NSEL owes nearly Rs 254 crore to Motilal Oswal group alone

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Summary* Group entities have huge exposure in three categories

Financial services provider Motilal Oswal on Tuesday said the group has total exposure of R253.92 crore as on date on crisis-ridden National Spot Exchange (NSEL). The company, in a BSE filing, said NSEL owes R253.92 crore under three different categories to Motilal Oswal Financial Services and/or its subsidiaries.

Out of the total amount, NSEL owes R195.24 with respect to the positions taken by its clients through the broking platform offered by Motilal Oswal Group.

NSEL also owed R57.28 crore with respect to the proprietary positions undertaken by the group, the filing added.

The NSEL also owes R1.40 crore with respect to the positions taken by its clients through the broking platform offered and funded by Motilal Oswal Group. NSEL, promoted by Jignesh Shah-led FTIL, is facing the problem of settling R5,500 crore dues to 148 members after it suspended trade on July 31 on government direction.

The bourse plans to settle the entire dues by paying back investors R174.72 crore every week for four months and then after R86.02 crore every week for three months till March 2014. The bourse had availed a bridge loan of R177.23 crore from its promoter Financial Technologies (FTIL) to make payments on priority basis to small investors.

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