Synopsis: A fintech stock jumped sharply after the NCLT approved a Rs. 1,950 crore one-time settlement scheme for over 5,600 traders, marking a major breakthrough in the decade-long NSEL payment crisis.
A fintech stock opened higher and surged after the company announced that the Hon’ble NCLT, Mumbai, has approved a major one-time settlement scheme between NSEL and traders. Sentiment improved as markets welcomed clarity in a long-pending resolution.
63 Moons Technologies Ltd, with a market cap of Rs. 4,256.27 crore, opened at Rs. 782.50 and hit its 20 percent upper circuit, touching an intraday high of Rs. 938.45 against the previous close of Rs. 782.05.
What’s the News?
The Hon’ble National Company Law Tribunal (NCLT), Mumbai, has approved the One Time Settlement Scheme between National Spot Exchange Limited (NSEL) and 5,682 traders. The scheme, proposed by NSEL with support from its parent 63 Moons Technologies, aims for a full and final settlement of outstanding dues.
A massive 92.81 percent of traders (in number) and 91.35 percent (in value) voted in favour of the proposal. The scheme provides for a Rs. 1,950 crore payout to traders based on their outstanding as of July 31, 2024, in exchange for closure of legal cases and assignment of rights to 63 Moons.
Back in August 2013, NSEL, supported by 63 Moons, had already settled around Rs. 179 crore for 7,053 small traders with dues below Rs. 10 lakh. The company noted that despite no money trail pointing to NSEL, 63 Moons, or its promoters, it has once again stepped in to resolve the issue. The decision is expected to offer major relief to traders impacted by the July 2013 NSEL payment crisis.
Comments from the Management
Mr. Neeraj Sharma, MD & CEO of NSEL, said, “This would not have been possible without the positive approach of the present BJP Government (Central & State) in resolving the crisis, which was not resolved by P. Chidambaram and the UPA 2 government for reasons best known to them.”
Financial Snapshot – Q2FY26
Quarter-on-Quarter: Sales fell from Rs. 30 crore to Rs. 21 crore, down 30.0 percent. Operating loss widened from Rs. 55 crore to Rs. 87 crore. Profit before tax moved from Rs. 1 crore to a loss of Rs. 41 crore. Net loss increased from Rs. 3 crore to Rs. 45 crore.
Year-on-Year: Sales rose from Rs. 10 crore to Rs. 21 crore, up 110.0 percent. Operating loss widened from Rs. 60 crore to Rs. 87 crore. Loss before tax increased from Rs. 26 crore to Rs. 41 crore. Net loss widened from Rs. 24 crore to Rs. 45 crore.
About the Company
63 Moons Technologies Ltd is a global provider of technology IP and platforms for creating next-generation, transparent financial markets across asset classes. With a focus on long-term innovation, the company invests in Web 3.0, blockchain, AI, ML, and metaverse technologies through its 3.0 verse initiative.
Its cybersecurity venture, 63SATS, delivers security solutions for enterprises, governments, and individuals. Over the years, its brokerage technology platforms have supported millions of investors, highlighting its extensive market influence. In 2003, the company established India’s maiden commodity exchange, which subsequently also became the first exchange in the nation to be publicly listed.
-Manan Gangwar
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