Go Ad-Free
    My Alerts
    Moneycontrol
    Moneycontrol PRO
    HomeNewsBusinessMarketsPMO plans to set up special team to look into NSEL issue

    PMO plans to set up special team to look into NSEL issue

    With a payment crisis engulfing the National Spot Exchange Ltd (NSEL), the Prime Minister's Office is planning to set up a special team headed by the Economic Affairs Secretary to look into the issue.

    August 14, 2013 / 19:44 IST
       
       
      26 Aug, 2025 12:21
      Volume
      Todays L/H
      More

      With a payment crisis engulfing the National Spot Exchange Ltd (NSEL), the Prime Minister's Office is planning to set up a special team headed by the Economic Affairs Secretary to look into the issue. Besides Economic Affairs Secretary Arvind Mayaram, the team would comprise of secretaries of Department of Consumer Affairs and Ministry of Corporate Affairs, sources said. It would also comprise of officials of RBI, SEBI, Directorate of Revenue Intelligence and Enforcement Directorate.


      Also read: NSEL announces detailed Settlement Plan


      The mandate of the committee would also be to see that there are no systemic threats. NSEL has to settle Rs 5,600 crore of dues to investors after it suspended trading in all contracts recently on directions from the government. The exchange has said it will submit a settlement plan by today and has set up a four-member panel to monitor the process.


      The government has empowered the Forward Markets Commission (FMC), the commodity market regulator, to oversee the settlement. According to the NSEL, 21 entities owe nearly Rs 5,600 crore to investors, with the maximum liability of Rs 929 crore from N K Proteins.

      Eight of the entities have said they will pay their liability on time and 13 have agreed to pay 5 per cent of their total dues every week. In addition, there are three entities, with total liabilities of Rs 311 crore, which are yet to decide on the payment schedule.

      first published: Aug 14, 2013 07:44 pm

      Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

      Subscribe to Tech Newsletters

      • On Saturdays

        Find the best of Al News in one place, specially curated for you every weekend.

      • Daily-Weekdays

        Stay on top of the latest tech trends and biggest startup news.

      Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347