The National Spot Exchange Limited (NSEL) crisis, which has lingered since 2013, is nearing closure with a significant development. Technology firm 63 Moons Technologies Ltd., the promoter of the now defunct NSEL, has reached a one-time settlement agreement worth Rs 1,950 crore with the NSEL Investors Forum (NIF). This settlement aims to provide relief to thousands of investors who have been awaiting their dues for over a decade.

According to a release issued by NIF on Thursday it said, "To ensure interest of investors are protected, an Escrow Agent and Monitoring Authority will be appointed to oversee the disbursement of funds to investors." 

The settlement terms include the appointment of an escrow agent and a monitoring authority to oversee the disbursement of funds, ensuring transparency and fairness in the process. In exchange for the payout, investors will assign their claims against defaulters and other parties to 63 Moons. This agreement has received strong backing from the majority of investors, signaling a preference for resolution over prolonged legal battles.

The NSEL crisis originated in 2013 when 24 defaulters failed to honor their payment obligations, leaving thousands of investors in financial limbo. While smaller investors with claims up to Rs 10 lakh were compensated in 2013, larger investors have faced a slow recovery process, with only 7% of their dues recovered over 11 years.

Although it's been a year-long negotiation process, the NIF, NSEL, and 63 Moons have now reached a consensus - a full and historic settlement that is seen as a turning point, offering a concrete resolution after years of legal battles and uncertainty. It also sets a precedent for resolving similar disputes in India.