NSEL scam: IT dept denies info, FMC dodges queries

Written By Unknown on Senin, 14 April 2014 | 23.26

Commodity exchange NSEL, promoted by Jignesh Shah-led Financial Technologies group, is facing multi-agency probe for the payment crisis. Commodity trade in NSEL has been suspended following the issue.

Commodity exchange NSEL, promoted by Jignesh Shah-led Financial Technologies  group, is facing multi-agency probe for the payment crisis. Commodity trade in NSEL has been suspended following the issue.

The NSEL has been actively pursuing recovery of outstanding dues from the 24 members with a total pay-in obligation of around Rs 5,600 crore, as per the information put on its website.

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"While 3 members, with total liability of Rs 254.6 crore have reached a settlement with the Exchange and cleared/are clearing their outstanding dues, NSEL has declared 21 members as 'Defaulter' as per the Rule 41 of the Exchange Bye laws on 22 August, 2013, 28 August, 2013 and 22 October, 2013.

"The total outstanding from these defaulting members on July 31, 2013 stood at Rs 5435.35 crore," its website reads.

So far, properties worth Rs 3,790.03 crore have been attached of the defaulters and the three former employees of NSEL, who have been named as "main accused" by the Economic Offences Wing (EOW) of Mumbai Police in its charge-sheet on January 6, 2014, according to information put on NSEL's site.

Financial Tech stock price

On April 11, 2014, Financial Technologies closed at Rs 361.95, down Rs 2.75, or 0.75 percent. The 52-week high of the share was Rs 870.30 and the 52-week low was Rs 102.05.


The company's trailing 12-month (TTM) EPS was at Rs 50.03 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 7.23. The latest book value of the company is Rs 580.93 per share. At current value, the price-to-book value of the company is 0.62.


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