Scam-hit National Spot Exchange Ltd (NSEL) today refuted commodity market regulator FMC's observations regarding slow pace of recovery of dues from defaulters and said the watchdog has adequate powers to speed up efforts to get back the investor money.
NSEL defaulted to the tune of Rs 5,600 crore a year ago and 13,000 investors had been hit by the payment crisis.
The exchange has continued its steadfast approach towards the recovery process, NSEL Managing Director and Chief Executive Saji Cherian said here in response to a letter sent by the regulator Forward Markets Commission (FMC).
In a September 4 letter, informing NSEL about winding-up its Monitoring and Auction Committee (MAC), the FMC had made critical references about the recovery process.
"The Commission has noted that depletion of human resources, lack of financial resources and weak organisational structure at NSEL has posed a major impediment in the recovery process and consequently contributed to negligible progress in recovery of dues by NSEL from the defaulting members."
Recently, the watchdog reviewed the progress of recovery of dues from defaulters. The regulator noted that not much progress was made in recovery of dues based on the feedback received from the MAC, set up to oversee disposal of assets of defaulters on NSEL.
It has been learnt that investigating agencies were examining the role of brokers, whose link with MAC resulted in conflict of interest, Cherian said in a statement.
NSEL believes if FMC exercises the authority vested in it by the Government of India last year, and takes such measures as it deems fit against the defaulting members, it will enhance the recovery efforts, he maintained.
Soon after the crisis was unearthed, the exchange and its promoter Group (Financial Technologies) enforced quick measures to mitigate the effects and bring to book defaulters responsible for the payment crisis.
NSEL was the first to file criminal complaints against the defaulters, Cherian claimed.
The exchange claimed it has taken legal actions against the defaulters. NSEL has filed five arbitration petitions in Bombay High Court, 27 applications in MPID Court (hearing the case) and 30 complaints with the Magistrate Court with regards to bouncing of cheques, it said.
The bourse has also filed 20 complaints with Mumbai Police's Economic Offences Wing and issued third party notices to 15 defaulters.
These coordinated efforts have resulted in a historic order passed by the High Court last week where a committee was formed to overlook the process of asset sale and recovery from defaulters, Cherian said.
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