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G Chandrashekar, Commodity Editor, Business Line feels that the government took long to notice illegal trades on the National Spot Exchange (NSEL).

On July 31, the NSEL suspended trade in all contracts except 'e series' following the government's direction not to launch new contracts because of violation of some rules.

There is a suspicion that NSEL may have lower than Rs 6,000 crore stock in its warehouse, Chandrashekar told CNBC TV18 in an interview. He urges the government to institute an independent agency to verify the stocks.

"If stocks as per books are available physically in the warehouses that will improve the confidence levels of market participants and that is a very critical issue," he added.

Further, Chandrashekar feels that deferring of trades on NSEL is a big loss of confidence for the market and will take long for that confidence to be resurrected.

Below is the verbatim transcript of G Chandrashekar's interview on CNBC TV18

Q: What have you made of the assurances from NSEL on the payment guarantees? Do you think they can work their way out of this mess?

A: Let us Testosterone Enanthate Liver hope so. They have given a guarantee and are working towards it. It will be a little premature to crystal gaze and forecast what will happen. We need to wait "Anaboliset Aineet" and watch and also, what is most critical is stock verification in the warehouses.

We need to set the ball rolling on the stock verification. Brokers have been asked to form groups to ensure that the stocks as per books are strictly available in the physical form in the warehouses. But I would urge the government to institute an independent government agency to verify the stocks and certify. This is extremely important and the process brooks no delay.

If stocks as per books are available physically in the warehouses that will improve the confidence levels of market participants and that is a very critical issue.

Q: How easy or difficult it will be to liquidate the inventory that they are talking about? Will it be easy to recover money from there and pay off?

A: It will not be easy and the market participants and buyers are waiting for someone to start Gensci Jintropin liquidating "Anabolika Definition" the stocks. Therefore, prices will be hammered down and eventually, the value that the exchange will recover from the sale of these commodities is anybody's guess. Therefore, there could be a huge difference between the book value and final realised value and who is going to bear this loss and how the settlement is going to take place is a big question.

Q: Do you believe they actually have Rs 6000 crore of stock in the warehouse which they can sell?

A: It is a tricky question, I don't want to prejudge anything but I have certainly heard from senior market participants that there is some suspicion among a number of players that stocks physically available in the warehouse Sustanon 250 Weekly Dosage are not exactly the same as what is shown on the books. Therefore, there is a suspicion that stocks could be lower. But let us not prejudge, let there be an investigation.

Independent government backed investigation and let us get to the truth and only then we will be able to come to some conclusion whether or not the final settlement will take place without any loss to 4-chlorodehydromethyltestosterone anyone.

Q: Who would you hold responsible with the facts that you have at hand because the market has been ruthless in punishing the stocks of Financial Technologies and MCX?

A: This spot exchange started to operate sometime in 2007, 2008 and did Testosterone Enanthate Hormone Replacement Therapy attract good participation. But at some stage people who operate become a little greedy, they by pass certain rules. Nobody looks at them, nobody takes notice so that emboldens them and encourages them. Then more people join in and as this bypassing of rules is not noticed by anybody more and more people join and this business gets expanded.

It gets some kind of legitimacy not backed by the law but it gets legitimacy among market participants and one fine day somebody discovers the whole thing is completely illegal, forward contracts for example and then the crisis starts. The market participants knew that they are participating not Buy Viagra Berlin in a trade which is completely above board. The exchange knew what it is doing is not completely above board.

Within government circles it took a long time for the officials to take notice of what was happening within the exchange. Therefore, it is more of financial engineering far exceeding our ability to regulate the market. This is something which happens only in developing economies where political cloud becomes more important than anything else. That is exactly why this is some kind of operation in a regulatory vacuum and in some way regulatory failure and lot stricter regulations for the spot markets from now on.

It is a big loss of confidence for the market and will take long time for the confidence to be resurrected. But we have to face the truth and now bring stricter regulations into the spot markets.