NSEL defaults for 5th time, appoints new MD & CEO

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National Spot Exchange defaulted in the fifth straight settlement with only Rs 8.57 crore coming in from borrowers. National Spot Exchange defaulted in the fifth straight settlement with only Rs 8.57 crore coming in from borrowers.
SummaryWith this total defaulted amount works out to Rs 738 crore in the last five settlements.

Even as the NSEL Investors Forum expressed optimism on recovery Rs 4,000 crore from top five borrowers of the National Spot Exchange Ltd (NSEL), the bourse on Tuesday defaulted in the fifth straight settlement with only Rs 8.57 crore coming in from borrowers as against the stipulated Rs 174.72 crore.

With this the total defaulted amount works out to Rs 738 crore in the last five settlements. The bourse, meanwhile, appointed Saji Cherian, Head of Listing-Issuer Services at MCX Stock Exchange, as its new CEO and managing director, nearly a month after sacking its previous chief Anjani Sinha. Sinha was sacked on August 20 following payment crisis of about Rs 5,500 crore in the exchange after it shut down the operations in the wake of government order.

In another development, NSEL Investor Forum chairman, Sharad Saraf, on Tuesday said, “With the help of NSEL and government agencies, we expect to recover around Rs 4,000 crore, which is 65-70 per cent of the total outstanding of Rs 5,500 crore from the top five borrowers of the exchange.”

“We have found out that Rs 5,500 crore is in the system only with NSEL, its promoters company Financial Technologies and with its 24 borrowers,” Saraf said.

Meanwhile, shares of India Glycols Ltd (IGL) on Tuesday fell by about 12.81 per cent on the BSE amid reports that the company has Rs 125 crore exposure to NSEL.

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