The embattled National Spot Exchange has commenced direct remittance of payout to over 21,000 unit-holders of e-gold at an average price of ₹2,935.9925 per gram.
NSEL had a total of 617.5 kg of gold eligible for re-materialisation and financial closure. Pursuant to the FMC issuing the no-objection certificate, the exchange had issued the circular last month.
A total of 85.5 kg of gold were released to the unit holders in the re-materialisation process. The remaining 532 kg held in fraction by unit holders were taken up for financial closure on May 8. Of this, 477 kg of gold were sold through auction which is 89.70 per cent of the stock available for financial closure.
All eligible unit-holders of e-gold will get remittance to the tune of 89.70 per cent against their each unit of holding, while the remittance for their remaining 10.30 per cent will be given once NSEL auctions the remaining stock, said the exchange in a press release.
For other metals, the auction is in progress and the direct payout will be released to eligible unit holders as per the circular issued by NSEL on May 8.