About Us


NSEL Aggrieved and Recovery Association (NAARA) is duly registered under the Bombay Public Trusts Act, 1950 with Registration No. E30842(M). It is a ‘not-for-profit’ association of people / investors adversely affected and aggrieved in the aftermath of the settlement crisis at National Spot Exchange Ltd. (NSEL), entailing approx. Rs.5690 Crores receivable by over 13000 investors.

The fraud by NSEL, apparently perpetrated at the behest of its parent, Financial Technologies India Ltd. (FTIL) has left families of Individual investors, promoters and families of employees of Corporate investors, shattered. In a large number of cases, these people are struggling to sustain their livelihood as a result of this organised / institutionalised fraud. Many of these families have lost credibility and respectability due to their inability to honour their onward committments and obligations.

Individuals therein, whom NSEL has not paid, have formed a registered association, further enlisting members.


Name of the trustees

Shri Dinesh Shah
Shri Shailesh Shah
Shri Madhubhai Desai
Shri Aashish Shah
Shri Haren Mehta
Shri Rohit Chothani


Purpose and Objectives of NAARA

NAARA intends to provide a platform to the parties having suffered financial losses, so as to render a collective voice and delivery to parties coming forth in this common vehicle i.e. the association.

1. To officially represent its members, through professional legal and technical support, at all forums viz. Regulators, Government agencies, Courts and Committees and all such bodies involved or expected to be involved in satisfactory redressal to the affected investors.

2. To endorse, support and facilitate the efforts of any or all other investor associations, furthering the cause of all 13000 investors thereby.

3. To highlight rationally at all forums, the reasons for their plight to seek recovery of what they should legally have received.

4. To support such actions of Government and its machinery that is targetted to book the actual perpetrators who have intentionally and with ulterior and malafide motive executed a pre-mediated plan of circumventing regulations in the most ingenious method – a SPOT EXCHANGE.


Share This:

Comments are closed.