Press Release

NSEL announces the formation of an Independent Committee of eminent persons

Mumbai 5 August2013: The National Spot Exchange Limited (NSEL) today constituted an independent committee of eminent persons for the purpose of advising and monitoring the progress of financial closeout plan. The Forward Markets Commission (FMC) and National Spot Exchange Limited (NSEL) held joint meetings yesterday with members of the exchange and planters/processors in order to arrive at a consensus and satisfactory solution for settlement of dues in accordance with Exchange Rules and Byelaws. The Chairman, Members & Directors of the FMC as well as the Management team and Members of Board of NSEL were present for these meetings. Post the individual meeting of FMC Officials with buyers who are required to pay the outstanding dues, a joint meeting also took place with the Buyers, sellers along with exchange officials. It was decided yesterday in the said meetings that all plant owners/processors who have to pay their dues will give their plan for payment of outstanding dues. The Exchange will collate the plans given by every buyer and finalise the final plan of pay-in and pay-out in consultation with FMC and then announce the same to the market. NSEL shall submit to FMC the details of members who are not cooperating and not giving pay-in commitment so that they will be dealt with sternly by operation of law in order to ensure that investors get their dues. The Exchange has constituted an Oversight Committee for the purpose of monitoring the pay-out of dues as would be decided in consultation with FMC. The Management of the Exchange will report to this committee for implementation of the process. The committee consists of: 1. Shri Sharad Upasani, IAS (Retd.) Former Chief Secretary, Govt. of Maharashtra Former Chairman, Company Law Board, Govt. of India Worked in Union Ministry of Finance and was on deputation to the International Monetary Fund, Washington USA for 4 Years

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2.

Justice R. J. Kochar Former Judge, Bombay High Court

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Shri G. N. Bajpai Former Chairman, SEBI Former Chairman, LIC

4. Shri D. Sivanandan, IPS (Retd.) Former Director General of Police, Maharashtra Former Commissioner of Police, Mumbai

In addition to this, NSEL is constituting two committees - one committee of planters / processors and second is of Members of the exchange for better coordination. The Exchange shall update the FMC regularly on these matters.

For further information, contact, Dilip Tambe - National Spot Exchange Limited dilip.tambe@nationalspotexchange.com communications@nationalspotexchange.com Tel: +91 22 6686 1010 Ext:1300