NSEL announces the formation of an Independent Committee of ...
NSEL announces the formation of an Independent Committee of ...
NSEL announces the formation of an Independent Committee of ...
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Press Release<strong>NSEL</strong> <strong><strong>an</strong>nounces</strong> <strong>the</strong> <strong>formation</strong> <strong>of</strong> <strong>an</strong> <strong>Independent</strong> <strong>Committee</strong> <strong>of</strong> eminent personsMumbai 5 th August’2013:The National Spot Exch<strong>an</strong>ge Limited (<strong>NSEL</strong>) today constituted <strong>an</strong> independent committee <strong>of</strong> eminentpersons for <strong>the</strong> purpose <strong>of</strong> advising <strong>an</strong>d monitoring <strong>the</strong> progress <strong>of</strong> fin<strong>an</strong>cial closeout pl<strong>an</strong>.The Forward Markets Commission (FMC) <strong>an</strong>d National Spot Exch<strong>an</strong>ge Limited (<strong>NSEL</strong>) held jointmeetings yesterday with members <strong>of</strong> <strong>the</strong> exch<strong>an</strong>ge <strong>an</strong>d pl<strong>an</strong>ters/processors in order to arrive at aconsensus <strong>an</strong>d satisfactory solution for settlement <strong>of</strong> dues in accord<strong>an</strong>ce with Exch<strong>an</strong>ge Rules <strong>an</strong>dByelaws. The Chairm<strong>an</strong>, Members & Directors <strong>of</strong> <strong>the</strong> FMC as well as <strong>the</strong> M<strong>an</strong>agement team <strong>an</strong>dMembers <strong>of</strong> Board <strong>of</strong> <strong>NSEL</strong> were present for <strong>the</strong>se meetings. Post <strong>the</strong> individual meeting <strong>of</strong> FMC Officialswith buyers who are required to pay <strong>the</strong> outst<strong>an</strong>ding dues, a joint meeting also took place with <strong>the</strong>Buyers, sellers along with exch<strong>an</strong>ge <strong>of</strong>ficials.It was decided yesterday in <strong>the</strong> said meetings that all pl<strong>an</strong>t owners/processors who have to pay <strong>the</strong>ir dueswill give <strong>the</strong>ir pl<strong>an</strong> for payment <strong>of</strong> outst<strong>an</strong>ding dues. The Exch<strong>an</strong>ge will collate <strong>the</strong> pl<strong>an</strong>s given by everybuyer <strong>an</strong>d finalise <strong>the</strong> final pl<strong>an</strong> <strong>of</strong> pay-in <strong>an</strong>d pay-out in consultation with FMC <strong>an</strong>d <strong>the</strong>n <strong>an</strong>nounce <strong>the</strong>same to <strong>the</strong> market.<strong>NSEL</strong> shall submit to FMC <strong>the</strong> details <strong>of</strong> members who are not cooperating <strong>an</strong>d not giving pay-incommitment so that <strong>the</strong>y will be dealt with sternly by operation <strong>of</strong> law in order to ensure that investors get<strong>the</strong>ir dues.The Exch<strong>an</strong>ge has constituted <strong>an</strong> ‘Oversight <strong>Committee</strong>’ for <strong>the</strong> purpose <strong>of</strong> monitoring <strong>the</strong> pay-out <strong>of</strong>dues as would be decided in consultation with FMC. The M<strong>an</strong>agement <strong>of</strong> <strong>the</strong> Exch<strong>an</strong>ge will report to thiscommittee for implementation <strong>of</strong> <strong>the</strong> process. The committee consists <strong>of</strong>:1. Shri Sharad Upas<strong>an</strong>i, IAS (Retd.)• Former Chief Secretary, Govt. <strong>of</strong> Maharashtra• Former Chairm<strong>an</strong>, Comp<strong>an</strong>y Law Board, Govt. <strong>of</strong> India• Worked in Union Ministry <strong>of</strong> Fin<strong>an</strong>ce <strong>an</strong>d was on deputation to <strong>the</strong> International MonetaryFund, Washington USA for 4 Years2. Justice R. J. Kochar• Former Judge, Bombay High Court
3. Shri G. N. Bajpai• Former Chairm<strong>an</strong>, SEBI• Former Chairm<strong>an</strong>, LIC4. Shri D. Siv<strong>an</strong><strong>an</strong>d<strong>an</strong>, IPS (Retd.)• Former Director General <strong>of</strong> Police, Maharashtra• Former Commissioner <strong>of</strong> Police, MumbaiIn addition to this, <strong>NSEL</strong> is constituting two committees - one committee <strong>of</strong> pl<strong>an</strong>ters / processors <strong>an</strong>dsecond is <strong>of</strong> Members <strong>of</strong> <strong>the</strong> exch<strong>an</strong>ge for better coordination. The Exch<strong>an</strong>ge shall update <strong>the</strong>FMC regularly on <strong>the</strong>se matters.For fur<strong>the</strong>r in<strong>formation</strong>, contact,Dilip Tambe - National Spot Exch<strong>an</strong>ge Limiteddilip.tambe@nationalspotexch<strong>an</strong>ge.comcommunications@nationalspotexch<strong>an</strong>ge.comTel: +91 22 6686 1010 Ext:1300
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