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The court directed FMC to clear redemption requests of e-series investors. As of the current practice, e-series redemption requests are cleared by NSEL for which reports are submitted to the FMC.
The court ordered that redemption requests other than the Indian Bullion Markets Association (IBMA) should be accepted by NSEL and financial or any type of settlement should not be done without prior approval by the FMC.
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According to the deliberations in the court on Friday, NSEL had received 66 applications for clearing around Rs 1 crore worth of outstanding dues of which 4 requests were rejected while others were approved and settled. After that also, there was a thin flow of requests.
“We were expecting a flood of requests. But, probably, investors were apprehensive of putting in requests being the matter in court,” the bench observed.
