National Spot Exchange

National Spot Exchange Ltd.
Private
Industry Commodity Spot Trading
Founded 2005
Headquarters Mumbai, India
Key people

Mr. Prakash Chaturvedi (Chief Executive Officer)[1]

Mr. Neeraj Sharma (Sr. Vice President)

Mr. Sandip Rahane (Manager)
Products Spot exchange
Website www.nationalspotexchange.com

National Spot Exchange (NSEL) is a Commodities exchange in India, and was touted as a joint venture of Jignesh Shah owned Financial Technologies (India) Ltd. (FTIL) and National Agricultural Cooperative Marketing Federation of India (NAFED). National Spot Exchange commenced its live trading operations in different commodities on Wednesday, 15 October 2008. It began trading in pre-certified cotton bales for Mumbai delivery and imported gold and silver bars for Ahmedabad delivery immediately, and has since added a number of commodities. NAFED was given 100 shares and was called a 'promoter' to induce investors and give them a false sense of safety.On 31 July 2013 the crisis on the exchange broke when it neither had money nor stocks to pay to investors.

National Spot Exchange's stated mission was to develop a common Indian market by setting up a nationwide electronic spot market and providing state of art trading, delivery, and settlement facilities in various commodities. This exchange is now in the middle of a crisis due to a major 5600 crore (then US$0.9 Billion) commodity scam and all the trades have been stopped.


Facilities Offered

The Exchange is now defunct. [2]

NSEL-FTIL forced merger

The Ministry of Corporate Affairs (MCA) in the Government of India issued on October 21, 2014, a draft order of amalgamation of NSEL (National Spot Exchange Limited - Dissolved Company) with FTIL (Financial Technologies India Limited - Transferee Company) under Section 396 of the Companies Act, 1956. The reasons for proposing such an order of amalgamation have been set out in the Annexure to the Draft Order.

References

  1. ↑ "Executive Team". National Spot Exchange. Retrieved 16 April 2016.
  2. ↑ http://www.nationalspotexchange.com/

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