PMO plans to set up special team to look into NSEL issue

With a payment crisis engulfing the National Spot Exchange Ltd (NSEL), the Prime Minister's Office is planning to set up a special team headed by the Economic Affairs Secretary to look into the issue.
Besides Economic Affairs Secretary Arvind Mayaram, the team would comprise of secretaries of Department of Consumer Affairs and Ministry of Corporate Affairs, sources said.
It would also comprise of officials of RBI, SEBI, Directorate of Revenue Intelligence and Enforcement Directorate.
The mandate of the committee would also be to see that there are no systemic threats.
NSEL has to settle Rs 5,600 crore of dues to investors after it suspended trading in all contracts recently on directions from the government. The exchange has said it will submit a settlement plan by today and has set up a four-member panel to monitor the process.

The government has empowered the Forward Markets Commission (FMC), the commodity market regulator, to oversee the settlement.
According to the NSEL, 21 entities owe nearly Rs 5,600 crore to investors, with the maximum liability of Rs 929 crore from N K Proteins.
Eight of the entities have said they will pay their liability on time and 13 have agreed to pay 5 per cent of their total dues every week. In addition, there are three entities, with total liabilities of Rs 311 crore, which are yet to decide on the payment schedule.