Commodity Online reported that the National Commodity & Derivatives Exchangeof India faces the possibility of multiple FIR charges as the exchange has defaulted in its delivery of October contract steel billets a very serious problem that can potentially tarnish the image of the exchange.

“We are looking for the settlement of the issue with either delivery or cash to protect our image. We will give two days more to the exchange for settlement. After that, our clients will lodge FIRs”, Business Standard quoted an angry trader who claimed that NCDEX does not have the 4000 tonnes of the total deliverable quantity of 5210 tonnes.

As per the exchange guidelines, such issues must be resolved by charging a penalty of 3% from the seller. The exchange has currently requested from the traders a 3 day period to resolve the issue.

(Sourced from Commodity Online)