Commodity market regulator Forward Markets Commission has approved financial closure of e-series contracts entered on the scam-hit National Spot Exchange.
To protect the interest of over 33,000 e-series investors, the Commission has no-objection to re-materialisation or financial closure of the e-series contracts, said FMC in a letter to NSEL on Thursday.
The FMC observed that the forensic auditors’ report by Chokshi and Chokshi has not brought out any adverse finding with specific reference to the e-series contracts.
“While carrying out the financial closure of e-series contracts, a public announcement of such scheme may be made by NSEL and also publish it on the exchange’s website,” it said.
The request for financial closure shall be processed by the exchange after seven working days from the publication of such scheme, it said.
The FMC has also observed that there was no settlement default in e-series contracts and physical stock of the metal matched with the stock data of depositories.
IBMA account The Assistant Excise and Taxation Commissioner of Ludhiana directed HDFC Bank to unfreeze bank accounts of Indian Bullion Market Association, a subsidiary of NSEL. The Association’s accounts were frozen after the tax authority found members claiming additional benefits with erroneous calculation of accounts. NSEL’s 14th payout of ₹99 lakh was released today by IBMA to its trading members.