While warning NSEL of stern action if violations are repeated, the Forward Markets Commission (FMC) ordered the exchange to reconcile the amount receivables and payable to various members of the bourse.
Earlier in the day, Consumer Affairs Secretary Pankaj Agarwal said the government is mulling an audit of NSEL's physical stock in warehouses as it fears defaults in payment by buyers.
FMC said that despite several directives NSEL had given different information on different occasions, even just one day prior to the first scheduled pay-out date August 20.
"This casts serious doubt on the reliability of the figures submitted by the NSEL and also raises doubt on the seriousness of the Management and Board of the NSEL regarding settlement of the outstanding obligations," FMC said in a letter to NSEL.
Last week, FMC had directed NSEL to appoint a forensic auditor firm to establish the credibility of books of account, record maintenance by the exchange in next seven days.
Stating that it had directed NSEL to inform on daily basis the party-wise amounts deposited in the escrow account and disclose the same on website, FMC said: "But, till now you have not complied with the directions of the Commission."
It again asked the spot exchange to disclose on its website the party-wise amount deposited in Escrow Account with Axis Bank on daily basis.
"Any further instance of non-compliance with the directions of the Commission or submission of incorrect information would be viewed seriously and necessary action would be initiated against NSEL," FMC said.
NSEL, promoted by Jignesh Shah-headed Financial Technologies India Ltd (FTIL), is engulfed in a crisis after it suspended trade on July 31 following government directives. This raised concerns about possible default of about Rs 5,400 crore due to investors, including 7,000 small investors.
Last week, the NSEL had announced its seven-month plan to settle the dues to investors. As per the plan, August 16 was the first 'pay-in' day and August 20 the first 'pay-out' day. There are 24 companies which have to pay around Rs 5,600 crore to the spot exchange for settling dues to investors.
"Friday (August 16) was the first day of payment and there might have been defaulters. We have asked NSEL to declare the list of defaulters and action taken against them as per their own bye-laws," Agarwal told reporters here.
NSEL posted on its website the complete data of members (buyers) which have payment obligations with the bourse and also the list of firms/investors whose payments are stuck.
NSEL said that 24 members owe it a total of Rs 5,574.35 crore. On the other hand, it has to ensure settlement of payment obligation of Rs 5,380.53 crore to 148 companies.
Besides asking NSEL to reconcile pay-in and pay-out figures and disclosing the amount deposited in the escrow account on daily basis, FMC asked the exchange to reconcile the trading member/ client-wise obligation of Indian Bullion Market Association Ltd (IBMA), which is a related entity.
FMC has ordered the exchange to submit details of VAT amount due to various members and VAT amount to be collected from various members, and whether this amount is also included in pay-in amount.


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