The cracks in NSEL18 min read . Updated: 06 Sep 2013, 10:16 AM IST
For years, Jignesh Shah seemed unstoppable. Then, a spot exchange promoted by him imploded spectacularly. Is this an aberration or a sign of more trouble to come?
Mumbai: Motilal Oswal Financial Services Ltd is one of India’s leading trading and broking firms. It celebrated its 25th anniversary last year by moving into an imposing tower in central Mumbai. The firm’s transition to adulthood now includes an imposing problem as well: it has a total exposure, made up largely of client positions, of ₹ 263 crore to National Spot Exchange Ltd (NSEL), one of entrepreneur Jignesh Shah’s commodity bourses that is in the midst of a ₹ 5,572-crore payments crisis.
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