IIFL seeks speedy action from govt on NSEL issue

Broking firm India Infoline Ltd today demanded speedy and decisive action from the government to protect the interests of investors in the NSEL, which plunged into crisis after it suspended trading in contracts.

IIFL clients have received up to Rs 20 crore so far from NSEL and are yet to receive settlements up to Rs 305 crore, IIFL President Prashanth Prabhakaran said.

"Action has not happened in the last one and half months. We are very disappointed with the pace at which it is happening because it is larger than the scam of Harshad Mehta plus Ketan Parekh put together. Still there is no action on that front," Prabhakaran told reporters here.

"We still need some action which is decisive from the government side. The trail of money is crucial where the money has gone. Once that is done, we will know who has taken the money and who beneficiaries are," he said.

NSEL, promoted by Jignesh Shah-headed Financial Technologies India Ltd hit crisis after it suspended trading on July 31, raising concerns about possible default of Rs 5,600 crore due to investors, including 7,000 small investors.

He said pressing legal action on the promoter will not help as the case may end up in legal battle for years together.

Prabhakaran blamed market regulator Forward Markets Commission (FMC) for not being cautious about the developments.

"It is finally the regulator, who is supposed to have done due diligence against whatever they (NSEL) have committed in paper and given it to particular client and they have not done it.. Its the regulator's job. Counter party is exchange. Nobody else is the counter party in this particular case," he said.

Replying to query on the Income Tax Department's investigation into the issue, he said the Department will have to find the trail of the money.

Meanwhile, Prabhakaran said India Infoline Finance, the non-banking finance arm of India Infoline Ltd, will raise Rs 1,050 crore through issuance of secured redeemable non- convertible debentures maturing in three years and five years.

The company would issue the NCDs with a face value of Rs 1,000 each, aggregating up to Rs 525 crore with an option to retain over-subscription of a similar amount.

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