|National Spot Exchange Limited (NSEL)|
|Key People|| Prakash Chaturvedi - Managing Director and CEO; Jignesh Shah, Vice Chairman (former)
Vice Chairman - MCX, Founder of FTIL
The National Spot Exchange Limited (NSEL) was a national –level, institutionalized, electronic spot trading platform for commodities in India. It was incorporated as a public limited company, with Financial Technologies of India holding 99.99% of the share capital and NAFED holding 100 shares, on May 18, 2005.  It began live trading on October 15, 2008.
NSEL offered trading in agricultural products, including cereals, fibers, and spices; bullion products, such as gold, silver, copper and steel metals; and investment products, including e-gold, e-silver, e-copper and e-platinum.
On July 31, 2013 NSEL declared its inability to pay approximately Rs 5,600 crore to investors, leading to a payment crisis. Later several of the top NSEL officials were arrested by the investigative agencies.
In August of 2013, the Mumbai police found evidence of irregularities on the part of NSEL brokers. A report on the police’s forensic audit showed evidence of hawala transactions (a method of transferring money without any actual movement), benami trades (trades made or held under a fictitious or front company) and illegal code changes. The report also stated that some of the directors inside the firm were aware of impending danger. 
Evidence revealed that some of NSEL brokers’ clients had been allowed to take longer-term forward contracts, despite the exchange only being permitted to handle spot contracts in commodities. NSEL reportedly permitted 30-40 day forward contracts on the basis of warehouse receipts trading, without checking whether corresponding commodities existed in the warehouses. 
In November of 2013, the Mumbai police arrested NSEL’s former chief executive officer Anjani Sinha and two other senior officials after an investors’ group alleged that the executives diverted funds and failed to settle about 56 billion rupees ($911 million) in dues to investors. The NSEL failed to meet most of the payment targets set by the Forward Markets Commission, the commodities futures market regulator in India.
- Prakash Chaturvedi - Managing Director and CEO
- Neeraj Sharma - Sr. Vice President
- Rajkumar Jain - Chief financial Officer
- Jignesh Shah, vice chairman (former)
- http://www.nationalspotexchange.com/Background.htm. NSXL.
- Commodities Scam: Futures Shock for Shah. India Today.
- National Spot Exchange About Us. National Spot Exchange.
- Company Overview of National Spot Exchange Ltd.. Business Week.
- Evidence of hawala, benami trades in NSEL, says interim EOW report. Business Standard.
- The Climb And Slide Of Ambitious Indian Entrepreneur, Jignesh Shah. Forbes.
- Founder of Top India Commodity Exchange Resigns Amid Probe. Bloomberg.