The one-time settlement of ₹1,950 crore proposed by 63 moons (erstwhile Financial Technologies) and brokers involved has received 65 per cent approval from the members of NSEL Investors Forum.

The development comes as a major relief to investors who have been waiting for a settlement for last 11 years after the National Spot Exchange stopped trading abruptly and failed to settle the open position.

Last month, 63 moons, NSEL and brokers involved proposed to settle the outstanding open position of ₹4,650 crore through a one-time settlement of ₹1,950 crore.

The proposal was put on online voting by NSEL Investors Forum. The voting process was closed on Monday and has received consent from 64 per cent of investors with outstanding payment of over ₹3,000 crore.

“We are confident that by the time the scheme is finalised and filed in judicial forum, the consent would be over 76 per cent,” said NSEL Investors Forum.

The settlement process will go through only if it gets consent of investors with over 75 per cent in value of the outstanding dues.

Earlier, the National Investors’ Association of India, another faction of NSEL investors, had withdrawn its support to the OTS leading to withdrawal of consent by 2 per cent or ₹79 crore of the outstanding amount.

Several investors who had withdrawn their consent have reconsidered their decision and affirmed their consent to the OTS after having understood the finer nuances of the agreement filed by 63 moons, said the Forum.

Some of the investors have been sending emails to give their consent for the OTS after the online link for voting was closed, it added.

“While the final collation of Consents is underway, we will intimate NSEL / 63 moons about the success of OTS for their board to take a note of it and once approved, a formal Settlement Scheme has to be drafted and given to us latest by January 15 as agreed between parties,” said the Forum.

Lawyers representing the Forum will review the draft settlement scheme concerning the rights of the investors and revert back by January 30. NSEL and 63 moons will file the scheme in Court of competent jurisdiction by February 15, it said.

In July 2013, NSEL abruptly suspended trading in all its spot contracts, leaving investors and brokers involved in the lurch. The exchange had about 148 members and brokers for facilitating trade on the exchange.