NSEL had a total of 617.5 kgs of gold eligible for rematerialisation and financial closure. Pursuant to FMC issuing the NOC, the exchange had issued the circular on April 4 for rematerialisation/financial closure of e-series settlement.
As a part of the financial closure of gold e-series contracts, National Spot Exchange Ltd (NSEL) today started making direct payments to over 21,000 unit-holders at the average rate of Rs 2,935.9925 per gram.
NSEL had a total of 617.5 kgs of gold eligible for rematerialisation and financial closure. Pursuant to FMC issuing the NOC, the exchange had issued the circular on April 4 for rematerialisation/financial closure of e-series settlement.
NSEL went into trouble in July last year after two dozen counterparties declared their inability to settle payments amounting to Rs 5,600 crore to more than 13,000 investors. A total of 85.5 kgs of gold were released to the unit holders in the rematerialisation process.
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The remaining 532 Kgs of gold that were held by NSEL on behalf of unit holders were taken up for financial closure starting May 8. Of this, 477 kgs of gold was sold through auction which is 89.70 percent of the stock available for financial closure, a statement issued here said.
All eligible unit-holders of E-Gold will get remittance to the tune of 89.70 percent against their each unit of holding, while the remittance for their remaining 10.30 percent will be given once NSEL auctions the remaining stock.
For other metals, the auction is in progress and the direct payout will be released to eligible unit holders as per the circular issued by NSEL. NSEL had suspended the paired contracts but continued settlement of the e-series contracts.
However, the settlement to e-series investors also was put on hold after two investors, who moved the Bombay High Court, alleged that money invested into paired contracts was used to purchase metal backing the e-series contracts. The High Court in October last year suspended the settlement of the e-series and directed commodity market Forward Markets Commission to appoint a chartered accountancy firm to conduct a forensic audit of the contracts.
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