NSEL crisis: Mayaram panel to submit report to Finance Minister on Monday, says report

New Delhi: A high-level panel headed by Economic Affairs Secretary Arvind Mayaram is likely to submit a report on alleged irregularities at beleaguered bourse National Spot Exchange Ltd (NSEL) on Monday to Finance Minister P Chidambaram.

Sources said the panel has found “minor systemic” failure in the functioning of the exchange and that the report would be submitted to Finance Minister P Chidambaram on Monday.

The panel met on Friday and finalised the report on NSEL, which is grappling with a crisis of payments worth Rs. 5,600 crore, on the basis of report of two working groups - Enforcement Directorate and Reserve Bank of India (RBI).      

Secretaries from the Ministry of Corporate Affairs, the Ministry of Consumer Affairs and the Revenue Department  are part of the committee, along with the head of the Enforcement Directorate.

The government might consider streamlining the norms for commodities and capital markets, regulated by FMC and Sebi, respectively, to plug potential regulatory gaps, according to the sources.

The government had last month set up two working groups under this panel, comprising representatives from Sebi, RBI, FMC, Enforcement Directorate, Income Tax Department, Finance Ministry, Corporate Affairs Ministry and Consumer Affairs Ministry, among others.

NSEL, part of Jignesh Shah-led Financial Technologies, is grappling with a payment crisis for settling dues worth Rs. 5,600-crore and had to suspend trading activities on July 31 following a government directive.