nsel

The nsel affair got murkier on Monday as regulator FMC cast doubts on its management and charged that the crisis-ridden spot exchange is not complying with its directions and providing wrong information in the case involving Rs 5,600 crore dues to investors.

The National Spot Exchange nsel fiasco is nearing its end. NCLT Mumbai approved a Rs 1,950-crore settlement between nsel, its promoter 63 Moons, and traders. This marks the final settlement round. Traders with smaller dues received full payment earlier. Those with larger outstanding amounts will now receive approximately 42% of their dues, pending for over 12 years.

Five of the nine defaulting members on the troubled commodity bourse nsel did not have adequate commodity stocks in their warehouses even as they traded in hundreds of crores worth of contracts, which led to a crisis worth about Rs 5,600 crore.

New Delhi, Jul 31 () The scam-hit National Spot Exchange (nsel) has urged markets regulator Sebi to resolve the Rs 5,600-crore payment crisis in the larger interest of investors. The payment crisis at nsel -- part of Jignesh Shah-led FTIL group -- came to light in late 2013.

New Delhi, Feb 9 () In the high-profile nsel scam, capital markets regulator Sebi is readying to act against five brokers found to be involved in irregular activities even as it has ruled out any ponzi-angle or collective investment scheme in the trading model of the erstwhile spot exchange.

Investors of nsel will move the Bombay High Court against Financial Technologies' (FT) decision to retire its debt from sale proceeds of its wholly-owned subsidiary Singapore Mercantile Exchange (SMX) to US-based InterContinental Exchange for $150 million (around Rs 930 crore).

Sources said that the ministry of finance was consulting the law ministry to explore the kind of action it could initiate against nsel.

Hearing the appeal of a Pune-based nsel claimant, Rabibai Mohamad Ismail, a two-judge bench of Justice S.S. Shinde and Justice Manish Pitale ordered that the amount lying in the CA's escrow account be distributed among nsel claimants with outstanding between Rs 2 lakh and Rs 10 lakh, so that the small claimants are paid off all their dues.

The real quantum of the nsel scam could be as high as Rs 25,000 crore, said Kirit Somaiya, the president of Investors' Grievances Forum.

The National Spot Exchange Limited (nsel) on Tuesday said the Maharashtra Protection of Interest of Depositors (MPID) Court has directed the Economic Offences Wing (EOW) of Mumbai Police to probe the involvement of former Forward Markets Commission (FMC) Chairman Ramesh Abhishek in the Rs 5,600 crore nsel crisis and submit its report within 40 days.

Anticipating the government move, nsel suspended trading in e-series contracts like gold, silver and some other base metals.

New Delhi, Feb 21 () Markets regulator Sebi has issued fresh notices to at least 20 entities including brokers for allegedly indulging in irregular activities in the Rs 5,600 crore nsel scam. Final orders against these entities can be passed by the regulator anytime so, sources said.

The National Spot Exchange Ltd (nsel) Investors Forum, representing 13,000 investors, said the Rs 5,600 crore scam was known to the ministry of consumer affairs way back in 2010 but no action was taken.

The National Spot Exchange Limited(nsel) scam is a serious issue as it affected several persons, the Bombay High Court observed today, even as a demand was made for a probe into the beleaguered bourse's alleged malpractice in settlements procedures.

The ministry of corporate affairs has upped the scale of its probe in the National Spot Exchange payment scam.

The economic offences wing (EOW) probing the Rs 5,600-crore cheating case involving National Spot Exchange (nsel) and other companies on Thursday arrested Jay Bhaukhundi, former assistant VP of nsel, for not conducting a proper verification of brokers, warehouses and members.

There’s no doubt that the nsel crisis has pushed back by several years the ambitions of Jignesh Shah — one of the two men behind the rise of the Financial Technologies India (FTIL) group — of becoming one of the leading exchange players globally.

New Delhi, Jul 29 () The Centre has requested the Maharashtra government to expedite auction of properties attached in the Rs 5,600 crore nsel payment crisis matter and also deploy full time "competent authorities" for dealing with work related to the defunct exchange.