REFILE-India's NSEL exchange makes part payment on forward contracts
(Modifies headline to say payout is only partial)
MUMBAI Aug 20 (Reuters) - Indian commodities market operator National Spot Exchange Ltd (NSEL), which suspended trading in one-day forward contracts on July 31, said on Tuesday it paid just over 921.8 million Indian rupees ($14.5 million) to members, or 53 percent of the total it was due to pay under a settlement approved by its regulator.
The exchange, owned by Financial Technologies (India) Ltd , did not explain the shortfall in a statement announcing the payout and an official could not immediately be reached for comment.
NSEL also said in a statement late on Tuesday that its board had removed seven exchange officials including its chief executive, Anjani Sinha, pending an enquiry.
"While this team has been removed from their existing responsibilities pending enquiry, they would be responsible for recovery along with Mr. Sinha," NSEL said in a statement.
Anjani Sinha could not immediately be reached for comment.
On Aug. 14 the exchange said it would settle 55.37 billion rupees worth of outstanding forward contracts over seven months, with a first payout of 1.74 billion rupees due on Tuesday.
The exchange had suspended trading of its one-day forward contracts on July 31, while delaying settlements, citing a fall in volumes after India's commodities regulator asked it not to launch new forwards contracts.
The contracts affected were in agricultural commodities as well as precious and base metals.
Shares in Financial Technologies are down about 74 percent since the suspension, last trading at 139.50 rupees on Tuesday. ($1=63.5550 Indian rupees) (Reporting by Siddesh Mayenkar; Editing by Tony Munroe, Greg Mahlich)
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