Where Stree Dhan given to daughters in marriage is sacrosanct, alas NSEL had not committed this sin of depriving these mothers who had a dream of accumulating this Gold by investing with them.
As far as Gold accumulation goes, E-Gold looked very viable option as you build the corpus by periodically investing to buy units of Silver and Gold, moreover you didn't have to worry for designs getting dated. But investor came face to face with some other worry, designed by NSEL.
I am one such mother who relied heavily on building Gold & Silver corpus for my daughter's marriage which is good 10 years ahead. It started on June 2011 and since then I have been counting my units and happily calculating that I am just this much units behind my target.
But it did not last long, my hopes were dashed on July 16, 2013 when Ministry's dictat for NSEL came for not to launch new contracts until further instructions and sought an undertaking that existing contracts would be settled on due date.
For commoners, it was not even easy to understand that what had happened, they just came to know that they can no longer buy E-Gold or E-Silver units and they should opt for refund.
Panic gripped amidst pessimism and then started series of form filling exercise, refund claims and I was no exception to this. After furnishing relevant documents and not less than 30 signatures here and there, my form was submitted to NSEL and it's almost 25 days, I have not heard from them. Forget a phone call, not even a mail on updating the status of my application.
The NSEL crisis has shaken up not only the commodities exchanges but the entire capital market setup not just small investors like me.
Today I read in newspapers that Economic Offences Wing (EOW) is probing Jignesh Shah, following the complaints from small investors. But can we expect Government to intervene here and arrange for small investors who are worst hit and paying heavily for the innocence, to get this refund at the earliest. Inspite of repeated promises, Jignesh Shah has defaulted on refunds.
Hope he is not buying time for the dust to settle so that he can get away with this sin, like so many others involved in various scams. Hope Government acts no sooner than later here and save investors from trauma. So that mothers can take forward their dream of giving Stree Dhan to their daughters.
The writer is Chief Editor of apnapaisa. ApnaPaisa is India's leading Online market place for financial products such as loans , credit cards and insurance plans .
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