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Consumer Affairs Secretary Pankal Agarwal today assured the investors of beleaguered spot exchange, National Stock Exchange Ltd (NSEL) that he has written to the exchange that it will have stand as gurantor for the investors both in letter and spirit, have its stocks audited by a government appointed auditor.
The exchange will also have to put on its website immediately a list of defaulters and taken action against them as per the bylaws of the bourse.
Informing reporters after a meeting with a group of NSEL investors, Agarwal said that the department has informed the exchange in no certain terms that the interest of small investors have to be protected in all counts. The letter was written on August 16
Later the investors also met consumer affairs minister K.V. Thomas.
"We have urged the minister that his department has the responsibility to solve the crisis as the Forward Market Commission functions within the purview of the minister," S.K. Saraf, chairman of NSEL Investors Forum said.
He said that the investors want that FMC should be made the sole regulator of stocks exchanges. "NSEL should be taken over by FTIL and the money accruing to all investors should be returned as soon as possible and not as per the payment schedule given by NSEL," Saraf said.
He, however, said that payment default by one NSEL does not mean that the concept of electronic spot exchange is faulty.
Earlier in the day, the NSEL default crisis echoed in Parliament for the first time ever since the crisis broke out earlier this month. Raising the issue during zero hour, BJP leader Prakash Javedkar said that the crisis is similar to the Harshad Mehta and Ketan Parekh scam and the government should explain its role.
He alleged that the name of a union cabinet minister should also be looked into the whole issue.
