NSEL begins payout in e-series

Unit holders will get 89.7% of each unit while rest will be given after auctioning of remaining stock

National Spot Exchange Limited today started it's payout of e-gold at an average rate of Rs 2,935.9925 per gram to 21,000 unit holders. Unit holders will get 89.7% of each unit while the rest will be given after the auctioning of the remaining stock.

NSEL had a total of 617.5 kgs of gold which was eligible for rematerilisation and financial closure, after Forward Markets Commission, the commodity market regulator, gave the go ahead on 4 April for rematerlisation and financial closure for e- series settlement.

“A total of 85.5 kgs of gold were released to the unit holders in the rematerialisation process. The remaining 532 kgs of gold that were held by NSEL on behalf of unit holders were taken up for financial closure starting 8 May. Of this 477 kgs of gold were sold through auction which is 89.70% of the stock available for financial closure,” NSEL said in a press note.

In case of the other metals in the e series contract, the direct payout will be released to eligible unit holders as per the circular issued by NSEL.