Page 2 - Nsel

First-ever EOW-administered repaymment to NSEL investors effected

The first every repayment, of Rs 300 million, to investors in the now-defunct National Spot Exchange (NSEL) in an arrangement by the city police's economic offences wing (EOW), has been made. The latter is one of the many probe agencies into the Rs 56-billion default in 2013 to the investors.There were 26 defaulting entities, after having borrowed from the investors, delacring they were unable to pay. Around Rs 5 bn has been repaid to the investors since the default but this is the first one via the EOW, which had attached properties of the defaulters and even promoters/directors of NSEL. According to sources, the EOW plans another Rs 1 bn of payment to the investors in the next two months. Around Rs 580 million is still with the EOW in an escrow account and it has asked the high court here for permission to distribute it. A few days earlier, the EOW had successfully auctioned five properties of Mohan India, one of the defaulters, getting Rs 400 mn. This money will be fully received ..

EOW files case against 300 brokers in NSEL case on Sebi complaint

Sources say a case has been registered against these 300 NSEL trading members under local laws, not under Indian Penal Code

NSEL controversy: Jignesh Shah contests Sebi verdict on insider trading

Jignesh Shah, founder and promoter of Financial Technologies India (FTIL), since renamed 63 Moons Technologies, has argued that the 13 individuals (including his father and brother) charged with insider trading violations in the repayment controversy concerning that entity's subsidiary are not guilty. On Wednesday, the Securities and Exchange Board of India had passed an order against former FTIL and Multi Commodity Exchange (MCX) officials, saying they had traded with Unpublished Price-Sensitive Information (UPSI). The markets regulator has directed these individuals to pay a total of Rs 124 crore and impounded their bank and demat accounts till they do so. By Sebi's order, USPI was the implication of the department of consumer affairs (DCA) notice dated April 27, 2012, to FTIL subsidiary National Spot Exchange (NSEL), which triggered a chain of events, subsequently leading to a Rs 5,600-crore payment crisis. Shah, in a second public appearance after the NSEL crisis that broke out ..

63 Moons Technologies to invest Rs 50 crore in scam-hit NSEL

The company will invest around Rs 50 crore every year for 3 years

Bombay HC hears arguments against NSEL merger order

Harish Salve alleged the forced merger order violates the Constitutional rights of FTIL investors and employees.

NSEL case: ED rejects bail of Kailash Agarwal

With Rs 719.42 crore of payment obligation, ARK Imports is the second largest defaulter in NSEL case

ED arrests Agarwal of ARK Imports in NSEL case

Agarwal's ARK Imports is one of the leading defaulters in the NSEL case with a payment default of Rs 719 crore

CBI arrests Jignesh Shah over MCX-SX licence

Agency conducts searches at FTIL, MCX, MSEI offices and residences of Sebi officials

NSEL case: ED calls five FTIL board members for questioning

Those who have been called for interrogation include Chairman, MD and CEO of FTIL in Rs 3,721-cr money trail case

Government to set up special court for NSEL cases

The payment crisis at NSEL came to light in 2013. Since then, the matter has come under the scanner of multiple agencies

Two years of blame game, legal tangles

Investors yet to get money, courts have not yet adjudicated on regulatory actions, defaulting borrowers still free, fearless

NSEL accused get summons for July 18

The trial court asked all 68 accused to be present in person

Court summons Shah, 67 others in NSEL case

Asks the accused to be present in court on July 7

NSEL scam: ED to widen probe, fresh attachments

The Enforcement Directorate (ED) is set to widen its probe and initiate fresh round of attachment proceedings in connection with its money laundering probe

Don't look to us for action, Sebi tells NSEL investors

Explains the erstwhile FMC, whose powers it has since taken over, had no regulatory jurisdiction in the matter

NSEL scam: Centre asks for speedier action

FinMin takes stock, asks Maharashtra govt to hasten auctions of attached properties, MCA to monitor court proceedings more

Reserve Bank feels NSEL case heat

The NSEL Aggrieved and Recovery Association says lack of regulatory action led NSEL committing a fraud to the tune of Rs 5,600 cr through its trading terminal

Govt seeks 6 weeks in NSEL-FTIL merger case

Conveys to the Bombay HC that it needs more time to examine submission filed by FTIL

Investor files recovery suit against broker

Vishvanidhi Dalmia filed the suit following delay in recovery of money

NSEL Scam: MPID court orders fund transfer from Lotus Refineries' account

On March 4, the court had attached 37 properties of ARK Imports and directed competent authority to fetch its market valuation