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NSEL Case
NSEL case relates to a payment default at the National Spot Exchange, National Spot Exchange Limited that occurred in 2013 involving Financial Technologies Group, Financial Technologies India Ltd, when a payment default took place after a commodities market regulator, the Forward Markets Commission (FMC), directed NSEL to stop launching contracts. This led to the closure of the Exchange in July 2013. Three spot exchanges, National Spot Exchange, NSEL, NSPOT and National APMC were exempted by the government under Section 27 of Foreign Contribution (Regulation) Act, 2010, FCRA to conduct forward trading in one day contracts. This was done to boost volumes so that their economic viability improved. While Financial Technologies (India) promoted NSEL, it was granted general exemption on June 5, 2007, whereas, NSPOT and National APMC received exemptions under the same provisions on July 23, 2008, and August 11, 2010, respectively. On the flawed recommendations of the FMC, the Ministry ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Spot Exchange
The National Spot Exchange Limited (NSEL) is India, India's first Spot market, spot exchange under the ownership of Ministry of Finance (India), Ministry of Finance, Government of India. It was established in view of the then Prime Minister's vision to create a "single market" across the country for both manufactured and agricultural produce. The Economic Survey of 2002-03 of the Government of India also recommended setting up a national-level, integrated market for agricultural products, as did the Planning Commission. This was followed by the Rangarajan Committee, which too sought a national spot market. It is under the ownership of Ministry of Finance (India), Ministry of Finance, Government of India. The Government of India granted permission to NSEL along with two other spot exchanges to start operations. The Government of India issued a The Gazette of India, Gazette Notification dated 5 June 2007 granted general exemption under Section 27 of the Forward Contracts Regu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |