Multi Commodity Exchange of India’s (MCX) board has asked promoter Financial Technologies India (FTIL) to reduce its stake to 2%, in accordance with the regulator’s order.
The board of directors of the company, at its meeting held on December 26, 2013, decided to advise FTIL to implement Forward Markets Commission (FMC) Order dated December 17, 2013 by reducing its stake in the Company from 26% to 2% or below, within a period of 1 month hereof.
Last week, the FMC had issued an order declaring FTIL and its chief Jignesh Shah unfit to run any exchange, including the MCX, following Rs 5,500 crore payment crisis at group company National Spot Exchange (NSEL).
The board of directors of the company, at its meeting held on December 26, 2013, decided to advise FTIL to implement Forward Markets Commission (FMC) Order dated December 17, 2013 by reducing its stake in the Company from 26% to 2% or below, within a period of 1 month hereof.
Last week, the FMC had issued an order declaring FTIL and its chief Jignesh Shah unfit to run any exchange, including the MCX, following Rs 5,500 crore payment crisis at group company National Spot Exchange (NSEL).
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