Is the Nsel default confirmed? well, well…
Reminds me of an old Akbar and Birbal story. Akbar had a favorite White horse, and he used to play with it every day. It had a special stable of its own and also had a horse care taker – exclusively for that white horse.
One day Akbar said ‘if anybody tells me that the horse is dead, I will hang him’…
The horse keeper was very scared….of this but did a good job of looking after the horse.
One day the horse died. The horse-keeper rushed to Birbal and told him the whole story. Birbal asked the horse keeper to leave the kingdom for 2 weeks..and then went to the king..
Birbal: Good day king!
Akbar: Good day Birbal
Birbal: I just came from the stable side….
Akbar: Tell me…what did u see…
Birbal: Your favorite horse was not eating anything…
Birbal: it was not drinking any water,….it was not moving its legs,….its tail…eyes….
Akbar: IS IT DEAD?
Birbal: Yes, Your Highness, but I did not say it….you did.
So is the National Spot Exchange dead?
Well I know there was an exchange which –
was dealing in commodities in an unorganised market
had no regulator
no oversight whatsoever.
Each contract to raise money was touted as ‘risk free’. I was one of those lucky people who did not succumb to a ‘Risk free 13% return offer’….lucky me!!
The first part of the default has happened…hopefully priced into the Sensex and Nifty..
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