Most Traders Give Go-Ahead to NSEL One-Time Settlement Scheme

In a major development in the decade-old NSEL crisis, 92.81% of traders have voted in favour of the One-Time Settlement (OTS) Scheme proposed by the National Spot Exchange Limited (NSEL). According to a press release issued by NSEL, the scheme—backed by parent company 63 moons technologies limited—aims to a one-time amicable full and final settlement with 5682 traders.

The OTS was originally proposed by the NSEL Investors Forum (NIF), an association representing a large number of traders. As per the Scheme of settlement, an amount of Rs. 1,950 crores shall be paid to 5682 traders in proportion to their outstanding as on 31^st July, 2024.

The National Company Law Tribunal (NCLT), Mumbai, had directed e-voting on the scheme via its order dated April 8, 2025. The voting process, held between April 17 and May 17, was supervised by Scrutinizer Ashwini Gupta and Chairperson Mukesh Mital (Retd. IRS).

The report on the results of e-voting submitted by the Scrutinizer and approved by the Chairperson on 19^th May, 2025, states that a whopping 92.81% of traders in number and 91.35% in value voted in favour of the resolution, thereby giving their assent to the scheme of settlement.

This settlement would bring major relief for the traders whose monies were stuck in the NSEL payment crisis, which happened in July 2013.

Neeraj Sharma, MD & CEO of NSEL, applauded the work by NSEL Investors Forum (NIF), which took up the cause for the traders and initiated discussion for a possible one-time settlement for the benefit of the traders.

Dr. Sharad Kumar Saraf, Chairman of NIF, expressed his satisfaction at the results of e-voting. "This shows the overwhelming number of investors are interested in the settlement to get at least part of their investment back. It is the major step in distribution of money to the specified creditors.'' 

‘’The delay in justice to the traders is also due to the failure of Ramesh Abhishek the then chairman of Forwards Market Commission who despite having powers and admissions from the defaulters, did not take timely actions against them,’’ it added.

In fact, NSEL alleged, Ramesh Abhishek acting under the instructions from the then Joint Secretary in the Department of Economic Affairs K.P. Krishnan and P. Chidambaram, the then Finance Minister, aggravated the NSEL crisis and didn’t solve it while it was solvable.

S. Rajendran, MD & CEO of 63 Moons, termed it a “first-of-its-kind settlement” and expressed confidence in its successful implementation with continued support from both central and state authorities. 

The crisis, which unfolded in July 2013, had left thousands of traders in limbo. While initial relief of Rs. 179 crore was provided to 7,053 small traders with dues below Rs. 10 lakh, larger traders were left entangled in a web of legal proceedings. The new OTS scheme proposes to settle dues up to 64%, combining earlier partial payments and the new settlement offer. 

This settlement would mean closure of legal cases against the group along with assignment of rights of traders in favour of 63 moons, NSEL said in a statement.