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ROLE PLAYED BY
NSEL IN RECOVERY
• Introduction
• NSEL’s current role in Recovery
• FMC’s power in liquidating Defaulters frozen assets
• Measures taken by NSEL
• Conclusion
AGENDA
• NSEL made good progress in recovery
• Recovery efforts are being conducted solely by NSEL
• FMC has provided no support in recovery process
• Action against Defaulters by NSEL
• Assistance to Government Agencies
INTRODUCTION
• NSEL is currently only involved in recovery operations
• Sole focus & aim is ensuring that genuine clients receive their claims
• Ready to work with all parties to ensure complete resolution
• Reconstituted Board & made changes in management
• Provided immediate relief to small trading clients, etc.
NSEL’S CURRENT ROLE IN RECOVERY
• FMC could authorize liquidation of Defaulters frozen assets
• FMC had regulatory power to ensure, recommend & co-ordinate
with frozen assets of all Defaulters
• FMC could also make available the amount received from liquidation
for distribution
FMC’S POWER IN LIQUIDATING DEFAULTERS FROZEN ASSETS
• Made strenuous efforts to affect recovery from defaulters
• Filed recovery suits against all defaulters
• Distributing among clients recoveries made from time to time
• It has aggressively followed up with various legal measures to
affect recovery
ACTION AGAINST DEFAULTERS BY NSEL
• Extended all assistance required to Economic Offences Wing, to
identify & freeze assets of defaulters
• Provided assistance required for Enforcement Directorate to attach
assets pertaining to defaulters
• Information provided to government & regulators on progress made
in recovery
• Clearing misconceptions & rumors spread by certain vested interests
to disrupt process of smooth recovery & resolution
ASSISTANCE TO GOVERNMENT AGENCIES
• No. of settlement agreements signed, which defaulters are not complying with - 3
• No. of assets of defaulters traced and identified by NSEL & given to police - 400
• Balance sheet analysis of all defaulters & their related companies undertaken to do
asset tracing for recovery - 235
• No. of meetings at NSEL with MAC, constituted by FMC, to review recovery
proceeding - 23
• No. of Arbitration petitions - 3
• No. of applications pending in MPID court in relation to defaulters - 34
• No. of complaints with Magistrate court for bouncing of cheques of defaulters - 63
MEASURES TAKEN BY NSEL
CONCLUSION

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Nsel’s role in recovery

  • 1. ROLE PLAYED BY NSEL IN RECOVERY
  • 2. • Introduction • NSEL’s current role in Recovery • FMC’s power in liquidating Defaulters frozen assets • Measures taken by NSEL • Conclusion AGENDA
  • 3. • NSEL made good progress in recovery • Recovery efforts are being conducted solely by NSEL • FMC has provided no support in recovery process • Action against Defaulters by NSEL • Assistance to Government Agencies INTRODUCTION
  • 4. • NSEL is currently only involved in recovery operations • Sole focus & aim is ensuring that genuine clients receive their claims • Ready to work with all parties to ensure complete resolution • Reconstituted Board & made changes in management • Provided immediate relief to small trading clients, etc. NSEL’S CURRENT ROLE IN RECOVERY
  • 5. • FMC could authorize liquidation of Defaulters frozen assets • FMC had regulatory power to ensure, recommend & co-ordinate with frozen assets of all Defaulters • FMC could also make available the amount received from liquidation for distribution FMC’S POWER IN LIQUIDATING DEFAULTERS FROZEN ASSETS
  • 6. • Made strenuous efforts to affect recovery from defaulters • Filed recovery suits against all defaulters • Distributing among clients recoveries made from time to time • It has aggressively followed up with various legal measures to affect recovery ACTION AGAINST DEFAULTERS BY NSEL
  • 7. • Extended all assistance required to Economic Offences Wing, to identify & freeze assets of defaulters • Provided assistance required for Enforcement Directorate to attach assets pertaining to defaulters • Information provided to government & regulators on progress made in recovery • Clearing misconceptions & rumors spread by certain vested interests to disrupt process of smooth recovery & resolution ASSISTANCE TO GOVERNMENT AGENCIES
  • 8. • No. of settlement agreements signed, which defaulters are not complying with - 3 • No. of assets of defaulters traced and identified by NSEL & given to police - 400 • Balance sheet analysis of all defaulters & their related companies undertaken to do asset tracing for recovery - 235 • No. of meetings at NSEL with MAC, constituted by FMC, to review recovery proceeding - 23 • No. of Arbitration petitions - 3 • No. of applications pending in MPID court in relation to defaulters - 34 • No. of complaints with Magistrate court for bouncing of cheques of defaulters - 63 MEASURES TAKEN BY NSEL