Payment fiasco at NSEL: MMTC, PEC to get Rs 343 cr

Written by Press Trust of India | New Delhi | Updated: Aug 20 2013, 01:15am hrs
About Rs 343 crore of state-owned trading firms MMTC and PEC is stuck with the crisis-ridden National Spot Exchange which has to settle nearly Rs 5,400 crore with 148 entities including many brokerage firms.

NSEL, which has engulfed in a crisis after suspending trading of contracts following a government directive, today posted on its website the complete data of members (buyers) which have payment obligations with the bourse.

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The list of firms/investors whose payments are stuck is also on the website of the exchange.

NSEL said that 24 members owe a total of Rs 5,574.35 crore, with NK Protein having the maximum payment obligation of Rs 967 crore.

The total payable amount by NSEL is Rs 5,380.53 crore to 148 companies, the data showed. There are 12 companies with an outstanding payment of over Rs 100 crore.

Indian Bullion Market Association (IBMA) has the maximum dues of Rs 1,159.55 crore.

Commodity markets regulator FMC, however, has directed the NSEL not to immediate make payment to IBMA as it is related to NSEL which has 60.88 per cent equity and common directors in the IBMA.

Anand Rathi Commodities has Rs 629.21 crore dues in NSEL, followed by India Infoline Commodities (Rs 326.23 crore), Geojit Comtrade (Rs 313.25 crore), Systematix Commodities Services (Rs 277.74 crore), Motilal Oswal Commodities Brokers (Rs 262.88 crore) and MMTC (Rs 220.08 crore).

Aum Commodity, Philip Commodities, Purvag Commodities and Derivatives, PEC and Emkay Commotrade have dues of Rs 214.71 crore, Rs 140.08 crore, Rs 132.58 crore, Rs 123.39 crore and Rs 100.54 crore with NSEL, respectively.

NSEL, promoted by Jignesh Shah-headed Financial Technologies India Ltd (FTIL), was engulfed in a crisis after it suspended trade on July 31 following a government directive, raising concerns about possible default of Rs 5,600 crore due to about 13,000 investors, including 7,000 small ones.