The government on Wednesday said it had issued a notification giving more teeth to regulator Forward Markets Commission (FMC) to ensure that the NSEL settled Rs.5,600 crore in dues to investors.
NSEL is facing the problem of settlement after it suspended trade in one-day forward contracts on July 31 following the government direction.
On Tuesday, it stopped trading in e-series contracts in gold in anticipation of the notification to this effect.
“We have given more powers to FMC to handle the NSEL settlement issue. The situation is under control,” Food and Consumer Affairs Minister K. V. Thomas told reporters on the sidelines of a FICCI event.
A notification has been issued on August 6 giving wide ranging set of powers to the FMC to ensure settlement of dues at NSEL, said Consumer Affairs Secretary Pankaj Agrawala who was also present at the event.
“Settlement of all one-day forward contracts at NSEL shall be done under the supervision of FMC and any order or direction issued by the FMC in this regard shall be binding on the NSEL,” the notification said.
