Mayaram panel to review NSEL probe today

The high-powered task force on NSEL, headed by Economic Affairs Secretary Arvind Mayaram, will hold a meeting on Tuesday to review the investigation into the spot exchange's payment crisis and the progress so far. Apart from Mayaram, the task force comprises company affairs secretary, consumer affairs secretary and revenue secretary. It has been mandated to suggest measures to be taken to check any systematic fallout of the NSEL crisis on the financial system. Officials said of the two working groups formed under this task force, the one headed by the Reserve Bank of India deputy governor met for the first time on Friday, while the other has not met once yet. Both groups have to submit their reports within two weeks starting from August 26.

The group headed by Enforcement Directorate (ED) officials has looked into the violation of laws and regulations by NSEL, its associated companies and participants. It included representatives from the Directorate of Revenue Intelligence, Sebi, RBI, FMC, SFIO, Department of Consumer Affairs and representative of Directorate of investigation CBDT. The second group has examined ways to prevent any systemic impact of NSEL developments. It included the FMC chairman, a Sebi member, and adviser at the Department of economic affairs.