FMC and NSEL to Meet Members of the Exchange and Plant Owners Tomorrow

The National Spot Exchange Limited (NSEL) 2 August submitted required information to the Forward Markets Commission (FMC). Subsequently, The Chairman, Members & Directors of the FMC and the Board of NSEL met today.

It was decided that the FMC and Exchange officials would meet with 21 entities (planters) and member brokers of the Exchange.

The meeting will be held tomorrow with an agenda to arrive at a consensus and satisfactory solution for settlement of dues in accordance with Exchange Rules and Bylaws. This meeting is also aimed to ensure avoiding any incidence which may have consequential impact on larger market.

The FMC Officials have also asked for details of Members, Planters and other participants who are not cooperating with the Exchange in resolving the matter related to settlement cycle. The FMC along with other Government agencies would work together to ensure a safe and secure settlement of dues.

Under the guidance of FMC and The Government, NSEL Board expressed that they would ensure that a smooth settlement process takes place under its Rules, Byelaws and Regulations. The Exchange will be issuing a statement from time to time to on the above matter.