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NSEL opens escrow account to settle dues

National Spot Exchange Ltd has to settle Rs 5,600 crore dues after it suspended trading in all contracts.

August 12, 2013 10:27 IST | India Infoline News Service

NSEL has opened an escrow account as directed by government to ensure payouts on priority to about 8,000 small investors after the exchange halted trading, according to reports.

National Spot Exchange Ltd has to settle Rs 5,600 crore dues after it suspended trading in all contracts.

 The exchange has said it will submit a settlement plan by August 14 and has set up a four-member panel to monitor the process.

The government has empowered the Forward Markets Commission (FMC) to oversee the settlement.

According to sources, NSEL has roped in Switzerland-based SGS to audit stocks across 89 godowns of the exchange.

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