The document summarizes NSEL's current role in recovery efforts following its default crisis. It notes that NSEL is solely focused on recovery operations to ensure genuine clients receive their claims. While NSEL has filed numerous lawsuits and assisted government agencies to trace and freeze defaulter assets, the document states that the FMC has provided no support to NSEL in the recovery process and has not used its powers to liquidate frozen defaulter assets or make funds available for distribution. The document outlines several measures NSEL has taken for recovery, including signing settlement agreements, identifying over 400 defaulter assets, and filing various legal petitions and complaints.

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

9. CONCLUSION