Home >Companies >NSEL refutes FMC charges on slow recovery process

Mumbai: The National Spot Exchange Ltd (NSEL) has refuted observations made by the Forward Markets Commission (FMC) regarding the slow pace of recovery process from the defaulters.

In a statement issued on Thursday, the exchange said that it has taken legal actions against the defaulters.

“NSEL has filed 5 arbitration petitions in Bombay high court, 27 applications in Maharashtra Protection of Interests of Depositors (MPID) court and 30 complaints with the magistrate court with regards to bouncing of cheques," said the release.

The bourse has also filed 20 complaints with the Economic Offences Wing (EOW) of Mumbai Police, which have not yet been registered as first information report (FIR), and therefore it has also filed 10 Section 156(3) applications with the magistrate for registering FIR, it added.

According to the statement, the exchange has distributed 540 crore to its clients till date, which includes the amount of 179.25 crore received as bridge loan from Financial Technologies India Ltd (FTIL).

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout