Type Private Products Spot exchange Founded 2005 | Industry Commodity Spot Trading Headquarters Mumbai | |
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Key people Mr. Prakash Chaturvedi (Chief Executive Officer)
Mr. Neeraj Sharma (Sr. Vice President)
Mr. Sandip Rahane (Manager) Website www.nationalspotexchange.com Parent organization Financial Technologies Group | ||
Irregularities in national spot exchange limited nsel
National Spot Exchange (NSEL) is a Commodities exchange in India, and was touted as a joint venture of Jignesh Shah owned Financial Technologies (India) Ltd. (FTIL) and National Agricultural Cooperative Marketing Federation of India (NAFED). National Spot Exchange commenced its live trading operations in different commodities on Wednesday, 15 October 2008. It began trading in pre-certified cotton bales for Mumbai delivery and imported gold and silver bars for Ahmedabad delivery immediately, and has since added a number of commodities. NAFED was given 100 shares and was called a 'promoter' to induce investors and give them a false sense of safety.On 31 July 2013 the crisis on the exchange broke when it neither had money nor stocks to pay to investors.
Contents
- Irregularities in national spot exchange limited nsel
- National spot exchange
- Facilities Offered
- NSEL FTIL forced merger
- References
National Spot Exchange's stated mission was to develop a common Indian market by setting up a nationwide electronic spot market and providing state of art trading, delivery, and settlement facilities in various commodities. This exchange is now in the middle of a crisis due to a major 5600 crore (then US$0.9 Billion) commodity scam and all the trades have been stopped.
National spot exchange
Facilities Offered
The Exchange is now defunct.
NSEL-FTIL forced merger
The Ministry of Corporate Affairs (MCA) in the Government of India issued on October 21, 2014, a draft order of amalgamation of NSEL (National Spot Exchange Limited - Dissolved Company) with FTIL (Financial Technologies India Limited - Transferee Company) under Section 396 of the Companies Act, 1956. The reasons for proposing such an order of amalgamation have been set out in the Annexure to the Draft Order.