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You would be aware of the National Spot Exchange Limited (NSEL) scam, where over 13 thousand investors were duped of their hard earned money.

The fraud perpetrated at the National Spot Exchange Ltd. (NSEL) is unprecedented in the history of organized (electronic) markets anywhere in the globe. A national level exchange FAILING has never been heard of, and unimaginable for the investing public. Even more so, when the said exchange was promoted and been part of a Group that had few national level exchanges under its umbrella. The NSEL scam has uprooted the trust and confidence in the financial markets of India. It may remain a mystery as to why & how that the government of the day did not want to recognize the failure of an exchange as a SYSTEMIC risk.

It is now 5 years, with investors and market participants frustratingly witnessing the continued brazen-nonchalant approach of NSEL, the defaulting processors / borrowers and the promoters of NSEL. The process of recovery of money with & through the help of the Economic Offences Wing (EOW), the Maharashtra Protection of interest of Depositors Act (MPID) and thereby the Competent Authority (CA) have been painstaking, but the results till date do not give the investor community the confidence on the road ahead from here. The efforts through the Hon’ble Bombay High Court appointed High Court Committee (HCC) has been frustrated by NSEL and the Borrowers alike. The parent / promoter entity of NSEL viz. Financial Technologies India Ltd. (FTIL) has only added to the woes of investors with its focus on delaying proceedings at various forums while continuing to hide behind the” corporate veil”. Our hope from the present Government and Courts remains high though, with Hon. Bombay HC dismissing petition of FTIL that challenged the MCA Final Order of Amalgamation of NSEL with FTIL, and concerned Ministry pursuing the case to supersede the Board of FTIL.

 

Our humble request to all the investors is to fill in the form provided under ‘Join the fight’ caption.

 

“Important Notice:
We are a registered Investors Association (please refer list of trustees) fighting against NSEL & FTIL, for ensuring recovery of money of investors. NAARA in its capacity as an association or its trustees in their individual capacity DO NOT have any link with the Recovery Group that NSEL has been advertising. NSEL has not only failed in any meaningful recovery but continues to use its parent’s resources to publish misleading articles / ADs to confuse the aggrieved investors, besides undermining the tireless efforts that investor associations have been putting in for recovery.”

 

 

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