India Infoline Finance Limited (IIFL) has urged the Central Government to take a decisive action on the Rs.5,600 crore financial crisis involving the National Spot Exchange Limited (NSEL).

IIFL President (retail broking) Prasanth Prabhakaran said IIFL’s clients had received part payment of Rs.20 crore so far from the NSEL while a major chunk of claims amounting to Rs.305 crore were pending settlement. The market regulator Forward Markets Commission had to take the responsibility of the entire episode.

Mr. Prabhakaran, who was here to announce the launch of the IIFL’s public issue of secured redeemable non-convertible debentures, lamented that there had been no action on settlement of the claims so far. The company was disappointed with the slow pace with which such a major issue was being dealt. “We need some decisive action from the government and the trail of money plays a crucial role in ascertaining who the beneficiaries are,” he said.

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