NSEL defaults sixth time; pays only Rs 11.45 cr to investors

Crisis-ridden National Spot Exchange Ltd (NSEL) today made the sixth straight payment default, as it could pay only Rs 11.45 crore to investors out of the scheduled amount of Rs 174.72 crore.

NSEL bourse had defaulted in payments on five previous occasions as well. With today's pay-out, NSEL has been able to settle just about Rs 148 crore out of Rs 5,500 crore outstanding to the 13,000 investors.

"The amount being disbursed today is Rs 11,45,09,931.73," NSEL said in a statement.

Members of the exchange are advised to disburse the amount in the same proportion to all the pending clients having receivable amount against their unsettled obligations, it said.

According to the NSEL data, only 10 members out of 24 have paid in Rs 11.45 crore so far to the bourse, against the pay-out requirement of Rs 174.72 crore.

The beleaguered NSEL has already defaulted in the last five pay-outs.

It disbursed Rs 92.73 crore in the first pay-out (August 20), Rs 12.05 crore in the second pay-out (August 27), Rs 15.37 crore in third pay-out (September 3), Rs 7.77 crore in the fourth pay-out (September 10) and Rs 8.57 crore in the fifth pay-out (September 17) out of the scheduled Rs 174.72 crore pay-out each time.

The bourse, however, had availed a bridge loan of Rs 177.23 crore from its promoter Financial Technologies (FTIL) to make payments on priority basis to small investors.

NSEL, promoted by Jignesh Shah-led FTIL, is facing the problem of settling Rs 5,500 crore dues to 148 members after it suspended trade on July 31 on the government direction.

The bourse plans to settle the entire dues in seven months' time.