Further to the news on financial closure of e-series, I have been waiting for payment from NSEL. It has'nt happened till today. When browsing for information found some relevant information from NSEL site.
Payout to Unit Holders:
Payment instructions shall be made to the Bank for payout to Unit holders on the same day
on which the payment is received as per schedule of receipt of funds from the winning
bidders.
Payment shall be made to the unit holders on the basis of their holding in the proportion of
the amount of metal sold to the total quantity of metal available for Financial Closure.
For instance for e-Gold say:
a) If the total of all ‘free balances’ on the ‘Record Date’ is 400000 units. Hence the
quantity of gold available for financial closure is 400 Kgs.
b) On the first day of bidding 250 Kgs is allocated to winning bidders.
c) The total fund received by the Exchange towards this allocation of 250 Kg is Rs. 72.5
crores.
d) In the above scenario, towards every 1 unit of e-Gold held, unit holders shall be
eligible to receive Rs. 1812.50 [(725000000/250000)*(250/400)] on T+2 day of the
first day of bidding.
Such payout instruction shall be made to the bank only if the total payout amount against a
particular e-Series Commodity is more than Rs. 90 crores or if all metal towards one
particular e-Series commodity has been completely allocated and payment received against
the same. If the total payout amount is less than Rs. 90 crores, payout shall be made when
total payout against a particular e-Series commodity exceeds Rs. 90 crores.
Not sure if any other genuine e-gold/silver/platinum retail investor has got back some yet??. If yes, Please do drop a comment :-)
Update:- Got a credit from NSEL for a small amount on 22/5 which is a fraction of my investment. "Something is better than nothing" :-)
Update:- Got a credit from NSEL for a small amount on 22/5 which is a fraction of my investment. "Something is better than nothing" :-)
Justice delayed is justice denied #e-gold #e-silver #e-platinum. #nsel eseries financial closure status (payout/payment status)
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