NSEL traders give thumbs-up to Rs 1,950 cr settlement scheme

NSEL, with the support of its parent company 63 Moons Technologies Limited, had filed a scheme of settlement before the National Company Law Tribunal (NCLT), Mumbai, for a one-time amicable full and final settlement with 5,682 traders.

As per the scheme of settlement, an amount of Rs 1,950 crore shall be paid to 5,682 traders in proportion to their outstanding as on July 31, 2024.

This settlement would mean closure of legal cases against the group along with the assignment of rights of traders in favour of 63 moons, NSEL said in a statement.

In its order last month, the NCLT had ordered e-voting of the traders on the proposed resolution for approving the scheme of settlement.

The NCLT appointed Ashwini Gupta (Company Secretary) as Scrutinizer and Mukesh Mital (Retd IRS) as Chairperson to oversee the e-voting.

The voting commenced on April 17, 2025 and concluded on May 17, 2025.

According to NSEL, the report on results of e-voting submitted by the scrutinizer and approved by the chairperson on May 19, 2025, stated that a whopping 92.81 percent of traders in number and 91.35 percent traders in value voted in favour of the resolution, giving their assent to the scheme of settlement.

“NSEL applauded the work by the NIF which took up the cause for the traders and initiated discussion for a possible one-time settlement for the benefit of the traders,’’ said NSEL Managing Director and CEO Neeraj Sharma.

The company said the OTS would bring major relief for the traders whose monies were stuck in the NSEL payment crisis which happened in July 2013.

Expressing his satisfaction at the results of e-voting, NIF Chairman Sharad Saraf said 92.81 percent of specified creditors voted in favour of the settlement.

He said, "This shows the overwhelming number of investors are interested in the settlement to get at least part of their investment back. It is the major step in the distribution of money to the specified creditors.

“The delay in justice to the traders is also due to the failure of Ramesh Abhishek the then chairman of Forwards Market Commission, who, despite having powers and admissions from the defaulters, did not take timely actions against them.”

In fact, NSEL alleged, Ramesh Abhishek, acting under the instructions from the then Joint Secretary in the Department of Economic Affairs, K.P. Krishnan and P. Chidambaram, the then Finance Minister, aggravated the NSEL crisis and didn’t solve it while it was solvable, according to the statement.

Apart from ordering the closure of the running exchange, while the matter was subjudice, Ramesh Abhishek took a series of illegal actions against the group, most of which are now being overturned by the Supreme Court, it noted.

Back in August 2013, NSEL, with the support of 63 moons, paid around Rs 179 crore, thereby giving relief to 7,053 smaller traders with outstanding of less than 10 lakhs, it said.

NSEL parent, 63 Moons Technologies, has once again stood up for the cause of traders, even though no money trail linked to NSEL, 63 Moons and its promoters has been found, it added.

"This will be the first of its kind settlement. With the support from Central Government and State Government, 63 Moons Technologies is confident that the settlement will go through,’’ said 63 Moons Managing Director and CEO S. Rajendran.

Notably, the NSEL crisis unfolded in 2013 when trading was halted due to a Rs 5,574 crore payment default.