Cash settlement of e-series contracts

Sep 28 2013, 01:39 IST
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SummaryNearly two months after NSEL stopped issuing fresh e-series contracts, the exchange on Friday announced an arrangement for redeeming the e-series units of gold and silver through cash settlements, reports fe Bureau in Mumbai.

Nearly two months after NSEL stopped issuing fresh

e-series contracts, the exchange on Friday announced an arrangement for redeeming the e-series units of gold and silver through cash settlements, reports fe Bureau in Mumbai.

The exchange has also temporarily stopped the physical conversion route that was so far available to clients through SRF (surrender request form).

The pricing will be fixed on the basis of the London Bullion Market Association morning price. The arrangement was announced to offer a fast exit route to unit holders. "The exchange has made an arrangement of providing an exit option to all e-series holders of gold and silver units by way of financial settlement (encashment of e-Series units), after considering the feedback received from all market participants and after due discussions and deliberations with the prospective buyers,” said a press release.

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