 "NSEL pays to 70% e-silver investors")
National Spot Exchange Ltd (NSEL) has completed 70.48 per cent financial closure for e-silver investors, benefiting most in this category. The exchange has already completed financial closure of e-gold contracts.
“The exchange made remittance towards 70.48 per cent of the e-silver amount— Rs 97.3 crore—to unit holders. The process of financial closure for the remaining 29.52 per cent of e-silver, platinum and other base metals (amounting to Rs 55 crore) will be completed soon,” said Uttam Prakash Agarwal, independent director of NSEL and former president of the Institute of Chartered Accountants.
On May 8, the exchange had started the process of reaching financial closure by auctioning underlying commodities for the stock available after rematerialisation. The initial remittance comprised sales of 89.70 per cent of gold. The sale proceeds of Rs 140 crore were directly credited to the bank accounts of unit holders on May 22.
Most important aspect of this financial closure in e-gold was the rematerialisation value of unit holders. An average unit value of e-gold stood at Rs 2,909.05 per unit as against the current prevailing price in spot market at Rs 2,700 per gram.
The rematerialisation, therefore, benefitted 23,267 investors in e-gold and 16,188 investors in e-silver so far.
“The exchange made remittance towards 70.48 per cent of the e-silver amount— Rs 97.3 crore—to unit holders. The process of financial closure for the remaining 29.52 per cent of e-silver, platinum and other base metals (amounting to Rs 55 crore) will be completed soon,” said Uttam Prakash Agarwal, independent director of NSEL and former president of the Institute of Chartered Accountants.
On May 8, the exchange had started the process of reaching financial closure by auctioning underlying commodities for the stock available after rematerialisation. The initial remittance comprised sales of 89.70 per cent of gold. The sale proceeds of Rs 140 crore were directly credited to the bank accounts of unit holders on May 22.
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“The final payment of e-gold, worth Rs 14.67 crore and comprising 10.29 per cent of gold, was made to unit holders on June 23, completing the financial closure of e-gold fully, involving a total amount of Rs 154.77 crore,” Agarwal said.
Most important aspect of this financial closure in e-gold was the rematerialisation value of unit holders. An average unit value of e-gold stood at Rs 2,909.05 per unit as against the current prevailing price in spot market at Rs 2,700 per gram.
The rematerialisation, therefore, benefitted 23,267 investors in e-gold and 16,188 investors in e-silver so far.