MCX asks members to be alert in dealing with NSEL defaulters

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MCX is facing the problem of settling Rs 5,600-crore payment after it shut down operations upon the government direction. MCX is facing the problem of settling Rs 5,600-crore payment after it shut down operations upon the government direction.
SummaryMCX is facing the problem of settling Rs 5,600-crore payment after it shut down operations upon the government direction.

Leading commodity bourse MCX has directed its members to exercise due caution while dealing with 22 NSEL firms including Mohan India and N K Protein.

Listed bourse MCX is the sister concern of National Spot Exchange Ltd (NSEL), which is facing the problem of settling Rs 5,600-crore payment after it shut down operations upon the government direction. NSEL and MCX are both promoted by Jignesh Shah-led Financial Technologies India Ltd (FTIL).

In a directive, MCX said, "Members of exchange are requested to note that the entities mentioned in Annexure I have been declared as defaulters by NSEL. Members are therefore advised to exercise caution while dealing directly/indirectly with any of the said entities." The annexure comprises 22 entities: ARK Imports Pvt Ltd, Loil Overseas Food, Lotus Refineries, N K Proteins, NCS Sugar, Spin Cot Textiles and Tavishi Enterprises. Vimladevi Agrotech, Yathuri Associates, LOIL Continental Food, LOL Health Food, Mohan India, Namdhari Rice & General Mills and Namdhari Food International are also on the list.

White Water Foods, Shree Radhey Trading, P D Agroprocessors, Swastik Overseas Corp and Juggernaut Projects, Aastha Minmet India, MSR Food Processing and Metkore Alloys and Industries are also among the said entities, MCX said. Recently NMCE, the country's third biggest commodity bourse, had also directed its members to exercise alert while dealing with the NSEL defaulters.

MCX offers electronic futures trading platform in both agriculture and non-agriculture items. Its business turnover stood at Rs 1,99,306 crore in the first fortnight of this month.

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