Even as the National Spot Exchange Ltd has defaulted on payments once again, investors under the umbrella of NSEL Investor Forum have decided to file a complaint with the economic offences wing of the Mumbai Police against Jignesh Shah and other board members of the exchange on Thursday.

The secretary of the NSEL Investor Forum, Arun Dalmia, told media persons on Tuesday that the complaint would be against the board members and borrowers who have taken large sums from the exchange.

Dalmia said that despite Jignesh Shah’s promises of returning the money, it has not been repaid.

The Chairman of the forum, Sharad Saraf, said it had identified 24 borrowers who have borrowed about Rs 5,500 crore from the exchange. The forum is also in a dialogue with a number of borrowers and is making attempts to get these borrowers and exchange officials on the same platform, he said.

He said that out of the 24 borrowers, five have borrowed about Rs 4,000 crore from the exchange. Therefore it would not be difficult to recover the money, he said.

Explaining the delay in filing police complaints against Shah and other members of the exchange, Saraf said “We have to go step by step in this matter. Half-baked evidence cannot be presented to the agencies,” he said.

Anushman Khanna, who is also a member of the forum, claimed that in the last couple of weeks, the forum had gathered some incriminating evidence.


Meanwhile, the board of National Spot Exchange Ltd appointed of Saji Cherian as the Managing Director and Chief Executive Officer of the company with effect from September 16, 2013. Saji Cherian was previously the Head of Listing — Issuer Services at MCX Stock Exchange Ltd.


(This article was published on September 17, 2013)
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