NSEL – The First Electronic Commodity Spot Exchange of India

NSEL – The First Electronic Commodity Spot Exchange of India

25 Apr 2018

The establishment of NSEL helped to create a single market across the country for both agricultural and manufactured produce. Permission to NSEL was granted by Indian Government, along with two other spot exchanges to start operations. In October 2008, an electronic trading platform was provided by NSEL. Simultaneously licenses were issued to NSEL by six states government under the model Agricultural Produce Market Committees (APMC). Forwards Market Commission was appointed as the ‘designated agency’ to regulate these spot exchanges.

NSEL was incorporated in May 2005 as a spot exchange for commodities trading. Several trading members, commonly known as brokers are registered with NSEL and they execute commodity trades on the NSEL platform on behalf of and in accordance with the instructions of their respective clients across India. The process of Re-materialization and financial closure of E-series has been made possible because NSEL has received ‘No Objection’ from Forward Markets Commission.

Following are the points with respect to recovery by NSEL:

  • NSEL has been successful in obtaining decrees on admission against 5 defaulters.
  • NSEL has already cleared 100% dues of all trading clients who had an exposure of up to Rs.2 lakh.
  • NSEL has given relief to 7000+ trading clients.

Founded in 2005 by new–age entrepreneur Abhishek Bansal, the Abans Group has evolved into a globally diversified conglomerate, providing expertise in Broking Services, Non-Banking Financial Dealings, Financial Services, Agri-Commodity Services, Warehousing, Realty & Infrastructure, Gold Dore Refinery & Manufacturing, Trading in Metal Products, Pharmaceuticals, Software Development & Wealth Management. The Group is a comprehensive financial and non-financial services and solutions provider, aiming to provide end-to-end solutions to its clients.