FMC, NSEL to meet traders today for settlement of dues - Indian Express

Express news service : Mumbai, Sun Aug 04 2013, 03:44 hrs Hectic efforts are on to bail out troubled National Spot Exchange Limited (NSEL). The Forward Markets Commission (FMC) and the NSEL have convened a meeting with 21 entities (planters) and member brokers of the exchange on Sunday with an agenda to arrive at a consensus and satisfactory solution for settlement of dues in accordance with exchange rules and bye-laws. "This meeting is also aimed to ensure avoiding any incidence which may have consequential impact on larger market," NSEL said. NSEL on Friday submitted required information to the FMC. Subsequently, senior FMC officials and the board of NSEL met on Saturday. According to NSEL, FMC officials have also asked for details of members, planters and other participants who are not cooperating with the exchange in resolving the matter related to settlement cycle. "The FMC along with other government agencies would work together to ensure a safe and secure settlement of dues," NSEL said. "The NSEL Board expressed that they would ensure that a smooth settlement process takes place under its rules, bye-laws and regulations," it said. NSEL plunged into a major crisis on Thursday after it suspended most trades on its platform, prompting the government to order an enquiry by the commodity regulator FMC, while capital markets regulator Sebi also began a separate probe amid a crash in shares of two listed group companies. When FMC started seeking information in specific formats recently, it found that the exchange was violating some of the conditions like short sale and delivery of the outstanding positions after 11 days. Meanwhile, Sebi chairman UK Sinha on Friday ruled out any systemic risk in the stock markets in the wake of the payment crisis at NSEL. "We examined things Thursday morning, and even today. So far as the securities markets are concerned, everything seems to be normal, and in order. All the payouts and pay-ins are happening and there is no risk to the system," Sinha said. ... contd. ALSO READ Mamata hardsells Bengal to India Inc. Rs 1,934-cr special package for Vidarbha Shobha De says cut Mumbai from Maharashtra, Raj Thackeray says not easy as divorce Two brothers unite after 11 years, thanks to Facebook Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFd5E_rer64pwRXnJN4jBBT5UzP-g&url=http://www.indianexpress.com/news/fmc-nsel-to-meet-traders-today-for-settlement-of-dues/1150969/

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