Also Read: NSEL suspends trading in 1-day forward contracts
Speaking to CNBC-TV18, Gupta adds that the brokerage's average turnover at the exchange is Rs 40-50 crore of which the e-Series products constitute a large portion.
Below is the edited transcript of the interview on CNBC-TV18
Q: What is the exposure of Anand Rathi Commodities in the National Spot Exchange Limited (NSEL)?
A: Anand Rathi does not have any proprietary exposure to the exchange at all except for widespread client exposure. I would also like to reiterate that the problem at NSEL poses no risk to Anand Rathi.
Q: Even if your exposure is limited as brokers, are any of your clients exposed?
A: Our clients have exposure of various levels so as we offer several products to our clients the buy and sell on NSEL was one of the products offered.
Q: Have you have financed your clients?
A: Not at all. As brokers, we do not have any proprietary exposure at all.
Q: You don't have exposure at this point of time or you never had exposure at all?
A: Anand Rathi does not have or believes in any proprietary exposure across markets.
Q: According to NSEL chief executive Anjani Sinha, Anand Rathi was one of the exchange's top clients. What is your average turnover on the exchange?
A: We have a very large retail network with a lot of exposure or trade on the e-Series with products like e-Silver and e-Gold which are used for investment. Our average turnover is Rs 40-50 crore of which the e-Series constitutes a large portion.
Q: Did the exchange provide a reason for suddenly discontinuing all the longer settlement contracts?
A: There have been structural changes in the contract specifications regarding the duration of the settlement. The circular from the exchange clearly stated that due to several changes in the issue of pay-in and pay-out procedures called for a decision to settle these contracts for 15 days together. As brokers, we endeavor to work very closely with the exchange and ensure that the monies to our clients are received as soon as possible.
Q: The NSEL announced a scheme which assures nearly 16 percent returns on commodities like castor. Did you or your clients participate in that scheme?
A: This is not a scheme, these are trades.
Q: But it still gives you 16 percent assured return?
A: No. There is no such scheme.
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