National Spot Exchange
National Spot Exchange Limited is a Mumbai-based electronic spot exchange for commodities (bullion, agricultural produce, metals), incorporated in 2005 and operated through registered trading members. Trading operations have been suspended since August 2013 following a payment crisis, and the entity is currently in settlement and recovery mode under an NCLT-approved Rs 1,950 crore scheme.
- Company typePrivate
- Founded2005
- HeadquartersMumbai, India
- Headcount—
- GTM typeB2B
- OfferingServices
What National Spot Exchange does
National Spot Exchange Limited (NSEL) is a Mumbai-based electronic spot exchange incorporated in May 2005 to provide a transparent trading platform for physical commodities including bullion, agricultural produce, and metals. The exchange received a government exemption under Section 27 of the Forward Contracts Regulation Act (FCRA) in June 2007 and commenced operations in October 2008, using a broker-mediated distribution model structurally similar to NSE and BSE, with registered trading members executing trades on behalf of clients across India.
NSEL's primary product was its electronic trading platform for spot commodity trading, supplemented by an e-Series product that allowed unit holders to rematerialize electronic holdings into physical commodities. The company also operated a Recovery Group to pursue legal action against defaulters arising from the 2013 payment crisis. Revenue was historically generated through transaction fees on commodity trades executed on the platform, though specific pricing details are not publicly disclosed.
NSEL's trading operations have been suspended since August 2013 following a payment crisis affecting approximately 5,682 traders. The Central Government formally withdrew the FCRA exemption in September 2014. In November 2025, NCLT Mumbai approved a Rs 1,950 crore one-time settlement scheme supported by parent company 63 Moons Technologies Limited, which was upheld by the Supreme Court in March 2026. The settlement provides for approximately 42.34% recovery of admitted claims. The company continues to pursue recovery of court decrees totaling over Rs 3,024 crore and arbitration awards of Rs 1,269.95 crore against defaulters, but has no active trading operations.
National Spot Exchange firmographics
Firmographics- Name
- National Spot Exchange
- Legal name
- National Spot Exchange Limited
- Website
- https://nationalspotexchange.com
- Company type
- Private
- Founded year
- 2005
- Operating status
- Operating
- Short description
- National Spot Exchange Limited is a Mumbai-based electronic spot exchange for commodities (bullion, agricultural produce, metals), incorporated in 2005 and operated through registered trading members. Trading operations have been suspended since August 2013 following a payment crisis, and the entity is currently in settlement and recovery mode under an NCLT-approved Rs 1,950 crore scheme.
- Ownership category
- akta.pro rank
National Spot Exchange industry classification
Industry- Product category
- Commodity Spot Exchange
- NAICS
- Securities and Commodity Exchanges (5232), Securities and Commodity Contracts Intermediation and Brokerage (5231)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Physical Spot Commodity Exchanges / Marketplaces (FSAFAMAH)
- akta.pro secondary industry
- Commodity Electronic Trading Platforms (Energy/Metals/Agriculture) (FSAFANAF)
Keywords
Where National Spot Exchange is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
National Spot Exchange business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Technology or R&D, Personnel, Infrastructure, Others
Revenue model
- Commodity Trading Transaction Fees: NSEL operates as a spot exchange generating revenue through transaction fees charged on commodity trades executed through its electronic platform by registered trading members (brokers) on behalf of clients.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
National Spot Exchange product offering
Product offeringCore offering
National Spot Exchange Limited (NSEL) operates as a national-level electronic spot exchange for trading manufactured and agricultural commodities including bullion, agricultural produce, and metals. Registered trading members (commonly called brokers) execute commodity trades on the NSEL platform on behalf of and in accordance with instructions from their respective clients across India, similar to the broker networks of NSE and BSE. The platform also offers e-Series, an electronic series product with rematerialization and financial closure features that allow unit holders to convert electronic holdings into physical commodities.
Product overview
National Spot Exchange Limited (NSEL) operates as a commodity spot exchange offering an electronic trading platform for spot trading of commodities such as bullion, agricultural produce, and metals. The platform connects registered trading members (brokers) who execute commodity trades on behalf of clients across India. NSEL also offers e-Series, an electronic series product with rematerialization capabilities allowing unit holders to convert electronic holdings into physical commodities. Additionally, NSEL operates a Recovery Group to pursue legal action and asset recovery against defaulters from the 2013 payment crisis.
Differentiator
Problem solved
Functional benefit
Products and services
- NSEL Trading Platform Electronic trading platform for spot trading of commodities including bullion, agricultural produce, and metals. The platform serves registered trading members (brokers) across India who execute commodity trades on behalf of their respective clients, similar to NSE and BSE broker networks.
- e-Series
Companies that use National Spot Exchange
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
National Spot Exchange technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
National Spot Exchange partnerships and signals
Strategic signalScale indicators4 records
Recent moves10 records
Expansion highlights2 records
National Spot Exchange competitors and assessment
Company assessmentBroad incumbents
- National Stock Exchange of India (NSE): NSE is India's largest securities exchange operating a national electronic trading platform with a registered broker network across India. NSEL explicitly references NSE and BSE's broker model as its operational template.
- Bombay Stock Exchange (BSE): BSE is one of India's oldest and largest stock exchanges, operating an electronic trading platform with a registered broker network. Its broker-driven model is explicitly cited by NSEL as the structural template for its own operations.
Direct peers
- Multi Commodity Exchange of India (MCX): MCX is India's leading commodity derivatives exchange, operating an electronic platform for trading commodity futures and options across bullion, metals, energy, and agricultural segments. It is the closest functional analogue to NSEL's pre-2013 spot commodity model.
- National Commodity & Derivatives Exchange (NCDEX): NCDEX is a SEBI-regulated commodity derivatives exchange in India, focused on agricultural and metal contracts, with an electronic trading platform and pan-India broker network. Directly comparable to NSEL's electronic spot commodity platform structure.
- India International Bullion Exchange (IIBX): IIBX is an Indian spot bullion exchange established under IFSC/GIFT City framework for electronic spot trading of precious metals. Overlaps directly with NSEL's bullion spot trading heritage and target asset class.
- ACE Derivatives Exchange (formerly NMCE): ACE is an Indian commodity derivatives exchange (formerly NMCE) focused on agricultural and soft commodities with electronic trading infrastructure. Comparable electronic-commodity-exchange model to NSEL.
Others
- Indian Clearing Corporation (ICCL) / NSCCL: Clearing corporations affiliated with Indian exchanges (NSE/BSE) provide the settlement infrastructure analogous to what NSEL's electronic platform provided for spot commodity trades pre-2013.
- 63 Moons Technologies Limited: 63 Moons is NSEL's publicly listed parent company that built and maintained the technology platform underlying NSEL's electronic exchange. Listed on Indian exchanges, it provides financial backing for the NSEL settlement scheme.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights6 records
Customer concentration
National Spot Exchange social profiles
Digital presenceNational Spot Exchange financial estimates
Financial estimateRevenue estimate
Valuation estimate
National Spot Exchange leadership team
Management profileNumber of profiles
National Spot Exchange funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
National Spot Exchange M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about National Spot Exchange
What does National Spot Exchange do?
National Spot Exchange Limited (NSEL) operates as a national-level electronic spot exchange for trading manufactured and agricultural commodities including bullion, agricultural produce, and metals. Registered trading members (commonly called brokers) execute commodity trades on the NSEL platform on behalf of and in accordance with instructions from their respective clients across India, similar to the broker networks of NSE and BSE. The platform also offers e-Series, an electronic series product with rematerialization and financial closure features that allow unit holders to convert electronic holdings into physical commodities.
Is National Spot Exchange a public or private company?
National Spot Exchange is a private company. It is classified as corporate owned and is currently operating.
When was National Spot Exchange founded?
National Spot Exchange was founded in 2005.
Where is National Spot Exchange based?
National Spot Exchange is headquartered in Mumbai, India, in the Asia region.
How does National Spot Exchange make money?
One revenue line is on record: commodity Trading Transaction Fees.
Who are National Spot Exchange's main competitors?
Broad incumbents on record are National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE). Direct peers are Multi Commodity Exchange of India (MCX), National Commodity & Derivatives Exchange (NCDEX), India International Bullion Exchange (IIBX) and ACE Derivatives Exchange (formerly NMCE). Others are Indian Clearing Corporation (ICCL) / NSCCL and 63 Moons Technologies Limited.
Does National Spot Exchange have an API?
No public API is recorded for National Spot Exchange.
What industry is National Spot Exchange in?
National Spot Exchange's product category is Commodity Spot Exchange. Its primary akta.pro industry code is FSAFAMAH, Physical Spot Commodity Exchanges / Marketplaces, with a secondary code of FSAFANAF, Commodity Electronic Trading Platforms (Energy/Metals/Agriculture). Its NAICS code is 5232 and its SIC code is 6200.