NSEL's first payout today, Financial Technologies down 8%

Moneycontrol Bureau

National Spot Exchange (NSEL) says that it has got Rs 81.1 crore so far in its escrow account for payout.

The first payout by NSEL will happen by 6 pm today. The exchange proposed to pay Rs 174 crore as part of first week payout today.

NSEL said it would seek FMC guidance in case of any deficit in payout.

"13 out of 24 members deposited money for pay-in process. We will pay investors via 148 clearing members pro-rata," the exchange said.

"We will pay Rs 10.13 crore to India Infoline Commodities, Rs 9.73 crore to Geojit Comtrade, Rs 8.16 crore to Motilal Oswal and Rs 6.83 crore to MMTC," NSEL explained.

NSEL released list of 108 investors of Indian Bullion Market Association (IBMA). IBMA clients include Sahara Q Shop with Rs 225.95 crore exposure. Total exposure of IBMA is Rs 1,170 crore, according to a release.

Commodity markets regulator Forward Markets Commission (FMC) asked crisis ridden NSEL on Sunday to go ahead for the time being with its payout plan to settle Rs 5,600 crore of dues to investors and questioned the credibility of the accounts and information provided by the exchange.

On August 14, the National Spot Exchange (NSEL) had submitted the plan to the Forward Markets Commission (FMC) to clear dues to 13,000 investors over a period of seven months.

The NSEL, promoted by Jignesh Shah-headed Financial Technologies India Ltd (FTIL), was engulfed in a crisis after its suspended trade on July 31, raising concerns about possible default of Rs 5,600 crore due to investors, including 7,000 small investors.

Financial Technologies (the promoter of NSEL) lost 8 percent to Rs 140 in afternoon trade.

Meanwhile, MCX India shares rallied 5 percent to Rs 268 on the Bombay Stock Exchange, hitting upper circuit for the second straight day.

(With inputs from PTI)