NSEL settles Rs 330 cr of Rs 5,500 cr dues in 33 weeks

Written By Unknown on Selasa, 08 April 2014 | 23.25

Embattled spot commodity bourse NSEL has settled Rs 330 crore, or 6 percent of the amount due to investors since it suspended operations, missing its own deadline to clear payments.

Embattled spot commodity bourse NSEL has settled Rs 330 crore, or 6 percent of the amount due to investors since it suspended operations, missing its own deadline to clear payments.

The National Spot Exchange (NSEL), promoted by Jignesh Shah-led  Financial Technologies (India) (FTIL), has been facing problems settling dues to 148 members after it suspended trade in July 2013 following a government order in the wake of violation of trading norms.

The exchange paid Rs 330.14 crore as of April 7, against about Rs 5,500 crore owed to investors, according to NSEL data.

On its weekly payout yesterday, the exchange disbursed Rs 50 lakh against the scheduled payment of Rs 86.02 crore, defaulting for the 33rd straight time.

The bourse had proposed to settle all dues amounting to Rs 5,574.31 crore in 30 weeks, according to a settlement schedule issued by NSEL on August 16.

Starting August 20, it would pay Rs 174.72 crore each for the first 20 weeks, followed by Rs 86.02 crore each in the subsequent 10 weeks, ending on March 11.

During this period, some members would settle their dues through the sale of commodities, fixed assets, land and other measures, amounting to Rs 1,219.71 crore, NSEL had said.

The exchange, which was unable to make any payment on its seventh and 13th payout dates, had taken a bridge loan of Rs 177.23 crore from promoter FTIL to make payments on priority to small investors.

NSEL has started the process of liquidating attached assets of defaulting borrowers to ensure payment of dues.

Financial Tech stock price

On April 07, 2014, Financial Technologies closed at Rs 349.50, down Rs 11.95, or 3.31 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 6.99. 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 0.60.


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