National Spot Exchange
||It has been suggested that NSEL scam be merged into this article. (Discuss) Proposed since April 2016.|
|Industry||Commodity Spot Trading|
Mr. Prakash Chaturvedi (Chief Executive Officer)
Mr. Neeraj Sharma (Sr. Vice President)Mr. Sandip Rahane (Manager)
National Spot Exchange (NSEL) is a Commodities exchange in India, and was touted as a joint venture of Jignesh Shah owned Financial Technologies (India) Ltd. (FTIL) and National Agricultural Cooperative Marketing Federation of India (NAFED). National Spot Exchange commenced its live trading operations in different commodities on Wednesday, 15 October 2008. It began trading in pre-certified cotton bales for Mumbai delivery and imported gold and silver bars for Ahmedabad delivery immediately, and has since added a number of commodities. NAFED was given 100 shares and was called a 'promoter' to induce investors and give them a false sense of safety.On 31 July 2013 the crisis on the exchange broke when it neither had money nor stocks to pay to investors.
National Spot Exchange's stated mission was to develop a common Indian market by setting up a nationwide electronic spot market and providing state of art trading, delivery, and settlement facilities in various commodities. This exchange is now in the middle of a crisis due to a major 5600 crore (then US$0.9 Billion) commodity scam and all the trades have been stopped.
The Exchange is now defunct. 
NSEL-FTIL forced merger
The Ministry of Corporate Affairs (MCA) in the Government of India issued on October 21, 2014, a draft order of amalgamation of NSEL (National Spot Exchange Limited - Dissolved Company) with FTIL (Financial Technologies India Limited - Transferee Company) under Section 396 of the Companies Act, 1956. The reasons for proposing such an order of amalgamation have been set out in the Annexure to the Draft Order.
Updating from old articles which are removed again and again by few users with malafied intentions.
- 'NSEL scam: Suspicion mounts on brokers routing black money', The Times of India, Apr 10 2016'
- Sebi begins action against NSEL brokers, Mint, Mar 16 2016'
- NSEL Scam: Bombay HC panel charges brokers with mis-selling of products, Business standard, April 10, 2016
- NSEL scam: Suspicion mounts on brokers routing black money, The Economic TImes, Apr 10, 2016
- Spot exchange centres to be set up in Kerala, BusinessLine, 29 November 2006
- National Spot Exchange website
- "NSEL Debacle", Economic & Political Weekly, 14 September 2013
- Arrest Of Brokers Gives A New Dimension To The Scam - at Investing.com