Diminishing balance

The Forward Markets Commission, which is handling the National Spot Exchange crisis, is perplexed because the bourse keeps changing its statements. In a recent order, the commission lamented in explicit if ungrammatical terms: "NSEL had given different information of different occasion, for example while its meeting with Commission on 1st August, 2013, Shri Anjani Sinha, MD & CEO of NSEL informed that Exchange had settlement guarantee fund (SGF) of Rs 860 crores, where as in written reply to the mail dated 1st August, 2013, submitted that exchange had SGF of Rs 738.55 crores. However, during interaction with Board of NSEL, buyer, and seller on 4th August, 2013, it was informed that SGF had only Rs 62 crores." The commission also said with regard to the details on stocks of commodities lying at warehouses, "three sets of information had been given within a span of 7 days against the same buyer".