NSEL urges SEBI to fastrack investigation

Mumbai, Aug 1: An action would soon be taken. National Spot Exchange Limited (NSEL) yesterday has urged Securities and Exchange Board of India (SEBI) market regulator to resolve the Rs. 5,600-crore payment crisis in the larger interest of investors.

NSEL scam came to light in 2013 in the wake of Jignesh Shah-led FTIL group —payment crisis. Currently the body is defunct and many agencies such as SEBI, Enforcement Directorate (ED) and the Reserve Bank of India (RBI) are probing the irregularities involved.

Erstwhile spot exchange has said that "four years have been lost just because of wrong path and wrong targeting, our parent company is called not fit and proper but it's impeccable credentials were reaffirmed when the group’s exchange assets were bought by the world's most fit and proper".

NSEL has also said that we have helped in tracking the assets of the defaulter and initiated disbursal of the recovered money so we request that case should soon be closed .