In a significant development nearly 12 years after the National Spot Exchange Limited (NSEL) crisis broke out, over 92.8% of specified creditors have approved the one-time settlement (OTS) scheme, paving the way for resolution. The scheme was supported and facilitated by 63 moons technologies, the parent company of NSEL.
According to an exchange filing dated May 20, 2025, NSEL informed that the voting on the settlement scheme, mandated by the National Company Law Tribunal (NCLT), concluded on May 17. The resolution received a 92.81% approval by number and 91.35% in value, highlighting overwhelming support from traders for closure and payout.
As part of the scheme, NSEL has proposed a settlement of Rs 1,950 crore to be distributed among 5,682 traders proportionate to their dues as of July 31, 2024. This initiative is expected to bring an end to years of litigation and uncertainty. The resolution now awaits final procedural implementation as per NCLT directives.
The scheme was originally proposed by the NSEL Investors Forum (NIF), an association representing thousands of affected traders. NSEL’s MD & CEO, Neeraj Sharma, praised the NIF’s role in achieving consensus, while 63 moons’ MD & CEO, S. Rajendran, expressed confidence in a smooth rollout of the first-of-its-kind settlement model in the Indian financial ecosystem.
The crisis, which erupted in July 2013, had left several traders in limbo. The press release also highlighted past regulatory missteps and legal inaction, attributing delays in justice to former officials at the Forward Markets Commission and the Ministry of Finance.
With the settlement approved, the company noted that payments would now resume, potentially marking closure for a majority of affected traders. Previously, in 2013, around Rs 179 crore was paid to over 7,000 small traders with dues under Rs 10 lakh.
This OTS, coupled with a previous payout and current plan, brings the total effective recovery for many traders to 49%–64%, according to the company.
