MCX, FTIL edge lower by up to 9%

Dec 27, 2013, 12.23 PM IST

The NSEL, which is promoted by FTIL, has been defaulting on payments to 13,000 investors. It was plunged into them payment crisis after halting trading in commodities from August 1 on a government directive.

Tags  MCX India, Financial Tech, Jignesh Shah

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MCX, FTIL edge lower by up to 9%

The NSEL, which is promoted by FTIL, has been defaulting on payments to 13,000 investors. It was plunged into them payment crisis after halting trading in commodities from August 1 on a government directive.

Like this story, share it with millions of investors on M3

MCX, FTIL edge lower by up to 9%

The NSEL, which is promoted by FTIL, has been defaulting on payments to 13,000 investors. It was plunged into them payment crisis after halting trading in commodities from August 1 on a government directive.

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Shares of  Multi Commodity Exchange of India Ltd and  Financial Technologies India Ltd today fell sharply by as much as 9 percent after the board of MCX asked promoter FTIL to reduce its stake to 2 per cent, in accordance with the regulator's order. MCX's scrip tanked 8.8 percent to Rs 431 on the BSE. Similarly, FTIL shares were down 6.67 percent to Rs161.50.

Last week, the Forward Markets Commission (FMC) had issued an order declaring FTIL and its chief Jignesh Shah unfit to run any exchange, including the MCX, following a Rs 5,600 crore payment crisis at group company National Spot Exchange Ltd (NSEL). The regulator also charged Shah with being the "highest beneficiary of the fraud perpetrated" at NSEL.

Also Read: Jignesh challenges FMC order, investors' baying for brokers

The NSEL, which is promoted by FTIL, has been defaulting on payments to 13,000 investors. It was plunged into them payment crisis after halting trading in commodities from August 1 on a government directive.

The MCX board of directors at a meeting yesterday decided to advise FTIL to implement the FMC order by reducing its stake in the company to 2 per cent or below from 26 percent within a period of one month.

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