This Article is From Aug 27, 2013

NSEL crisis: Bourse gets only Rs 3.40 crore for second payout

New Delhi:

National Spot Exchange Ltd (NSEL) could gather only Rs 3.40 crore from its members and clients on Monday against the second scheduled payout of Rs 174.72 crore due on 27 August.

Of 24 members, 11 members have paid a total of Rs 11.90 crore so far (Rs 40 lakh was paid on August 21, Rs 8.10 crore on August 23 and Rs 3.40 crore on August 26).

The bourse had announced a seven-month plan to settle the dues to investors.

As per the plan, August 16 (Friday) was the first 'pay-in' day and August 20 (Tuesday) the first 'pay-out' day. However, NSEL was able to pay only Rs 92 crore in the first pay-out, out of the scheduled Rs 174.72 crore.

There are 24 companies which have to pay Rs 5,600 crore to the spot exchange for settling dues to investors.

Meanwhile, NSEL declared nine members (buyers) who failed to pay their dues on the first day of settlement on August 20 as 'defaulters', following directives from the commodity market regulator FMC.

The beleaguered bourse on Monday lodged complaint against five defaulters, including the major defaulter N K Proteins, with the Economic Offences Wing (EOW) as they failed to meet FMC norms on having adequate commodities in warehouses.

(Read: NSEL files complaints against 5 defaulters)

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