therefore, the focus should be on these buyers/processors for realisation of pending dues and on nothing else.”

The exchange has been in a crisis after it suspended trade in most contracts on July 31.

Shares of Financial Technology ended down 13.5% to R147 on the Bombay Stock Exchange.