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Troubled National Spot Exchange will start the process of settling e-series contract from April 12. This will be followed by financial closure from May 6.
Investors intending to re-materilise their units have to fill in a re-materialisation intention-cum-allocation request form available on the NSEL website. The exchange will accept the re-materialisation form between April 12 and 23.
All re-materialisation requests that had been initiated earlier by the unit holders shall stand cancelled, said the exchange in a press release on Friday. The exchange has uploaded in its website details on depository and denomination wise stock available.
NSEL will deliver metal only if denominations offered by the exchange and the unit held by the investor matches. For instance, if an investor holds 105 units of e-Gold, then re-materialisation would be feasible for 100 units matching a 100 gram denomination gold bar. Hence re-materialisation should be initiated for 100 units of e-Gold and the balance units would remain as credit in the demat account and it will be redeemed in the financial closure that would start from May 6, said the exchange.
Unit holders have to send the filled intention form to the exchange through mail to nsel-dp@nationalspotexchange.com. Requests received after 3 pm will be considered for the next working day. Request received after 3 pm on last day shall not be entertained and such units would subsequently be redeemed in the financial closure, it said.
The allocation for delivery of metal would be made in the order of receipt of allocation request valid for the particular day. Unit holders have to process request for re-materialisation with depository participant only after confirmation of allocation by the exchange. In case of allocation for delivery at more than one location, unit holders have to set up separate re-materialisation requests for separate locations, it said.
The request for re-materialisation with DP must be setup within 3 working days after allocation for delivery is made by the exchange failing which the allocation done shall be cancelled.
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