India, Nov. 29 -- Calling curtains on one of the biggest financial crises in India's commodity markets, the National Company Law Tribunal (NCLT) on Friday approved a one-time settlement proposed by the National Spot Exchange Limited (NSEL), under which 5,682 traders would get Rs.1,950 crore in proportion to their outstanding dues as on July 31, 2024.

The case relates to a large-scale fraud uncovered in July 2013, when NSEL defaulted on payments to investors, amounting to Rs.5,600 crore. The commodities exchange was meant to function as an e-mandi for farmers, eliminating middlemen and introducing price transparency. Instead, the NSEL management allegedly colluded with a group of sellers to effect trades based on commodities that did not ...