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Thank You FTIL and its Board Members
For extending a “without prejudice” proposal as a goodwill gesture for fair and equitable settlement of claims
11,346 claimants to benefit within 3-4 weeks
We are thankful to FTIL and its Board Members, for extending a “without prejudice” proposal as a goodwill gesture for fair and equitable settlement of claims. This proposal is an attempt by FTIL, in taking the first step by way of suggesting an alternative settlement route. The Proposal will only work if all parties viz. brokers, trading clients, government and others come forward with a resolution oriented mindset.

It is our belief that the industry will rise to the occasion and demonstrate its ability to resolve the situation at hand.


The proposal for payments is as under:
  Amount due to each Trading Client No. of Trading Clients Total Claims
(Rs. crores )
Payments already made (Rs. crores) Balance claimed
(Rs. crores)
Settlement payment
(Rs. crores)
% paid Time frame
post-completion of all formalities
A Upto Rs. 2 lakhs 608 9 9 NIL NIL 100% Done Already
B Rs. 2 – 10 lakhs 6445 346 182 164 164 100% 3-4 weeks
C Rs. 10 lakhs – 1 Cr. 4901 1442 97 1345 672.5 50% 3-4 weeks
  Total (A + B + C) 11954 1797 288 1509 836.5    
D



 
More than Rs. 1 Cr.

HNI Trading Clients

PSUs
781

779

2
3606



 
240




3366

3045.19

320.81


1523

320.81


50%

100%
3-4 months
  TOTAL: 12735 5403 528 4875 2,679.50    
Click here to read the complete proposal.
 
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In view of request made by statutory auditors as per standard on Auditing SA-560, no reliance may be kept on audited financial statements for FY, 12-13 dated 17-5-2013 in case of National Spot Exchange Limited and dated 16-5-2013 in case of Indian Bullion Markets Association as well.

The annual report & financial statements of NSEL and IBMA
 
National Spot Exchange (NSEL), a limited company, was incorporated in May 2005 as a spot exchange for trading in commodities. In October 2008, NSEL commenced operations providing an electronic trading platform to willing participants for spot trading of commodities, such as bullion, agricultural produce, metals, etc. Like NSE and BSE, NSEL has its registered trading members, commonly referred to as brokers, who execute commodity trades on the NSEL platform on behalf of and in accordance with the instructions of their respective clients across India.
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e-Series Rematerialization & Financial Closure

National Spot Exchange Limited (NSEL) has received ‘No Objection’ from Forward Markets Commission to proceed with the process of Rematerialization and Financial Closure of e-Series. Pursuant to this, NSEL has issued the circular no. NSEL/DP/2014/014 dated April 04, 2014.

e-Series unit holders who intend to rematerialize their holdings can follow the process as detailed in the above circular. Unit holders may kindly note that this process of rematerialization is different from the earlier process of Surrender Request (SRF) which has been since discontinued. The process of rematerialization shall be possible only for such unit holders whose holdings match or exceed the exact denomination of the underlying metal. Hence, it is strongly advised to verify the same from the latest stock report before initiating the process.
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NSEL may probe Brokers on KYC of Trading Clients
Stronger action needed to secure conviction of defaulters
Bombay High Court passes injunction order against properties of Mohan India
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