NSEL crisis: Jignesh Shah assures to repay, investors wary

NSEL investors met Jignesh Shah and Joseph Massey on Sunday and Shah assured NSEL that he will repay all investors. But investors are far from believing him, reports CNBC-TV18's Siddharth Zarabi.

Given the number of investors, brokers, proprietary tradesand the number of trades done on behalf of clients it is a big mess and the amount is huge at Rs 5,500 crore. Also Read: FMC okays NSEL settlement plan; questions a/cs credibility
The developments that have panned out over the last two-three days are about the two Forward Markets Commission (FMC) letters – the last letter on August 16 by the FMC to National Spot Exchange (NSEL), towards the end allows the exchange to continue with the settlement plan as has been proposed by NSEL, but expressed serious reservations about the quality of the settlement plan. This seems to suggest is FMC is allowing NSEL to implement the plan, but wants it to proceed with speed in that regard.
Post that, hardly any investors were going to rely on those assurances. In fact the investors are now going to start a round of meetings in New Delhi. They are going to call on various ministers and senior government officials with their case, because now their key point is that the entire setup needs to be taken over just as was the case with Satyam, otherwise they fear that a large part of their money will be lost forever.