Mayaram panel on NSEL to submit report to FM today

A high-level panel headed by Economic Affairs Secretary Arvind Mayaram is likely to submit its report on alleged irregularities at the National Spot Exchange Ltd (NSEL) today to the Finance Minister.

Sources said the panel has found “minor systemic” failure in the functioning of the exchange and the report would be submitted to Finance Minister P Chidambaram on Monday.

The panel met on Friday and finalised the report on NSEL, which is grappling with Rs 5,600 crore payment crisis, on the basis of report of two working groups – Enforcement Directorate and Reserve Bank.

[caption id=“attachment_1066709” align=“alignright” width=“380”]  Economic Affairs Secretary Arvind Mayaram. Image courtesy PIB[/caption]

Secretaries from the Corporate Affairs and the Consumer Affairs Ministries, the Revenue Department, and head of Enforcement Directorate, are part of the committee.

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The government might consider streamlining the norms for commodities and capital markets, regulated by FMC and Sebi, respectively, to plug potential regulatory gaps, sources said.

The government had last month set up two working groups under this panel, comprising representatives from Sebi, RBI, FMC, Enforcement Directorate, Income Tax Department, Finance Ministry, Corporate Affairs Ministry and Consumer Affairs Ministry, among others.

NSEL, part of Jignesh Shah-led Financial Technologies group, is grappling with a payment crisis for settling dues worth Rs 5,600-crore and had to suspend trading activities on July 31 following a government directive.

PTI