NSEL warehouses stocks worth only Rs358 crore
1 min read . Updated: 13 Sep 2013, 11:11 PM IST
Premium(Ramesh Pathania/Mint)
NSEL reported the stock value of Rs2389.36 crore lying in 16 warehouses
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 ₹ 358 crore and not ₹ 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 ₹ 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 ₹ 2389.36 crore lying in 16 warehouses, physical verification has shown that the value of commodities lying in the warehouse is about ₹ 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 ₹ 199.20 on BSE. The Sensex ended the day nearly unchanged at 19,732.76 points.
