NSEL scam derailed commodity market in 2013

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Commodity futures market's dream run came to a halt in 2013 as a Rs 5,600 cr scam in Jignesh Shah-led spot exchange NSEL and imposition of transaction tax on non-farm items hampered the growth of business. Reuters Commodity futures market's dream run came to a halt in 2013 as a Rs 5,600 cr scam in Jignesh Shah-led spot exchange NSEL and imposition of transaction tax on non-farm items hampered the growth of business. Reuters
SummaryCommodity futures market's dream run came to a halt in 2013 as NSEL scam hampered the growth of business.

crore in 2013 calendar year from nearly Rs 175 lakh crore last year. The turnover at all 21 bourses remained sluggish during the year.

The year 2013 would remain an unforgettable year and in fact a black spot in the history of Indian commodity markets due to the NSEL scam. However, the market players and brokerage firms are of the view that reforms being undertaken by FMC is expected to provide a firm ground for revival of the market in 2014.

Stating that the year was "challenging" for the industry, NCDEX CEO and Managing Director Samir Shah said, "I think the regulator has done a remarkable job in handling the NSEL crisis and at the same initiating steps for market reform and market development."

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