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Meeting held under the Chairmanship of Secretary DEA to review the action taken and progress made on the Recommendations made by the Special Team of Secretaries (STS) to ensure that there is no systemic impact of Payment And Settlement crisis of National Spot Exchange Ltd. (NSEL) Developments of August-September 2013

News and Press Release - Dated:- 12-2-2016 - In August-September, 2013, a payment and settlement crisis to the tune of ₹ 5574 crore emerged in the National Spot Exchange Ltd. (NSEL). Out of this outstanding amount, NSEL could distribute only ₹ 304.50 crore upto 10th September, 2013. The Government of India had appointed a Special Team of Secretaries (STS) on 26th August, 2013 to examine the violation of laws and regulations by NSEL/any associated companies/ any of the participants an .....

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.02.2016) under the Chairmanship of Shri Shaktikanta Das, Secretary, Department of Economic Affairs. The latest status with regard to some of the important aspects of the case is as under:- The Economic Offence Wing of Mumbai Police has secured property worth ₹ 6375 crore under the Maharashtra Protection of Interest of Depositors Act (MPIDA), out of which, attachment of properties worth ₹ 5357 crore has been notified in the Gazette of the Government of Maharashtra. High Court of Mumb .....

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15.02.2016 for taking final view on the draft order of the amalgamation. The Enforcement Directorate has carried-out 24 search and 10 survey operations under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) and filed prosecution complaint before the Special PMLA Court, Mumbai on 30.03.2015 against NSEL and 67 other accused persons under the PMLA, 2002. The Finance Intelligence Unit (FIU) of India passed an Order on 04.11.15 under Section 13 of the PMLA imposing a penalty of S .....

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