The government said it is seriously looking into the matter and has sought a report from Forward Markets Commission (FMC) within a day. The consumer affairs ministry, finance ministry and Sebi are keeping a close watch on the situation, Food and Consumer Affairs Minister K V Thomas said.
National Spot Exchange Ltd (NSEL), that provides an electronic platform to farmers and traders for spot trading in farm products and bullion among others, said it would meet all obligations towards brokers and clients who have traded on its platform. Speculations, however, were rife about potential default on payouts running into Rs 5,000-6,000 crore.
NSEL's move to suspend trade in all contracts, except for 'e-series' products like gold and silver, came a fortnight after government asked it not to launch new contracts.
The bourse blamed "loss of trading interest" and "abrupt structural changes in marketplace" for suspension of trade.
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However, there have been speculations that the bourse did not have adequate stock of commodities to make the delivery.
Sebi has also launched a separate probe and is looking into potential violations of rules related insider trading, fraudulent trade practices and possible payment defaults.
FMC is seeking clarifications from NSEL about the rationale behind its decision to defer the settlement, while government said the problem is the exchange's "own creation".
Consumer Affairs Secretary Pankaj Agarwal said NSEL's credibility has been "dented" and government has been telling it for the last one and half to two years to act as per terms and conditions.