With regard to the National Spot Exchange (NSEL) crisis, the government is planning to introduce all possible measures to ensure investors, particularly the small ones, get back their money.
The government plans to disband the NSEL board, appoint an administrator and attach the exchange’s properties and stocks.
Meanwhile, the Income Tax Department is conducting a nationwide raid at the offices of members of NSEL. The department conducted survey operations at the business premises of 24 NSEL members facing irregularity charges in settling Rs 5,600 crore of dues to investors.
It conducted raid in order to check the stocks and goods stored in the warehouses of these firms, as well as their account books and transactions to ascertain any possible tax evasion and verify their claims of huge dues, reports indicate.
NSEL has to settle Rs 5,600 crore of dues following suspension of trade on July 31. NSEL committed Rs 174.72-crore payment to the Forward Markets Commission and of this it could settle only Rs 92.12 crore so far.
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