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National Spot Exchange Ltd set to face payment crisis

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SummaryThe beleaguered National Spot Exchange Ltd (NSEL) is expected to face a payment crisis yet again as it managed to collect only Rs 8.50 crore till Friday - the last day for pay-in, against the pay-out of Rs 175 crore to be made on Tuesday.

The beleaguered National Spot Exchange Ltd (NSEL) is expected to face a payment crisis yet again as it managed to collect only Rs 8.50 crore till Friday - the last day for pay-in, against the pay-out of Rs 175 crore to be made on Tuesday.

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For the first settlement, the exchange could mop up only Rs 92 crore which has been distributed among investors. There was a shortfall of Rs 82 crore.

"We have asked NSEL to sell stocks and recover the money. We are still evaluating concerted action against the exchange," BSE Brokers Forum official Alok Churiwala told PTI.

Task Force members of Delhi Brokers Association also met on Saturday evening to decide the future course of action, Delhi Stock Exchange Executive Director B K Sabharwal said.

Two days after the Forward Markets Commission directed the NSEL to take punitive action against those who defaulted on payment for claim settlement, the exchange declared nine members -- ARK Imports Pvt Ltd, Loil Overseas Foods Ltd, Lotus Refineries Pvt Ltd, N K Proteins Ltd, NCS Sugars Ltd, Spin Cot Textiles Pvt Ltd, Tavishi Enterprises Pvt Ltd, Vimladevi Agrotech Ltd and Yathuri Associates -- as defaulters on Friday.

These members had failed to meet their financial commitment for the first settlement dated August 20, 2013.

NSEL, promoted by Jignesh Shah-headed Financial Technologies India Ltd, is engulfed in a crisis after it suspended trading on July 31, raising concerns about possible default of Rs 5,600 crore due to investors, including 7,000 small investors.

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