The Forward Markets Commission (FMC) on Tuesday directed crisis-ridden National Spot Exchange Ltd (NSEL) to withhold payment due to defaulter members of its related entity Indian Bullion Market Association (IBMA) and other connected firms of the exchange.

The directive comes a few hours before the exchange is to ensure payment of Rs. 174.72 crore due to investors on the first day of seven-month settlement plan.

"The total amount received till today should be distributed proportionately to the various members including IBMA," the commodity regulator said in a letter to NSEL on Tuesday.

Barring genuine members who have cleared trade through IBMA, FMC said, "The amounts due of defaulter members for whom IBMA has cleared the trades should be withheld."

The amount due on account of proprietary transactions of IBMA and amounts due to related and connected entities of NSEL, its group and management should be withheld, it said.

That apart, the regulator said that the amount payable towards 'utilised margin refundable'. 'value added tax receivable by members' and 'Exchange fund utilisation' may not be distributed today and should be kept in the Escrow account until further instructions.

FMC further asked the exchange to submit the final list of party-wise pay-out along with details of bank accounts and bank name and also upload the same on the website.

NSEL is facing the problem of settling Rs. 5,600 crore dues after its suspended trade on July 31, following the government direction in the wake of found violation of certain rules by the exchange. Of which, NSEL owes Rs. 1,159.55 crore due to IBMA. (NDTV)