Salil Maaru, 56, found himself in a challenging situation after investing in the National Spot Exchange (NSEL) for the second time. After successfully booking substantial profits from his initial investment in 2008, he decided to invest again at the end of 2012, utilizing funds he had saved for his son’s higher education and gathering additional money from family members. However, his optimism quickly turned to disappointment when the NSEL was abruptly shut down in July 2013.
“I never thought exchanges could be shut down abruptly. Even then, I was confident that they would recover the money by selling the goods stored in the warehouse, since I was receiving regular updates on the value of goods stored in my name,” Maaru stated.
He expressed relief after recently being asked to submit proof of his investments, as he is now hopeful of recovering 47 percent of his dues.
Haresh Mehta, another investor affected by the NSEL crisis, noted that the situation may finally reach resolution after 12 years, following the NCLT’s approval of a one-time settlement (OTS) scheme. In November, the National Company Law Tribunal (NCLT) approved a ₹1,950-crore OTS plan for NSEL investors, addressing a significant part of the payment default crisis from 2013. This decision enables NSEL and its parent company, 63 Moons Technologies, to compensate affected traders who agree to waive additional claims.
This unprecedented settlement brings crucial relief to over 5,600 traders and marks a vital step toward resolving a long-standing financial issue. Responsibility now lies with central agencies to facilitate payments to the investors.
Previously, with backing from the promoter, 63 Moons, NSEL managed to pay approximately ₹179 crore to 7,053 smaller traders who had outstanding claims of less than ₹10 lakh each.
Amid the news of the OTS approval, Hemant Kothari, 52, has anxiously awaited the potential recovery of funds in time for his daughter’s wedding planned for early next year.
Sharada Saraf, Chief of the NSEL Investors’ Forum, highlighted that this is the first occurrence of a financial dispute reaching the settlement stage where investors with claims exceeding ₹10 lakh would receive 50 percent of their total claim amount, a significant improvement compared to the typical 20-25 percent seen in other NCLT cases.
“With multiple government agencies involved in this matter, we respectfully urge the Central Government to expedite the process so that investors can retrieve their funds as soon as possible,” Saraf stated.
Published on December 10, 2025.
