NMCE, the country's third largest commodity bourse, has directed its members to exercise due caution while dealing with NSEL defaulters.
National Spot Exchange Ltd (NSEL), which is facing the problem of settling Rs 5,600 crore payment after it shut down operations upon the government direction, has declared 19 entities as defaulters. NSEL is promoted by Jignesh Shah-led Financial Technologies India Ltd.
In a directive to its members, Ahmedabad-based NMCE said, "Please note that, the entities mentioned in the Annexure-1 have been declared as defaulters by NSEL. Members are therefore advised to exercise caution while dealing directly/ indirectly with any of the said entities."
The annexure includes 19 entities: ARK Imports Pvt Ltd, Loil Overseas Food, Lotus Refineries, N K Proteins, NCS Sugar, Spin Cot Textiles and Tavishi Enterprises. Vimladevi Agrotech, Yathuri Associates, LOIL Continental Food, LOL Health Food, Mohan India, Namdhari Food International and Namdhari Rice & General Mills are also on the list.
White Water Foods, Shree Radhey Trading Co, P D Agroprocessors, Swastik Overseas Corp and Juggernaut Projects are also among the said entities, the bourse said.
National Multi-Commodity Exchange (NMCE) offers an electronic platform for future trading in plantation, spices, food grains, non-ferrous metals, oil seeds and their derivatives. The exchange made a business of Rs 3,271.59 crore in the first fortnight of this month.
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