Govt appointed committees on NSEL to submit report by Sept 7: FM

Says govt is in touch with Sebi, FMC

The government  today said two committees probing into the crisis-ridden National Spot Exchange Ltd (NSEL) will give their reports in the first week of September.

"We have appointed two committees. They have been asked to submit reports within 15 days. Fifteen days will expire by September 7. Once the two reports come, decisions which fall under my jurisdictions, I will take those decisions," Finance Minister P Chidambaram told a press conference here.

One of the two committees was set up under the Finance Ministry by the Prime Minister's Office.  

The Finance Minister, however, clarified that Forward Markets Commission (FMC) does not come under the Finance Ministry, even as there are discussions to relocate it.

"NSEL is under the FMC and administrative ministry of FMC is consumer affairs. In the meanwhile, there is some discussion about where FMC should be located. That decision I cannot take."

However, the government has appointed two committees since the developments in NSEL has wider ramifications, Chidambaram said.  

"There are rapidly unfolding developments, we are keeping a careful watch. We are in touch with Sebi and FMC. In fact, we are in constant touch with them. We will deal with the situation as it develops. We will take the decisions required to be taken. "