NSEL defaults 19th time; pays Rs 12.64 cr against Rs 174.72 cr

Crisis-ridden bourse NSEL today paid about Rs 12.64 crore against the scheduled payment amount of Rs 174.72 crore, defaulting for the 19th straight time.
With today's pay-out, NSEL has so far settled about Rs 276.14 crore against about Rs 5,600 crore dues to 13,000 investors.
National Spot Exchange Ltd (NSEL), which is engulfed in a payment crisis, had previously defaulted for 18 times. On its seventh pay-out date and thirteenth pay-out date, the spot commodity bourse was unable to make any payment.
"The total amount being disbursed today is around Rs 12.64 crore," an NSEL spokesperson said.
The exchange received Rs 8.20 crore from Topworth Steels and Power, Rs 2.10 crore from N K proteins, Rs 1.84 crore from Mohan India, Rs 0.50 crore from NCS Sugars and while 19 of other investors have defaulted, he added.

NSEL had availed a bridge loan of Rs 177.23 crore from its promoter Financial Technologies (FTIL) to make payments on a priority basis to small investors. NSEL, promoted by Jignesh Shah-led FTIL, is facing the problem of settling dues to 148 members after it suspended trade on July 31 following a government order.
NSEL's decision to suspend trading followed a Consumer Affairs Ministry directive asking the bourse not to launch any new contracts till further order as it found violations of government norms in trading at NSEL.
The bourse had earlier said it plans to settle all the dues in 30 weeks time, by paying Rs 174.72 crore for first 20 weeks followed by Rs 86.02 crore in next 10 weeks.