This Article is From Apr 15, 2015

Exit From MCX-SX Complete: Financial Tech

Exit From MCX-SX Complete: Financial Tech

New Delhi: Crisis-hit Financial Technologies India Ltd (FTIL) on Wednesday said it has completed the sale of its entire 5 per cent stake in MCX-SX for nearly Rs 89 crore, thus exiting the bourse.

FTIL in a filing to the BSE said, "The company has concluded the transaction relating to the sale of its stake in MCX-SX and received entire consideration for the same and has completely exited MCX-SX".

MCX-SX was recently renamed as Metropolitan Stock Exchange.

In November last year, FTIL had signed a pact with ace investor Rakesh Jhunjhunwala, financial major Edelweiss and others to sell its entire 5 per cent stake in MCX-SX.

FTIL has been in trouble ever since a Rs 5,600-crore payment scam surfaced at group firm National Spot Exchange Ltd (NSEL) in July 2013.

The group has started exiting the exchange business in India and abroad after the Forward Markets Commission (FMC) in December 2013 declared FTIL and its founder Jignesh Shah as "not fit and proper" to run any exchange in light of the scam.

FTIL has already exited MCX, IEX and overseas bourses Singapore Merchantile Exchange (SMX) and Bourse Africa. It is focusing on its core technology business after the exit.