Visits made by Business Standard to several borrowers in Ludhiana, Panchkula, Delhi, Mumbai, Ahmedabad and Hyderabad found that several borrowing entities have links to real estate.
Visits made by Business Standard to several borrowers in Ludhiana, Panchkula, Delhi, Mumbai, Ahmedabad and Hyderabad found that several borrowing entities have links to real estate.
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Ledger entries in NSEL books show no record of T+2 leg of the paired trades with borrowers.
NSEL, promoted by Jignesh Shah-led Financial Technologies (India) Ltd, is facing the problem of settling Rs 5,500 crore.
The NSEL chief said the exchange is also seeking the help of the Delhi government.
About Rs 5,600 crore (Rs 56 billion) of investments of some 13,000 investors are stuck in NSEL. Despite reports from several internal committees of regulators and investigative agencies pointing to fraudulent activities, there hasn't been any substantial enforcement action against the exchange or the officials.
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