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The scam-hit National Spot Exchange Ltd (NSEL) has asked for details/documentation on the proof of disbursement and know-your-client (KYC) forms of their respective trading clients to whom a Rs 179-crore special payout was made. The exchange has set the deadline for doing so at March 13. NSEL had made this special payout on August 27, 2013, to settle and clear fully the dues of trading clients owed up to Rs 200,000 and for 50 per cent of those owed between this much and Rs 10,00,000.
In earlier circulars of December 16 and January 6, it had sought the information mentioned but got little response.
This is a final opportunity, to avoid disciplinary action, it has said.
“We will be happy if all the claims turn out to be true and their own. But it seems like, based on data we have received so far, it could be that some brokers have acted as a front or proxy (for) benami dealings (as) in the case of the NSDL IPO scam some years ago...The paltry response we have got despite an all-out effort by NSEL and even after dispatching the notice twice puts a question mark on the genuineness of claims...We have requested the ministry of corporate affairs to verify the genuineness of 13,000 numbers before considering the draft merger (with Financial technologies) order,” said Prakash Chaturvedi, joint managing director of NSEL.
NSEL said it had also noted that in the past four months of operation, there was rampant client code modification amounting to over 300,000 contracts, valued at more than Rs 2,000 crore.
