NSEL: Panel to submit report to Dept of Economic Affairs

India Infoline News Service | Mumbai |

NSEL has garnered Rs 103.2 million so far against Rs 1.74 billion payable to investors today

The two working groups formed to study the violations by National Spot Exchange Ltd (NSEL) are likely to submit their reports to the Department of Economic Affairs Secretary Arvind Mayaram today, according to a media report.

The working groups will also suggest measures to be taken to check any systematic fallout of the NSEL crisis on the financial system. The panel includes members from Company Affairs Secretary, Consumer Affairs Secretary and Revenue Secretary, the report added.

NSEL, promoted by Jignesh Shah-led Financial Technologies (India) Ltd, is facing the problem of settling Rs. 56 billion dues to 148 members/brokers, representing 13,000 investor clients, after it suspended trade on July 31 on the government direction.

NSEL has garnered Rs 103.2 million so far against Rs 1.74 billion payable to investors today.

The bourse plans to settle the entire due amount by paying back investors Rs. 1.74 billion every week in seven months time.
 

Advertisements

  • Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
  • Now Save Rs.3150 on your Demat Account ...Click here
  • Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.