The Corporate Affairs Ministry, which is looking into the issue of National Spot Exchange Ltd’s (NSEL’s) non-compliance with the company law , will take a final decision on a future course of action in a day or two. “The MCA is examining non-compliance of the company’s law, and I think in a day or two we’ll take a final decision as to what is to be done,” Corporate Affairs Minister Sachin Pilot told reporters at the sidelines of a FICCI event here on Thursday.
NSEL currently has to settle Rs. 5,600 crore in dues to 148 members/brokers, representing 13,000 investor clients, after its trade was suspended on July 31 by government orders.
The minister said the inter-ministerial panel, headed by Economic Affairs Secretary Arvind Mayaram, that is looking into the NSEL issue was likely to submit its report in a day or two.
Mr. Pilot, who was speaking about the recently-passed Companies Act 2013, said it was essential that regulatory gaps between various ministries and regulators were plugged to attract investments. MCA was working towards that, he added. “We are trying to reduce the regulatory gaps between our Ministry, SEBI, the RBI, the Defence Ministry and the Finance Ministry,” he said.
