Nearly 11 years after the ₹5,600 crore default on the National Spot Exchange, there are renewed hopes for investors to recover their money through a possible one-time settlement with the promoters 63 moons (formerly Financial Technologies).
Jignesh Shah promoted 63 Moons on Sunday said that it has received a communication from the NSEL Investors Forum suggesting that the company and NSEL can explore an amicable one-time settlement to resolve the litigation arising from payment default by defaulters on the NSEL platform.
Representing the majority of investors, the NSEL Investors Forum has been spearheading court cases to recover money from the defaulters.
NSEL Investors Forum has informed that they will communicate with all the traders and present a concrete proposal once they have received consent from the majority of the traders, said 63 Moons in a statement.
They have also informed that they believe some brokers who were members of NSEL may also participate in the resolution process, the statement added.
The letter was presented before the Board in its meeting held on 31st August, 2024 and the same was noted, said the company.
Incidentally, IT company 63 moons Technologies has sold three business units to Synapsewave Innovations for ₹135 crore.
The business units sold include the Open Dealer Integrated Network, Order Management System, Straight Through Processing Messaging Solution, and Members Accounting and Trade Confirmation House.
The company has also initiated the sale of Straight Through Processing Messaging Solution, which enables brokers and fund houses to perform post-trade straight-through settlement of obligations, and Members Accounting and Trade Confirmation House (MATCH), which provides back-office solutions and other services and components to Synapsewave Innovations for ₹1 crore and ₹36 crore, respectively.