NSEL defaults 8th time, pays Rs 2.85 cr to investors against Rs 174.72 cr

National Spot Exchange (NSEL) defaulted for the eighth time when it paid just Rs 2.85 crore to investors against a scheduled amount of Rs 174.72 crore.

With Tuesday's pay-out, NSEL has been able to settle just about Rs 152 crore of the Rs 5,500 crore outstanding to the 13,000 investors.

"The total amount being disbursed today in a proportionate manner is Rs 2.85 crore," NSEL had said in a statement. Members of the exchange are advised to disburse the amount in the same proportion to all the pending clients having receivable amount against their unsettled obligations, it added.

The crisis-ridden bourse had defaulted in payments on six previous occasions as well while in the seventh pay-out exchange, it was unable to pay as its account was frozen by economic offences wing (EoW) of the Mumbai police.

According to NSEL data, only one member of the 24 members have paid Rs 2.85 crore so far to the bourse, against the pay-out requirement of Rs 174.72 crore.

NSEL, however, had availed a bridge loan of Rs 177.23 crore from its promoter Financial Technologies (FTIL) to make payments on priority basis to small investors.

NSEL, promoted by Jignesh Shah -led FTIL, is facing the problem of settling Rs 5,500 crore dues to 148 members after it suspended trade on July 31 on the government direction.

The bourse plans to settle the entire dues in 30 weeks time, by paying Rs 174.72 crore for the first 20 weeks, followed by Rs 86.02 crore for next ten weeks.