NSEL appoints Saji Cherian as new MD

The crisis ridden spot exchange, the National Spot Exchange Limited (NSEL) has appointed Saji Cherian as the new Managing Director and Chief Executive Officer of the company with effect from September 16, 2013. 
 

When the exchange defaulted in honouring its commitment to pay the investors after suspending trading in july end, the board of the NSEL had removed Anjani Sinha from the post of MS & CEO along with six other top executives on 20 august and had appointed P R Ramesh as officer on special duty. Till today’s announcement of new MD, the post was vacant.

 

According to the statement from the exchange Saji Cherian has been in the exchange industry for over 23 years. He was previously the Head of Listing -Issuer Services at MCX Stock Exchange Ltd. (MCX-SX). Prior to that he was with the BSE and the Madras and Cochin Stock Exchanges as Executive Director.  

NSEL's fifth default

NSEL today defaulted for the fifth consecutive week in making payment to investors as per its settlement schedule. The exchange has said it will pay Rs 174.72 crore every week but today was the pay out day for fifth settlement and so far out of Rs.873.60 crore that it was supposed to pay, it has paid to investors only Rs.142.3 crore as per the exchange’s data. The exchange has however so far realized only Rs.7.10 crore by sale of assets of borrowers.