- Wealth PMS (50L+)
NSEL investors that put in 10 lakh rupees or less will get “preference” in the NSEL delayed settlement, says ET.
Of the 13,000 investors, around 7,000 have invested Rs 10 lakh or less in the product, the settlement of which has been suspended by the exchange.
"We have asked them (the exchange) to give preference to smaller investors and the payment should start as soon as possible," Forward Markets Commission Chairman Ramesh Abhishek told ET
And it gets worse for NSEL as the FMC bans e-Series contracts too:
On Monday evening, the consumer affairs ministry asked NSEL to withdraw contracts such as e-gold, e-silver, and the so-called e-series products traded on its platform.
Effectively this shutters the exchange for the next few months.
Will it return? I don’t know but it will be difficult to convince anyone to trade on that platform again. They’ll need new names, new identities. But our memories are short, and 15% returns make us salivate over and over again. We don’t forgive but we do forget.