Do we need to show India as unsafe for HNIs: NSEL investors to FM Arun Jaitley

Written by Jash Kriplani | Mumbai | Updated: Sep 28 2014, 02:51am hrs
Arun JaitleyThe investors' group has also sent a fresh request for appointment with FM Arun Jaitley. Reuters
Putting further pressure on the Government to merge National Spot Exchange (NSEL) with Financial Technologies (FTIL), the NSEL Investors Forum has called on the Finance Minister Arun Jaitley to expedite the process.

The forum in a letter sent on Friday, said if the Government has the will and sincerity it can resolve the crisis within a short span of 6 months.

The investor body further said the FTIL "... is trying to somehow create a perception that NSEL scam is one involving wealthy and prosperous businessmen and corporations and not affecting the common man. This could not be further from the truth as there are thousands of investors who have lost their entire life savings in NSEL which were otherwise planned for their twilight years. Besides as a developing nation, do we need to create a perception that India is an unsafe destination for high networth individuals," the forum has asked the Finance Minister.

In an earlier press release, FTIL had said the interest of the 13,000 clients of the brokers who traded on NSEL platform for higher returns cannot be termed as public interest when 66% of the entire outstanding amount is being claimed by just 6% of the trading clients.

The investors' group has also sent a fresh request for appointment with Jaitley, FE reported earlier.