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Informist, Friday, Nov. 28, 2025

 

NEW DELHI – The Mumbai bench of the National Company Law Tribunal Friday approved the National Spot Exchange Ltd.'s scheme of arrangement to pay INR 19.50 billion to its 5,682 traders for a one-time amicable full and final settlement. The settlement scheme envisages payment to traders in proportion to their outstanding dues as on Jul. 31, 2024, against closure of legal cases against the National Spot Exchange and its parent 63 Moons Technologies Ltd., along with assignment of all rights of traders in favour of 63 Moons Tech, the latter said in an exchange filing. On Friday, shares of 63 Moons Technologies ended 16.2% higher at INR 907.90 on the National Stock Exchange.

 

The National Spot Exchange, with the support of its parent company 63 Moons Technologies, had filed a scheme of settlement before the tribunal for a one-time amicable full and final settlement with the traders. The scheme of settlement was put to vote by the tribunal, wherein 92.81% of traders in number and 91.35% in value voted in favour of the one-time settlement. 

 

Neeraj Sharma, managing director and chief executive officer of National Spot Exchange, said, "This would not have been possible without the positive approach of the present BJP (Bharatiya Janata Party) government (Central & State) in resolving the crisis, which was not resolved by P. Chidambaram and the UPA 2 (United Progressive Alliance) government for reasons best known to them." Sharad Kumar Saraf, chairman of NSEL Investors' Forum, expressed his gratitude for the efforts taken by 63 Moons and the National Spot Exchange, along with support from central and the state government in getting the closure. 

 

The National Spot Exchange operates an electronic exchange platform for commodity trading. In 2007, a gazette notification exempted "forward contracts of one-day duration" on the National Spot Exchange platform from the Forward Contract Regulations Act, 1952 provisions, subject to conditions. In 2013, the Department of Consumer Affairs instructed the National Spot Exchange to suspend all forward contracts and to ensure all existing contracts were settled as per their due dates. Consequent to this regulatory instruction, National Spot Exchange announced the closure of trading in all paired contracts. As a result of the default by the members of the National Spot Exchange, there was a failure in making payouts to their traders, resulting in a payment default of about INR 54.03 billion.

 

The purported payment defaults on the National Spot Exchange platform led to widespread litigation involving multiple stakeholders, including traders, brokers, and the petitioner company's parent 63 Moons Technologies. The traders who suffered financial losses due to the default have ongoing claims that remain disputed, particularly by National Spot Exchange, 63 Moons, and associated entities. Litigation proceedings had been pending for more than 11 years.  End

 

Reported by Surya Tripathi

Edited by Tanima Banerjee

 

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