NSEL's Landmark Rs 1,950-Crore Settlement Secures Traders' Relief
The National Spot Exchange (NSEL) has achieved over 90% trader approval for a Rs 1,950-crore settlement scheme, facilitating closure for those affected by the 2013 payment crisis. With support from parent company 63 moons, this settlement marks a significant resolution in providing relief to thousands of traders.
- Country:
- India
The National Spot Exchange (NSEL) announced a successful trader approval for its Rs 1,950-crore one-time settlement scheme, securing over 90% support. This initiative aims to resolve consequences from the 2013 payment crisis, offering a substantial relief package to numerous affected traders.
With 92.81% approval by trader count and 91.35% by value, this settlement plan signifies a crucial resolution. Amounting to Rs 1,950 crore, the funds are set to be distributed among 5,682 traders proportional to their outstanding balances as identified on July 31, 2024.
Neeraj Sharma, MD and CEO of NSEL, commended the NSEL Investors Forum for advocating this initiative. Originally proposed by this traders' association, the scheme reflects collaborative efforts including contributions from 63 moons technologies, NSEL's parent company, and underscores confidence in governmental support for this unprecedented resolution.
(With inputs from agencies.)
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