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NSEL says investor Ketan Shah objecting payout to small investors
March 08, 2021
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The NSEL Investors Action Group (NIAG) led by investor Ketan Shah has opposed payout to the small investors of the now defunct National Spot Exchange (NSEL), a release from the exchange said.
The Bombay High Court had ordered the NSEL to immediately release payments due between ₹2 lakh to ₹10 lakh to retail investors of NSEL. However, since Shah objected the court has allowed him to appeal in the Supreme Court.
“Exchange bye-laws permit such mutual distribution from clearing house to small traders while NIAG or any other investor forum did not put any effort or file cases, only NSEL and 63 moons efforts have resulted in the recovery. As per the information available in social media, the personal income of Ketan Shah has increased from ₹16 lakh to ₹16 crore after he started representing so-called investors association and started trading the pain of traders,” NSEL said in its release.