NSEL declares 10 more members as defaulters

Gives details of the clients who traded through these defaulting-members

The National Spot Exchange Ltd. (NSEL), on Wednesday, declared another ten members as defaulters.

These are: LOIL Continental Food Limited, LOIL Health Foods Limited, Mohan India Private Limited, Namdhari Food International Private Limited, Namdhari Rice and General Mills, White Water Foods Private Limited, Shree Radhey Trading Company, P D Agroprocessors Private Limited, Swastik Overseas Corporation and Juggernaut Projects Limited.

Earlier, the commodity exchange had declared nine members as defaulters. With this, among the 24 members, who had a pay-in obligation, 19 have been declared defaulters.

NSEL has also published the details of the clients who traded through these defaulting-members.

Meanwhile, NSEL Investors Forum (NIF), a representative body of investors of NSEL, staged a protest demonstration outside the office of Financial Technologies (India) Ltd, which promoted NSEL, here.

While the Forum welcomed the government move to appoint a specific and focussed high-power committee under the chairmanship of Arvind Mayaram, Secretary, Economic Affairs, Ministry of Finance, it asked Sachin Pilot, Minister of Corporate Affairs, to initiate action by Serious Fraud Investigating Office (SFIO) at the earliest.

“The investors have serious concerns about the safety of investments in commodity and other exchanges. Immediate action is necessary to restore the confidence of investors in the financial markets, presently the same is heavily dented,” NIF stated in a release.