A group of brokers and other members of the National Spot Exchange (NSEL) on Friday met key officials of the ministries of finance and consumer affairs and sought action against defaulters as well as the management of the bourse.
Apart from economic affairs secretary Arvind Mayaram, the members also met key officials of the enforcement directorate and the directorate of revenue intelligence, said a source. They raked up the issue of violations of settlement rules at the exchange and suspected siphoning off money by the exchange’s management, said a source present in the meeting. They also demanded that books, documents, assets and cheques submitted by the defaulters be attached and the money recovered be paid to brokers. The source said the brokers should expect any worthwhile action by the finance ministry only after the Forward Markets Commission (FMC) — the commodity futures market regulator which is now empowered to oversee the settlement issue at NSEL — is brought under its administrative control from the consumer affairs ministry.
Later in the day, the brokers met consumer affairs secretary Pankaj Agrawala, who told them his ministry, along with the FMC, had been closely monitoring the situation and appropriate action would follow, said another source.