63 Moons Surges 5% as NSEL Payments Crisis Case Reaches Settlement

63 Moons Technologies' shares surged by 5% on the BSE, reaching ₹759.5 per share, after reports emerged that the company had reached a settlement agreement with investors in the 2013 National Spot Exchange (NSEL) payments crisis case. As part of the deal, 63 Moons will make a one-time payment of ₹1,950 crore to settle claims with investors.

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At around 11:57 AM,  63 Moons Technologies share price was trading at ₹759.5 per share, reflecting a 5% increase, while the BSE Sensex was up by just 0.07% at 74,388.85. The company’s market capitalization stood at ₹3,499.66 crore. The stock had recorded a 52-week high of ₹1,079.85 per share and a low of ₹313.9 per share.

According to the NSEL Investors Forum, the settlement agreement requires investors to transfer their claims against defaulters and third parties to 63 Moons in exchange for the agreed payout. The majority of investors have approved the deal. A formal settlement application has been submitted to the National Company Law Tribunal (NCLT). Additionally, an escrow agent and a monitoring authority will be appointed to oversee the disbursement of funds and ensure transparency in the process.

This settlement is expected to provide much-needed relief to 63 Moons Technologies, as it will release the company from ongoing legal proceedings, allowing it to focus on its core business operations. Investors will also benefit by recovering a portion of their dues, even though it may be at a reduced rate.

The NSEL crisis, which erupted in 2013, involved massive payment defaults by brokers and traders, resulting in significant financial losses for investors. Over the years, legal battles and regulatory actions have been ongoing, with affected investors seeking compensation. The resolution of this dispute represents a significant step toward closure, bringing relief to both 63 Moons and the affected investors.

63 Moons Technologies is known for its expertise in next-generation technology solutions, digital market platforms, and financial marketplaces that enhance price discovery and transaction efficiency across various industries. The company has been instrumental in establishing and managing key financial exchanges such as the Multi Commodity Exchange of India (MCX), Singapore Mercantile Exchange (SMX), Indian Energy Exchange (IEX), Dubai Gold and Commodities Exchange (DGCX), and Bourse Africa Limited.

The company's continued focus on innovation and digital market solutions has strengthened its position in the financial technology sector. By leveraging its expertise, 63 Moons aims to expand its influence in both domestic and international financial markets.

Over the past year, 63 Moons Technologies' stock has delivered strong returns, rising by 63%, significantly outperforming the BSE Sensex, which has gained just 0.29% during the same period. With the legal uncertainties now being addressed, market analysts anticipate that the company could attract more investor interest, potentially driving further stock appreciation in the near future.

The settlement is expected to improve market sentiment surrounding 63 Moons, enabling it to pursue new growth opportunities without the burden of unresolved legal disputes. The company’s leadership remains optimistic about its future prospects, emphasizing its commitment to delivering innovative financial technology solutions and expanding its reach in the global market.