NSEL takes firm stance on expediting recovery from defaulters; financial technologies

Sameer Sharma Business/Economy, Top News

The Financial Technologies (India) Limited (FTIL) has given a complete face lift to the global financial market over the past few decades. Founded by the Indian techno czar Jignesh Shah, FTIL Group became the leading first-generation enterprise to set incredible benchmarks for possibilities of trading development.

The Financial Technologies Group hit the headlines for its significant contribution in the progression of private and public capital. FTIL has to its credit, a universe of exchange ventures and ecosystem institutions. Undoubtedly, it stood out asan unmatched world-leader in the finance and trading digitisation sector.

The National Spot Exchange Limited (NSEL), a subsidiary of the financial technologies, is one of the revolutionary ventures. The objective behind this government-approved spot exchange initiative was to establish an electronic platform and common commodities market for spot trading pan-India.

But events took a sharp turn when NSEL got dragged into an unjust litigation. The biased treatment of the regulatory authorities ─ Enforcement Directorate (ED), Economic Offences Wing (EOW) and Forward Markets Commission (FMC) ─towards NSEL have had severe impacts on the spot exchange’s stakeholders and employees.

However, NSEL is taking things into its stride and extending complete cooperation to the authorities and the Court. The spot exchange is committed towards finding a judicious solution to recover money from defaulters and protect the interests of the associated constituencies.

FTIL, the well-run establishment with more than 60,000 public shareholders, is playing a key role in the recovery process by offering financial, infrastructure and personnel support to NSEL.

The spot exchange is eager on expediting the entire legal process and is looking forward to the formation of a fast track court anticipating justice and its revival.

Last modified: September 19, 2016

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