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    NSEL defaults for fifth time;pays only Rs 8.57 cr to investors

    Synopsis

    NSEL made the fifth straight payment default, as it could pay only Rs 8.57 cr to investors out of the scheduled amount of Rs 174.72 cr.

    NEW DELHI: The National Spot Exchange Ltd (NSEL) today made the fifth straight payment default, as it could pay only Rs 8.57 crore to investors out of the scheduled amount of Rs 174.72 crore.

    Crisis-ridden NSEL had defaulted in payments on four previous occasions as well. With today's pay-out, NSEL has been able to settle just about Rs 137 crore out of Rs 5,500 crore outstanding to the 13,000 investors.

    "The total amount being disbursed today is Rs 8,57,88,539," NSEL 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 said.

    According to the NSEL data, four members out of 24 have paid in Rs 8.57 crore today to the bourse, against the the pay-out requirement of Rs 174.72 crore.

    The four members include Metkore Alloys & Industries (Rs 4.5 crore), N K Proteins (Rs 2.1 crore), Sankhya Investments (Rs 1.4 crore) and Yathuri Associates ( Rs 58 lakh)

    The beleaguered NSEL has already defaulted in the last four pay-outs as it could gather only Rs 92.73 crore in the first pay-out (August 20), Rs 12.05 crore in the second pay-out (August 27), Rs 15.37 crore in third pay-out (September 3) and Rs 7.77 crore in the fourth pay-out (September 10), out of the scheduled Rs 174.72 crore each time.

    The bourse, 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 by paying back investors Rs 174.72 crore every week in seven months time.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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