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The government is mulling conducting audit of NSEL's physical stocks lying in warehouses by own agencies as it fears defaults in payment by buyers, a top Consumer Affairs Ministry official said today.
Consumer Affairs Secretary Pankaj Agarwal also asked the National Spot Exchange Limited (NSEL) to be a responsible guarantor to the Rs 5,600-crore dues of investors and meet its commitments.
Last week, the NSEL had announced its seven-month plan to settle the dues to investors. As per the plan, August 16 was the first 'pay-in' day and August 20 the first 'pay-out' day. There are 24 companies which have to pay around Rs 5,600 crore to the spot exchange for settling dues to investors.
"Friday (August 16) was the first day of payment and there might have been defaulters. We have asked NSEL to declare the list of defaulters and action taken against them as per their own bye-laws," Agarwal told reporters here.
The Ministry is contemplating getting the NSEL stocks lying in warehouses audited by government agencies, he added.
"NSEL being a guarantor has been told to behave like a guarantor and that the exchange must meet the commitments," Agarwal said.
NSEL, promoted by Jignesh Shah-headed Financial Technologies India Ltd (FTIL), is engulfed in a crisis after it suspended trade on July 31 following government directives. This raised concerns about possible default of nearly Rs 5,400 crore due to investors, including 7,000 small investors.
Meanhwile, NSEL today posted on its website the complete data of members (buyers) which have payment obligations with the bourse and also the list of firms/investors whose payments are stuck.
NSEL said that 24 members owe it a total of Rs 5,574.35 crore, with NK Protein having the maximum payment obligation of Rs 967 crore.
On the other hand it has to ensure payment of Rs 5,380.53 crore to 148 companies, the data showed. There are 12 companies which needs to be paid more than Rs 100 crore each.
Of these companies, Indian Bullion Market Association (IBMA) has to recover the maximum dues of Rs 1,159.55 crore.
However, commodity market regulator FMC, has directed the NSEL not to make immediate payment to IBMA as it is related to NSEL which has 60.88 per cent equity and common directors in the IBMA.
Anand Rathi Commodities has to recover Rs 629.21 crore dues from NSEL, followed by India Infoline Commodities (Rs 326.23 crore), Geojit Comtrade (Rs 313.25 crore), Systematix Commodities Services (Rs 277.74 crore), Motilal Oswal Commodities Brokers (Rs 262.88 crore) and MMTC (Rs 220.08 crore).
Aum Commodity, Philip Commodities, Purvag Commodities and Derivatives, PEC and Emkay Commotrade have to be paid dues of Rs 214.71 crore, Rs 140.08 crore, Rs 132.58 crore, Rs 123.39 crore and Rs 100.54 crore, respectively.
