NSEL warehouses stocks worth only Rs358 crore

NSEL reported the stock value of Rs2389.36 crore lying in 16 warehouses
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First Published: Fri, Sep 13 2013. 11 11 PM IST
NSEL, the spot exchange arm of Financial Technologies (India) Ltd, or FTIL, faces a payout crisis worth Rs5,600 crore owed to thousands of investors after it abruptly suspended trading in forward contracts on 31 July. Photo: Ramesh Pathania/Mint
NSEL, the spot exchange arm of Financial Technologies (India) Ltd, or FTIL, faces a payout crisis worth Rs5,600 crore owed to thousands of investors after it abruptly suspended trading in forward contracts on 31 July. Photo: Ramesh Pathania/Mint
Mumbai: India’s commodity markets regulator Forward Markets Commission, or FMC, on Friday said 16 National Spot Exchange Ltd’s (NSEL) warehouses had stocks worth only Rs.358 crore and not Rs.2,389.36 crore as the company claimed.
NSEL, the spot exchange arm of Financial Technologies (India) Ltd, or FTIL, faces a payout crisis worth Rs.5,600 crore owed to thousands of investors after it abruptly suspended trading in forward contracts on 31 July.
The FMC is monitoring the payout processes.
“Interim report regarding inspection of NSEL warehouses indicates that as against the stock value reported by NSEL of Rs.2389.36 crore lying in 16 warehouses, physical verification has shown that the value of commodities lying in the warehouse is about Rs.358 crore only,” FMC said in its latest fortnightly report on commodities and spot exchanges.
On Friday, FTIL shares fell by more than 8% to Rs.199.20 on BSE. The Sensex ended the day nearly unchanged at 19,732.76 points.
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First Published: Fri, Sep 13 2013. 11 11 PM IST
More Topics: NSEL | FMC | Financial Technologies | Warehouses |
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