NSEL owes Rs 253 crore to Motilal Oswal group

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NSEL owes Rs 253 crore to Motilal Oswal group
New Delhi: Financial services provider, Motilal Oswal, Tuesday said the group has total exposure of Rs 253.92 crore as on date on crisis-ridden National Spot Exchange Ltd (NSEL).

The company, in a BSE filing said, NSEL owes Rs 253.92 crore under three different categories to Motilal Oswal Financial Services Ltd and/or its subsidiaries. Out of the total amount, NSEL owes Rs 195.24 with respect to the positions taken by its clients through the broking platform offered by Motilal Oswal Group.

NSEL also owed Rs 57.28 crore with respect to the proprietary positions undertaken by the group, the filing added.

The NSEL also owes Rs 1.40 crore with respect to the positions taken by its clients through the broking platform offered and funded by Motilal Oswal Group.

NSEL, promoted by Jignesh Shah-led FTIL, is facing the problem of settling Rs 5,500 crore dues to 148 members after it suspended trade on July 31 on government direction.

The bourse plans to settle the entire dues by paying back investors Rs 174.72 crore every week for four months and then after Rs 86.02 crore every week for three months till March 2014.

The bourse had availed a bridge loan of Rs 177.23 crore from its promoter Financial Technologies (FTIL) to make payments on priority basis to small investors.

PTI

Story first published: Tuesday, September 17, 2013, 15:34 [IST]
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