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 Balance sheet analysis of all defaulters & their related companies undertaken to do asset tracing for recovery 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