NSEL-related entity IBMA owes Rs 227 crore to Sahara Q Shop

Sahara Group retail venture Sahara Q Shop has an exposure of about Rs 227 crore to the beleaguered National Spot Exchange Ltd (NSEL).. The NSEL has to pay Rs 1,170.09 crore to its related entity Indian Bullion Market Association (IBMA), which in turn has to repay to its several clients, including Sahara Q Shop Unique Products Range Ltd.. Commodity markets regulator Forward Markets Commission (FMC) had directed NSEL to provide information about shareholding and directors of IBMA besides details of all trading members and clients attached to this association.. As per the NSEL disclosure, IBMA owes the maximum amount of Rs 226.95 crore to Sahara Q Shop.. NSEL has 60.88 per cent equity in IBMA. NSEL and IBMA have common directors as well.. Meanwhile, FMC had on Tuesday asked NSEL to withhold payment due to defaulter members of its related entity, IBMA, and other connected firms of the exchange.. (Read: FMC directs NSEL to withhold payments to related entities). In a letter to the NSEL, the FMC had said that the total amount received till date should be distributed proportionately to various members including IBMA. Barring genuine members who have cleared trade through IBMA, FMC said, "The amounts due of defaulter members for whom IBMA has cleared the trades should be withheld.". On Tuesday, NSEL could settle only Rs 92.12 crore out of the scheduled Rs 174.72 crore payment it had committed to the sector regulator FMC. Following which, the exchange sacked its managing director and CEO, Anjani Sinha, and six other top executives.. (Read: NSEL sacks CEO, 6 others, fails to fully pay up 1st tranche). NSEL is facing the problem of settling Rs 5,600 crore dues after its suspended trade on July 31, following the government direction in the wake of violation of certain rules by the exchange.

NSEL-related entity IBMA owes Rs 227 crore to Sahara Q Shop

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