After Anjani Sinha's ouster, NSEL appoints Saji Cherian as new MD & CEO

The board of National Spot Exchange Limited (NSEL) has appointed Saji Cherian as the Managing Director and Chief Executive Officer of the company with effect from September 16, 2013, a press release issued by the company stated.

The post was lying vacant since Anjani Sinha, the former MD & CEO was sacked following a payment crisis at NSEL.

Sinha, in recently-filed affidavit with a local magistrate, took the entire blame for the crisis in NSEL.

NSEL is actively pursuing recovery of outstanding dues from the defaulting members with pay-in obligation, the release said.

Saji Cherian was previously heading Listing -Issuer Services at MCX Stock Exchange (MCX-SX).

He had also worked with Bombay Stock Exchange (BSE) as General Manager and at Madras Stock Exchange and Cochin Stock Exchange as Executive Director.

Meanwhile, NSEL on Tuesday made the fifth straight payment default, as it could pay only Rs 8.57 crore to investors out of the scheduled amount of Rs 174.72 crore.

Crisis-ridden NSEL had defaulted in payments on four previous occasions as well. With today’s pay-out, NSEL has

been able to settle just about Rs 137 crore out of Rs 5,500 crore outstanding to the 13,000 investors.

“The total amount being disbursed today is Rs 8,57,88,539,” NSEL said in a statement.

Members of the exchange are advised to disburse the amount in the same proportion to all the pending clients havingreceivable amount against their unsettled obligations, it said.

With inputs from PTI