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Review Meeting held under Secretary, DEA to monitor the action taken by various investigating and enforcement agencies for violations of law, criminal offences and default in payments to investors on the platform of National Spot Exchange Limited (NSEL);Key decisions taken including efforts to set-up an independent Court to hear NSEL related cases on exclusive basis among others

News and Press Release - Dated:- 25-7-2016 - The Government of India, through regular Review Meetings, has been constantly monitoring the action taken by investigating and enforcement agencies for violations of law, criminal offences and default in payments to investors on the platform of National Spot Exchange Limited (NSEL). Investigations and other enforcement measures are being taken by the Economic Offences Wing (EOW), Mumbai Police, Enforcement Directorate (ED), Securities and Exchange Boa .....

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g are as under: A designated Judge of the City Civil Court and Additional Sessions Judge, Greater Bombay has been nominated to try various cases arising-out of the NSEL payment crisis, in addition to the other assigned matters, by giving priority to NSEL related cases. Meanwhile, efforts are being made to set-up an independent Court to hear NSEL related cases on exclusive basis. The Government of Maharashtra has taken action for strengthening of EOW, Mumbai Police; augmenting the number of Desig .....

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f attached assets and consequently be returned to investors of NSEL, who have suffered losses in the payment crisis. The Government of Maharashtra has already initiated action to auction the assets attached by EOW, Mumbai Police. So far, 831 properties worth ₹ 7063 crore have been attached by EOW, Mumbai Police under MPID Act, out of which, attachment of 711 properties worth ₹ 6115 crore have been notified in the Gazette of the Government of Maharashtra. EOW, Mumbai Police was reques .....

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malgamation of NSEL with Financial Technologies (India) Limited (FTIL) in public interest. Hon ble Bombay High Court had granted extension of time up to 15.02.2016 to MCA for taking final view on the draft order of the amalgamation. MCA issued the final Order on 12.2.2016 for the merger of NSEL with FTIL. Hon ble Bombay High Court, however, has restrained the Government from notifying the final Order dated 12.02.2016 in the Official Gazette. In the review meeting, MCA was advised to pursue the c .....

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