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Regular Review Meetings being held to monitor payment and settlement crisis in National Spot Exchange Limited (NSEL);Key decisions taken in this regard

News and Press Release - Dated:- 17-6-2016 - The matter relating to violations of law, criminal offences and default in payments to investors on the platform of National Spot Exchange Limited (NSEL) is engaging the serious attention of the Government. Investigations and other enforcement measures are being taken by the Economic Offences Wing (EOW) of Mumbai Police, Enforcement Directorate (ED), Securities and Exchange Board of India (SEBI), Financial Intelligence Unit - India (FIU-IND) and Minis .....

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under: Government of Maharashtra has issued fifth Gazette notification on 17.3.2016 for attachment of 151 properties worth ₹ 358.46 Crores approximately. Till date, five Gazette notifications have been issued in respect of attachment of assets worth ₹ 6115.25 Crores approximately. MCA is working on the merger / amalgamation of NSEL with Financial Technologies (India) Limited (FTIL). Bombay High Court had granted extension of time up to 15.02.2016 to MCA for taking final view on the d .....

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plaint before the City Civil Court And Additional Sessions Judge, Greater Bombay on 30.3.2015 against NSEL and 67 other accused persons under the Prevention of Money Laundering Act, 2002 (PMLA). The prosecution complaint details money trail amounting to ₹ 3721.22 crores. The next date of hearing is on 7.7.2016. It was pointed out to the Directorate that the violation of PMLA is a serious offence and therefore, the Directorate should be more proactive and take effective action quickly. FIU- .....

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