The Securities & Exchange Board of India (Sebi) on Friday assured that the recent payment crisis at National Spot Exchange Ltd (NSEL) would not lead to any systemic risk in the stock markets.

Speaking on the sidelines of the Lalit Doshi Memorial Lecture, Sebi chairman UK Sinha said that the market regulator examined things and found everything to be normal and in order.

Allaying fears, Mr. Sinha said, "So far as the securities markets are concerned, everything seems to be normal, and in order. All the payouts and pay-ins are happening and there is no risk to the system."

A few days back, the NSEL suspended trading amid talks of a payments crunch, trigger rumors that the issue could engulf stock markets. Nearly 20 per cent of the Rs 5,500 crore locked in the NSEL crisis belongs to the clients of four large brokerages, viz. India Infoline, Motilal Oswal Financial Services, Anand Rathi and Geojit Comtrade.

Though Mr. Sinha assured that everything is normal, yet the market regulator sought details from different brokers regarding their direct or indirect exposure to NSEL.

Meanwhile, the Forward Market Commission (FMC) is preparing its report on the issues and circumstances that led to the NSEL debacle.