NSEL eyes Rs 1,000 cr biz this year

The National Spot Exchange (NSEL), promoted by Financial Technologies and National Agricultural Co-operative Marketing Federation, hopes to attain Rs 1,000 crore business in the current fiscal.

"We hope to do a turnover of Rs 1,000 crore by this year," NSEL Chief Executive and Managing Director Anjani Sinha said here today. He also announced the exchange's plan to launch 15 commodities under its E-series for developing a full-fledged cash segment in commodities.

"The significant growth of NSEL within a year reflects strength of our offering, E-series being one of them.  E-Gold and E-Silver are the unique investment products, which will create a revolution in terms of development of the cash segment in commodities," he said.

Currently, Financial Technologies holds 99 per cent stake in the spot exchange, but a dilution of 5-10 per cent may take place by the end of the year. Sinha said over a period of time the stake of Financial Technologies may be diluted to 26 per cent.