Jan 07, 2014, 02.08 PM IST
Shares in Financial Technologies India Ltd (FTIL) have jumped over 10 percent in trade Tuesday. The market is abuzz with speculation the Jignesh Shah-run company may have sold some of its holding in listed commodity bourse via an open market transaction.
Tags Financial Technologies, stock, Jignesh Shah, MCX, Forward Markets Commission, Multi Commodity Exchange of India
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Financial Tech jumps 10% on MCX stake sale buzz
Shares in Financial Technologies India Ltd (FTIL) have jumped over 10 percent in trade Tuesday. The market is abuzz with speculation the Jignesh Shah-run company may have sold some of its holding in listed commodity bourse via an open market transaction.
Like this story, share it with millions of investors on M3
Financial Tech jumps 10% on MCX stake sale buzz
Shares in Financial Technologies India Ltd (FTIL) have jumped over 10 percent in trade Tuesday. The market is abuzz with speculation the Jignesh Shah-run company may have sold some of its holding in listed commodity bourse via an open market transaction.
The market is abuzz with speculation the Jignesh Shah-run company, which is the anchor investor in MCX , may have sold some of its holding in listed commodity bourse via an open market transaction.
Also read: Board to decide if FT can subscribe to rights issue: MCX-SX
The Forward Markets Commission asked FTIL to reduce its 26 percent stake to 2 percent, after declaring the company not "fit and proper" to run any bourse in India. This came in the wake of the investigation into the Rs 5,500-crore default by the National Spot Exchange, a subsidiary of FTIL.
The MCX board also met recently asking FTIL to comply with the order, though Shah has contested the same in the Bombay High Court.
There is also speculation that the company is in settlement talks with lenders caught up in the NSEL crisis. In December, the Mumbai police had seized reportedly pegged at about Rs 4,041 crore.
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