The Bombay High Court-appointed committee headed by Justice VC Daga to look into the scam at the National Spot Exchange has confirmed claims of only ₹650 crore from 4,697 entities. This is far lower than the initial claim of ₹5,600 crore from about 13,000 entities.

In fact, the amount confirmed by the committee is even lower than the ₹621 crore submitted by the troubled exchange, which shut operations abruptly in 2013. Investors have not received their dues since November 2014.

In a detailed report submitted to the High Court late last month, the Committee stated that it has received claims for another ₹439 crore from members with supporting documents which need to be scrutinised further.

The total number of claimants put forth by brokers of NSEL was 6,485, with the Indian Bullion Market Association and India Infoline Commodities submitting 2,866 and 1,375 claimants, respectively.

Of the others who have laid stake, 813 clients belong to Anand Rathi Commodities, 329 to Philip Commodities India and 278 to Motilal Oswal Commodities. However, the committee will now scrutinise the genuineness of only 4,697 claimants. The panel, which has now proposed to issue notices to claimants, NSEL brokers and the exchange for further scrutiny, has also received a few claims without proper documents.

In a few cases, the report said the claimants mentioned by NSEL have not come forward to lay claim to their dues. To ensure that there is no anomaly in claimants’ number and the due amount, the committee has proposed that the High Court seek more data after further scrutiny.

The committee has also found that 32 companies which have been declared as shell companies by the Government had traded on the exchange.

The panel was formed in April 2014 to reconcile the claims of 13,000 investors who lost money in the ₹5,600 crore payments scam at NSEL.

In April 2016, the panel told the High Court that it had come across discrepancies in the figures submitted by NSEL investors and trading members. The Court then ordered an audit of the exchange’s records, investors and members.

Last March, the High Court dismissed a petition filed by investors seeking distribution of funds that were recovered from defaulters by various authorities. The Court has maintained that the amount cannot be distributed without reconciliation of claims.

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