NSEL expects three-fold rise in turnover

National Spot Exchange Limited (NSEL), promoted by Financial Technologies Limited and Nafed (National Agricultural Marketing Federation), is hopeful that its daily business turnover would increase over three-fold from the current level of Rs 1,000 crore by the end of the current financial year.

The spot exchange proposes to introduce 20 more products in its ‘E-series’ it launched last year. The new products would include platinum, steel, nickel, aluminium and non-perishable agricultural products like black pepper and castor, according to NSEL managing director and chief executive officer, Anjani Sinha.

E-series products are available in demat form in small denominations to enable retail investments.

 

Stating that NSEL secured Shariah certification for its E-series products in gold, silver and copper, Sinha told mediapersons that this would help in promoting savings and investment among the Islamic population.

Shariah-compliant investment should not have any element of interest, speculation or gambling, short sale or selling without having physical stock and anything connected with alcohol, pork, anti-social and illegal activity.

The certification was given by Taqwaa Advisory and Shariah Investment Solutions (P) Limited (TASIS), a Shariah advisory institution in the field of finance in the country.

TASIS chief executive officer, Shariq Nisar, said the certification was given on the basis of the of the approval of Shariah board comprising three well-known scholars.