MUMBAI, Aug 2 (Reuters) - The chairman of India's Forward
Markets Commission said the regulator had no immediate worries
that the National Spot Exchange Ltd (NSEL) could default on open
contracts after the commodities exchange this week suspended
trading in forward contracts.
"At this point I don't think we should have any such
apprehension," Ramesh Abhishek said, when asked by CNBC-TV18
about whether there were any concerns that the NSEL would
default on any payments to customers.
"The NSEL is very confident that they will be able to honour
their obligations for all the open contracts," Abhishek told the
Shares of NSEL owner Financial Technologies (India) Ltd
fell as much 45 percent on Friday after dropping
nearly 65 percent on Thursday after the suspension of
commodities trading at the exchange.
Abhishek added NSEL was due to provide "detailed
information" to the regulator on Friday.
(Reporting by Himank Sharma and Rafael Nam; Editing by Matt