IL&FS Security fraud: SC asks NCL to release cash collateral of Rs 460 crore
In a case related to the IL&FS securities fraud, the Supreme Court on Tuesday directed the National Security Clearing Corporation (NCL) to release cash collateral of Rs 460 crore, extended by clearing broker IL&FS Securities Services, towards the F&O trade.
A Bench comprising Justices Mohan M Shantangoudar and Sanjiv Khanna said that “NCL will honour F&O segment contract which had matured on June 27 and has not been paid” in view of the apex court’s June 26 interim order that had stayed the payment obligation under the option contract issued by stockbroker Allied Financial Services till now.
