Vested interests trying to scuttle proposed settlement: NSEL

Crisis-hit National Spot Exchange (NSEL), which is being probed several agencies for Rs 5,600 corore alleged scam, today said vested interests are trying to scuttle its proposed settlement plan to resolve this issue.
It also defended promoter FTIL's former chairman Jignesh Shah saying he was not involved in any matter related NSEL.
"Jignesh Shah is not involved in any matter related to NSEL and all the recovery efforts of the exchange are managed by the revamped board of directors of the exchange.
"Therefore, making allegations against Shah is highly motivated and is to divert attention from the ongoing investigations against the brokers," NSEL Joint Managing Director Prakash Chaturvedi told reporters here.

He said one of the initial steps taken by the exchange after he came on board in January was to seek data from the brokers and trading clients about the transactions executed.
This exercise was done only after receiving permission from the Bombay High Court.

He claimed that the brokers, however, opposed this move "for reasons best known to them".
"It seems that vested interests are all out to scuttle the proposed settlement plan, which is out in the public domain," Chaturvedi said.
Without naming anyone, he spoke of a broker filing a Rs 500-crore defamation suit as he found the exchange's communication to the regulator unpalatable.