Govt asks NSEL to suspend trading in e-series contracts

Giving fresh blow to crisis-hit Financial Technologies-promoted National Spot Exchange Ltd (NSEL), the government of India directed the exchange to discontinue trading in e-series contracts, certain media reports said.

According to BS correspondent, there would be no trading on NSEL on Tuesday as the company has already suspended trading of all other contract last week after the consumer affairs ministry not to launch new contracts because of violation of rules.

On Sunday, NSEL had said most of its trading members have made commitment to settle dues over several months. Assuring for settlement of all outstanding obligations, the NSEL had said it will resume operations only after the commodity regulator FMC issues guidelines for the spot exchanges.

Besides, the exchange also said that it has submitted all the information regarding the commodity stock held by it and details of payment due to brokers to the Forward Market Commission (FMC).

Dion Global Solutions Ltd.

Read more about: nsel
Story first published: Tuesday, August 6, 2013, 9:21 [IST]
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