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The National Spot Exchange, which is struggling to settle ₹5,600 crore trade executed on its platform, has made ₹43.89 crore as final settlement for investors in electronic silver (e-silver) contract.
Financial closureWith this, the financial closure of e-silver is complete, said the Exchange in a statement on Wednesday.
The exchange has sold 29.52 per cent of its silver holding to raise ₹43.89 crore. In June, the exchange made direct bank credit of ₹97.34 crore by selling 70.48 per cent of its silver inventory.
NSEL has sold silver at an average price of 41.06722 per gram.
The Exchange said that the move will benefit 16,285 investors of e-series.
Redemption processNSEL started the process of redemption of e-series on April 12. Over 10,000 kg of e-Silver was re-materialised and delivered to unit holders out of 44,500 kg available for redemption. The Exchange has concluded the sale of gold and zinc in its entirety and distributed the amount to the unit holders.
The value of metals re-materialised and sold so far in e-series redemption is about ₹369 crore as against the total metal worth of ₹375 crore, which is 98.4 per cent of the total value. The process of financial closure of platinum, copper, lead and nickel comprising of remaining balance 1.6 per cent of the total value is in progress.
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