Personal Finance Blog- India V 2.0: nsel

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NSEL eseries financial closure begins! ( Hope it materializes)

NSEL commences financial closure of e-series contracts , Hopefully there is some light at the end of the tunnel for e-series investors.

How it is supposed to work

NSEL said the proceeds from sale of metal will be credited to the respective unit holders holding free balance.

The payment instructions will be made to banks 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, it said.

Payment will 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 Clos ..

e-gold e-silver e-copper e-zinc when will I get my money back

#NSEL E-Series redemption - in a stand still?? #delay

While the number of media reports about NSEL is quietly streaming in the media, there is not enough attention paid to the situation of about 7 lakh e-series investors.

There are articles which say that there is delay in physical delivery due the to "rush" of request, but there is lack of any concrete evidence to prove any action by NSEL.

If NSEL is doing some genuine physical delivery ( I am sure that this is not the case), they should publish the details of physical delivery made everyday on their site.The audit certificate provided on the physical stock is of no use unless people get their money back on time.

All blogs/ new papers that promoted e-gold as an investment tool are completely silent now. ( Did they have a vested interest in promoting the product ?)

The most surprising fact is that there have been no arrests/ concrete action by any government agency which will at least bring back some faith back in out financial investment framework.

Justice delayed is justice denied.

NSEL investors seek halt of delivery under e-series contract

7 lakh e-series investors left high and dry

NSEL plans to redeem e-series in cash

Investors await NSEL bullion delivery

NSEL/FT/MCX crisis

There has been a stream of articles on the financial papers/blogs about the FT/NSEL fiasco in the last week.
While a very few had forewarned investors about the fiasco, now everyone writes as though that this fiasco was bound to happen.
Blogs/ Papers which had recommended investment in e-series ( e-gold) ,etc are silent on the topic now.

Lessons from the fiasco~

1. Financial experts ( so called!) make more noise than sense most of the times.
2. No one can predict the future accurately ( at least some astrologers can :-))
3. Please understand the investment and risks associated very clearly before you put in your money.

The rule of "Buyer beware" applies to all investment products too.