Saturday 24 August 2013

NSEL fraud and my second letter to FMC /KV Thomas

To: kvthomas@asia.com, chairman.fmc@nic.in, nselinvforum@nselinvforum.com
Cc: secyca@fca.delhi.nic.in, jsrt-ca@msc.in, ecy-food@nic.in, nutanraj.fmc@nic.in, usha.suresh@nic.in, dir1.fmc@nic.in, usha.pol@nic.in, dharmarajan7fmc@gmail.com, dir2.fmc@nic.in, supriya.d@nic.in, dir.enforcement.fmc@nic.in, atul.verma17@nic.in, s.punglia@nic.in, sk.mohanty91@nic.in, dirit.mum.fmc@nic.in, khullarrk@yahoo.com, jsrev@nic.in, mo@motilaloswal.com, info@nationalspotexchange.com


Dear Shri Thomas and other FMC officers involved with NSEL settlement


This refers to FMC's letter No.7/3A/2010-MD-I Dated   21st August, 2013 to the board of NSEL wherein you have directed NSEL to auction the commodities lying in NSEL warehouses and to  proceed to liquidate all realizable assets of the defaulter member/s to meet  their pay-in obligations. You have also directed NSEL to bring to the notice of NSEL any  deficiency being found in quality and quantity of stock lying with NSEL.
As an investor I would like to know what is the current status of this directive and has NSEL complied with your directions. In case of non-compliance please let the investors know what is your next plan of action. We would also please like to know what is the action that is being initiated against promoters/management of NSEL.

The default of NSEL to pay out weekly installments promised as per settlement plan has become a joke and not only NSEL but India's enforcement /regulatory agencies are being subjected to worldwide ridicule.

Please be kind enough to answer.
regards
Ketan

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