NSEL pays Rs 8.62 cr against Rs 86.02 cr, defaults 24th time

Crisis-ridden bourse NSEL today paid Rs 8.62 crore against the scheduled amount of Rs 86.02 core, defaulting for the 24th straight time.
The bourse has settled about Rs 316.95 crore so far as against Rs 5,500 crore that it owes to its investors, an NSEL spokesperson said.
National Spot Exchange Ltd (NSEL), which is engulfed in a payment crisis, had previously defaulted 23 times. On its seventh and thirteenth pay-out dates, the spot commodity bourse was unable to make any payment.
"The total amount being disbursed today is around Rs 8.62 crore," the spokesperson said.
The bourse had availed a bridge loan of Rs 177.23 crore from its promoter Financial Technologies (FTIL) to make payments on a priority basis to small investors.

NSEL, promoted by Jignesh Shah-led FTIL, is facing the problem of settling dues to 148 members after it suspended trade on July 31 following a government order.
The bourse decided to suspend trading followed a Consumer Affairs Ministry directive asking the bourse not to launch any new contracts till further order as it found violations of government norms in trading at NSEL.
The bourse had earlier said it plans to settle all the dues in 30 weeks by paying Rs 174.72 crore each for first 20 weeks, followed by Rs 86.02 crore each in next 10 weeks.