On July 31, 2013, the NSEL
exchange was officially asked to close down shop after it defaulted on payments
to the tune of Rs. 5,600 crore to its 13,000 investors. Despite the stop order
by the concerned ministry, market regulator and the Bombay High Court, NSEL
allegedly received Rs. 65 crore from NAFED and illegally transferred Rs. 31
crore to FTIL in 2013 well past it ceased to exist. However, when the
matter came to light, FTIL returned the amount Rs. 31 crore to NSEL on January
25, 2019, and called it an ‘inadvertent’ and ‘unintentional’ mistake.
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